20 November 2005
KUWAIT: Kuwaiti equities remained bearish yesterday, tumbling to their lowest level in six-trading days. Both small cap stocks and large cap stocks ended the day in the negative territory. The Global General Index was down by 0.38 of a point (or 0.12 per cent), at 328.27 points. KSE Weighted Index too was down by 0.63 of a point (or 0.11 per cent), at 575.57 points. Reflecting the trend, the market benchmark, KSE Price Index dipped 4.4 points (or 0.04 per cent) and closed at 11,773.2 points.
The market's heavyweights ended lower yesterday, with the market's blue-chips rich index, Global Large Cap Index, shedding 0.1 per cent, at 259.5 points. The index's performance was undermined by a 3.13 per cent decrease in the equity price of International Financial Advisors. The scrip has been on a surge lately, and profit-taking was inevitable. At the same time, the Global Small Cap Index dropped a slim 0.01 per cent.
Market capitalisation of the KSE shed 0.12 percent and stood at KD42.06bn by session-end. On the broader market for equities, breadth was negative, with 54 decliners and 37 advancers. The broad-based retreat was headed by the non-Kuwaiti sector. The sector as a whole, represented through the Global Non-Kuwaiti Index recoiled by 0.95 per cent in the day. Bahrain-based United Gulf Bank edged 1.89 per cent lower. In related news, UGB finalised an investment in Iraq's Bank of Baghdad in a joint venture with Iraq Holding Co.
UGB's ownership stands at 39.1 per cent, whilst Iraq Holding Co's stands at 9.9 per cent. However, the announcement failed to help the scrip nudge out of the negative territory. Services stocks too were notable decliners, down by 0.78 per cent. Public Warehousing Co remained bearish, dropping 2.1 per cent. In related news, National Aviation Services, an arm of PWC that co-runs ground handling operations at Kuwait International Airport, announced plans to add three more airlines to its clients' roster of 14 by year-end.
Affiliated company, Sultan Centre Food Products Co too was down 3.28 per cent. Elsewhere in the services sector, Gulf Petroleum Investment Co (Petro-Gulf), which performed robustly on Wednesday, ended the day flat at 740fils. The stock was amongst the most actively traded, with 9.64mn shares changing hands.
A'ayan Real Estate Co was the biggest percentage decliner in the day, shedding 4.92 per cent. The real estate sector index pulled back a slim 0.1 per cent. Tijara & Real Estate Investment Co too lost 4.23 per cent of its value. On the other hand, losses were met by a 6.35 per cent climb in the equity price of Al-Massaleh Real Estate Co, along with a 6.25 per cent gain posted by Ajial Real Estate Entertainment Co.
Shares of Al Deera Holding Co recoiled by 4.21 per cent on a solitary trade. The investment sector index tumbled by 0.29 per cent. In sector-related news, Kipco Asset Management Co (Kamco) and Burgan Bank signed a joint contract with Kuwait University to sponsor a fully-equipped, high-tech, financial dealing room laboratory for its business students. The announcement sent Burgan Bank's shares up by 1.72 per cent; however, Kamco's stock saw a 3.08 per cent decline.
Elsewhere in the investment sector, Kuwait Investment Co signed an agreement with Gulf Finance House, the lead financial advisor to the Energy City-Qatar project, to participate as the underwriter for the soon-to-be-launched private placement to fund the project's development. KINV was up by 1.41 per cent, whilst GFH released 1.69 per cent of its value.
Trading was thin yesterday. Volume of shares traded on the exchange declined by 36.29 per cent, at 210mn shares, its lowest level since early October. Arab Real Estate Co saw increased investor interest, with 20.28mn shares exchanged. The scrip was flat at 300fils. At the same time, the value of shares traded on the exchange decreased by 34.31 per cent, at KD123.64mn. On the other side of the spectrum, industrial groups spearheaded advancers during the session, clocking 0.8 per cent in gains. Metal & Recycling Co's 11.9 per cent improvement bolstered the sector's performance. However, the scrip saw only a solitary trade. Equipment Holding Co too added 5.88 per cent.
KUWAIT: Kuwaiti equities remained bearish yesterday, tumbling to their lowest level in six-trading days. Both small cap stocks and large cap stocks ended the day in the negative territory. The Global General Index was down by 0.38 of a point (or 0.12 per cent), at 328.27 points. KSE Weighted Index too was down by 0.63 of a point (or 0.11 per cent), at 575.57 points. Reflecting the trend, the market benchmark, KSE Price Index dipped 4.4 points (or 0.04 per cent) and closed at 11,773.2 points.
The market's heavyweights ended lower yesterday, with the market's blue-chips rich index, Global Large Cap Index, shedding 0.1 per cent, at 259.5 points. The index's performance was undermined by a 3.13 per cent decrease in the equity price of International Financial Advisors. The scrip has been on a surge lately, and profit-taking was inevitable. At the same time, the Global Small Cap Index dropped a slim 0.01 per cent.
Market capitalisation of the KSE shed 0.12 percent and stood at KD42.06bn by session-end. On the broader market for equities, breadth was negative, with 54 decliners and 37 advancers. The broad-based retreat was headed by the non-Kuwaiti sector. The sector as a whole, represented through the Global Non-Kuwaiti Index recoiled by 0.95 per cent in the day. Bahrain-based United Gulf Bank edged 1.89 per cent lower. In related news, UGB finalised an investment in Iraq's Bank of Baghdad in a joint venture with Iraq Holding Co.
UGB's ownership stands at 39.1 per cent, whilst Iraq Holding Co's stands at 9.9 per cent. However, the announcement failed to help the scrip nudge out of the negative territory. Services stocks too were notable decliners, down by 0.78 per cent. Public Warehousing Co remained bearish, dropping 2.1 per cent. In related news, National Aviation Services, an arm of PWC that co-runs ground handling operations at Kuwait International Airport, announced plans to add three more airlines to its clients' roster of 14 by year-end.
Affiliated company, Sultan Centre Food Products Co too was down 3.28 per cent. Elsewhere in the services sector, Gulf Petroleum Investment Co (Petro-Gulf), which performed robustly on Wednesday, ended the day flat at 740fils. The stock was amongst the most actively traded, with 9.64mn shares changing hands.
A'ayan Real Estate Co was the biggest percentage decliner in the day, shedding 4.92 per cent. The real estate sector index pulled back a slim 0.1 per cent. Tijara & Real Estate Investment Co too lost 4.23 per cent of its value. On the other hand, losses were met by a 6.35 per cent climb in the equity price of Al-Massaleh Real Estate Co, along with a 6.25 per cent gain posted by Ajial Real Estate Entertainment Co.
Shares of Al Deera Holding Co recoiled by 4.21 per cent on a solitary trade. The investment sector index tumbled by 0.29 per cent. In sector-related news, Kipco Asset Management Co (Kamco) and Burgan Bank signed a joint contract with Kuwait University to sponsor a fully-equipped, high-tech, financial dealing room laboratory for its business students. The announcement sent Burgan Bank's shares up by 1.72 per cent; however, Kamco's stock saw a 3.08 per cent decline.
Elsewhere in the investment sector, Kuwait Investment Co signed an agreement with Gulf Finance House, the lead financial advisor to the Energy City-Qatar project, to participate as the underwriter for the soon-to-be-launched private placement to fund the project's development. KINV was up by 1.41 per cent, whilst GFH released 1.69 per cent of its value.
Trading was thin yesterday. Volume of shares traded on the exchange declined by 36.29 per cent, at 210mn shares, its lowest level since early October. Arab Real Estate Co saw increased investor interest, with 20.28mn shares exchanged. The scrip was flat at 300fils. At the same time, the value of shares traded on the exchange decreased by 34.31 per cent, at KD123.64mn. On the other side of the spectrum, industrial groups spearheaded advancers during the session, clocking 0.8 per cent in gains. Metal & Recycling Co's 11.9 per cent improvement bolstered the sector's performance. However, the scrip saw only a solitary trade. Equipment Holding Co too added 5.88 per cent.
© Kuwait Times 2005
