19 December 2011
KUWAIT: Kuwait Stock Exchange (KSE) closed the first session of the week on positive note. Major market indices got good support from the banking sector while most of the other market sectors ended yesterday's session with marginal gains. Global General Index (GGI) ended the day up by 0.36 percent, at 180.81 point. Market capitalization was up for the day reaching KD29.58bn. On the other hand, KSE Price Index closed at 5,832.4 point, adding 9.1 points (0.16 percent) to its previous close.
Market breadth
During the session, 108 companies were traded. Market breadth was skewed towards decliners as 39 equities advanced versus 23 that retreated. Trading activity was down yesterday. Total volume traded was down by 22.58 percent with 120.83mn shares changing hands at a total value of KD14.16mn (23.04 percent lower compared to Thursday's session). Real Estate sector was the volume leader. The sector accounted for 34.29 percent of total shares exchanges. Abyaar Real Estate Development Company was the session's most traded stock with 19.92mn shares exchanged. The services sector was the value leader, having 30.07 percent of total traded value.
In terms of top gainers, Al-Mazaya Holding Company was the top gainer for the day, adding 7.94 percent to its share value and closing at KD0.068. On the other hand, Industrial & Financial Investments Company shed 6.94 percent and closed at KD0.034 making it the biggest decliner in the market.
Sector-wise
During the session, six out of eight sector indices witnessed daily gains. Global Insurance index was a prominent gainer among the sectors, adding 1.04 percent to its value, driven by Al-Ahleia Insurance Company which rose by 3.19 percent, closing at KD0.485. Warba Insurance Company was another gainer in the sector. The scrip surged by 1.72 percent to close at KD0.118.
Global Banking Index followed, up by 0.70 percent as National Bank of Kuwait (NBK) and Ahli United Bank rose by 1.79 percent and 1.25 percent, respectively, while all other bank stocks remained flat for the day. Elsewhere in the banking sector, Standard & Poor's Ratings Services reviewed its ratings on four Kuwaiti banks by applying its new ratings criteria and updated group methodology for banks.
The Industrial sector followed, netting 0.29 percent in gains. Boubyan International Industries Holding headed the advance in the sector with a 2.22 percent share value appreciation. Earlier, the BOD met and approved the company's financial statements for the first quarter ended October 31, 2011. The company recorded a net loss of KD0.888mn in 1Q2011 compared to a net loss of KD0.889mn in 1Q2010. Heavyweight National Industries Group (Holding) also gave a great support to the sector index with its share price closing higher by 2 percent at KD0.255.
Although four real estate stocks appeared in the top gainers list during the session, the sector closed marginally down by 0.03 percent. Heavyweight, Mabanee Company geared the index south as it closed down by 1.14 percent.
Non-Kuwaiti sector was the biggest loser during the day. The index was down by 0.18 percent. Egypt Kuwait Holding Company closed down by 1.79 percent at KD0.275. Within the sector, heavy trading was seen on Gulf Finance House during the day with 8.64mn shares changing hands. The scrip closed up by 3.70 percent at KD0.042.
Corporate news
Kuwait Real Estate Company announced that a fully owned subsidiary has sold one of its agricultural investments in the United States for a total value of $12.49mn, with an expected profit of $9mn, which will be reflected in the company's financial statements for 4Q2011.
The price of OPEC basket of twelve crudes stood at $104.60pb on Thursday, compared with $106.88pb the previous day, according to OPEC Secretariat calculations.
KUWAIT: Kuwait Stock Exchange (KSE) closed the first session of the week on positive note. Major market indices got good support from the banking sector while most of the other market sectors ended yesterday's session with marginal gains. Global General Index (GGI) ended the day up by 0.36 percent, at 180.81 point. Market capitalization was up for the day reaching KD29.58bn. On the other hand, KSE Price Index closed at 5,832.4 point, adding 9.1 points (0.16 percent) to its previous close.
Market breadth
During the session, 108 companies were traded. Market breadth was skewed towards decliners as 39 equities advanced versus 23 that retreated. Trading activity was down yesterday. Total volume traded was down by 22.58 percent with 120.83mn shares changing hands at a total value of KD14.16mn (23.04 percent lower compared to Thursday's session). Real Estate sector was the volume leader. The sector accounted for 34.29 percent of total shares exchanges. Abyaar Real Estate Development Company was the session's most traded stock with 19.92mn shares exchanged. The services sector was the value leader, having 30.07 percent of total traded value.
In terms of top gainers, Al-Mazaya Holding Company was the top gainer for the day, adding 7.94 percent to its share value and closing at KD0.068. On the other hand, Industrial & Financial Investments Company shed 6.94 percent and closed at KD0.034 making it the biggest decliner in the market.
Sector-wise
During the session, six out of eight sector indices witnessed daily gains. Global Insurance index was a prominent gainer among the sectors, adding 1.04 percent to its value, driven by Al-Ahleia Insurance Company which rose by 3.19 percent, closing at KD0.485. Warba Insurance Company was another gainer in the sector. The scrip surged by 1.72 percent to close at KD0.118.
Global Banking Index followed, up by 0.70 percent as National Bank of Kuwait (NBK) and Ahli United Bank rose by 1.79 percent and 1.25 percent, respectively, while all other bank stocks remained flat for the day. Elsewhere in the banking sector, Standard & Poor's Ratings Services reviewed its ratings on four Kuwaiti banks by applying its new ratings criteria and updated group methodology for banks.
The Industrial sector followed, netting 0.29 percent in gains. Boubyan International Industries Holding headed the advance in the sector with a 2.22 percent share value appreciation. Earlier, the BOD met and approved the company's financial statements for the first quarter ended October 31, 2011. The company recorded a net loss of KD0.888mn in 1Q2011 compared to a net loss of KD0.889mn in 1Q2010. Heavyweight National Industries Group (Holding) also gave a great support to the sector index with its share price closing higher by 2 percent at KD0.255.
Although four real estate stocks appeared in the top gainers list during the session, the sector closed marginally down by 0.03 percent. Heavyweight, Mabanee Company geared the index south as it closed down by 1.14 percent.
Non-Kuwaiti sector was the biggest loser during the day. The index was down by 0.18 percent. Egypt Kuwait Holding Company closed down by 1.79 percent at KD0.275. Within the sector, heavy trading was seen on Gulf Finance House during the day with 8.64mn shares changing hands. The scrip closed up by 3.70 percent at KD0.042.
Corporate news
Kuwait Real Estate Company announced that a fully owned subsidiary has sold one of its agricultural investments in the United States for a total value of $12.49mn, with an expected profit of $9mn, which will be reflected in the company's financial statements for 4Q2011.
The price of OPEC basket of twelve crudes stood at $104.60pb on Thursday, compared with $106.88pb the previous day, according to OPEC Secretariat calculations.
© Kuwait Times 2011
