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KSE gains momentum

KUWAIT: Kuwait equities picked up yesterday from where they left off on Monday, gaining upward momentum. Blue-chips performed robustly bolstered by hefty gains in the banking sector, Investors put their trust in the banking sector as they expect good dividends and less provisions this year. Global General Index (GGI) closed 1.15 points up (0.51 percent), at 225.19 point as the Market capitalization increased reaching KD36.62mn. On the other hand, Kuwait Stock Exchange Price Index closed in the green zone adding 26.50 points (0.38 percent) from its value and closed at 6,974.10 point.

Market breadth
During the session, 119 companies were traded. Market breadth was skewed towards advancers as 57 equities advanced versus 35 that retreated. Volume of shares traded on the exchange increased by 36.92 percent to reach 281.15mn shares, the value of shares traded increased also by a noticeably 82.73 percent to stand at KD56.16mn. The Services Sector was the volume leader yesterday, accounting for 27.84 percent of total shares and the Banking Sector was the value leader, with 38.12 percent of total traded value.

Company-wise, Abyaar Real Estate Development Co. was the volume leader, with a total traded volume of 27.84mn shares. changing hands. Alafco Aviation Lease & Finance Co was the value leader, with a total traded value of KD8.62mn. In terms of top gainers, Al-Aman Investment Co was the biggest gainer for the day, adding 9.43 percent and closed at KD0.058. On the other side, Real Estate Trade Center Co. came in as the biggest decliner, dropping by 8.62 percent and closed at KD0.530.

Sector-wise
During the session, Global indices were mostly positive except for the Services and the Real Estate indices ending lower, also Global's insurance index was flat for yesterday. The biggest gainer for today was Global Banking Sector, which gained 1.68 percent pushed by Ahli United Bank which ended the day with an increase of 5.88 percent to close at KD0.720. Boubyan Bank increased yesterday also by 3.17 percent added to its value.

Global Food Sector followed increasing 1.02 percent pushed by heavyweight Kuwait Foodstuff Company (Americana) which ended the day with an increase of 1.25 percent to close at KD1.620. Danah Al-Safat Foodstuff Company increased yesterday also by 3.64 percent added to its value. On the other hand, the biggest decliner for the day was Global Services Sector Index, which lost 1.59 percent of its value, pulled down by the drop seen on the share prices of Mobile Telecommunication Co (ZAIN) loosing 1.33 percent of its share value while Gulf Petroleum Investment ended the trading session down by 5.00 percent.

Corporate News
Kuwait Remal Real Estate Company , is in talks to invest more than $200mn in a number of new projects in Eastern Europe and Egypt. Central Bank of Kuwait (CBK) approved on January 03, 2011 the request of Al-Mal Investment Company (Al-Mal) to extend the period for repurchasing or selling 10 percent maximum of it issued shares for additional six months till July 17, 2011.

Mushrif Trading & Contracting Company reported winning tender No WKM 111-2009/2010. The company will provide maintenance and painting services for tanks as well as fresh and low-salt water towers in different districts of Kuwait. The KD1.24mn worth of tender will last 24 months. The company will inform the KSE management upon inking the final contract. The price of OPEC basket of twelve crudes stood at $89.79 a barrel on Monday, compared with $88.99 the previous Friday, according to OPEC Secretariat calculations.

© Kuwait Times 2011