09 December 2010
KUWAIT: Kuwait stocks closed mixed yesterday after a wary session. Modest strength in the services and banking sectors helped Global General Index (GGI) closed 1.77 points up (0.82 percent), at 216.39 point as the Market capitalization increased reaching KD35.01mn. On the other side, Kuwait Stock Exchange Price Index closed in the red zone shedding 7.40 points (0.11 percent) from its value and closed at 6,860.3 point.
Market breadth
During the session, 114 companies were traded. Market breadth was skewed towards advancers as 45 equities advanced versus 31 that retreated. Volume of shares traded on the exchange increased by 23.32 percent to reach 164.59mn shares, the value of shares traded increased by 15.14 percent to stand at KD25.92mn.
The Investment Sector was the volume leader yesterday, accounting for 38.28 percent of total shares and the Services Sector was the value leader, with 29.33 percent of total traded value.
Company-wise, Al-Deera Holding Co was the volume leader, with a total traded volume of 26.88mn shares. changing hands. National Bank of Kuwait (NBK) was the value leader, with a total traded value of KD2.99mn. In terms of top gainers, Salhia Real Estate Company was the biggest gainer for the day, adding 7.55 percent and closed at KD0.285.
On the other hand, Pearl of Kuwait Real Estate Company came in as the biggest decliner, dropping by 55.21 percent and closed at KD0.043. The company backed to trading in November 21, 2010 after they rescheduled a five-year, KD9.38mn loan with a local bank. The loan will have a two-year grace period and the first payment is due on January 2013. It's worth mentioning that, Pearl of Kuwait Real Estate Company's prices will be excluded from KSE indices' calculations for 14 days.
Sector-wise
By sector, services stocks spearheaded advancers, clocking 1.18 percent in gains. Sector heavy-weight Zain managed to eke out 1.41 percent in gains yesterday. Among stocks moving on specific news, IFA Hotels & Resorts surged by 5.62 percent. The company reported it has secured $115mn in funding to complete a luxury hotel in Dubai, it said, as financing for selective projects remains available despite tough conditions. The three-year loan facility arranged by Standard Chartered Bank will allow IFA Hotels
& Resorts Co to complete its Fairmont Palm Jumeirah hotel project in the first quarter of 2012.
Shares of Gulf Bank & National Bank of Kuwait (NBK) rose 1.92 & 1.56 percent respectively sending the Global Banking Index up by 0.85 percent. Burgan Bank recoiled by 1.89 percent.
Separately, shares of the market's heavy-weight, Kuwait Foodstuff Company (Americana) shed 1.25 percent, lifting the Global Food Index down by 0.60 percent.
Corporate news
Kuwait Finance House (KFH), said yesterday it made an early payment of $250mn that was due in March 2011. As part of a murabaha financing deal with several international and regional banks worth $850mn," KFH said in a statement.
Standard & Poor's Fund Services has assigned an A fund management rating to the Global 10 Large Cap Index Fund. The S&P fund ratings are a widely acknowledged measure of excellence, with A rating awarded only when the fund demonstrates high standards of quality based on its investment process and consistency of performance.
The price of OPEC basket of twelve crudes stood at $88.13 a barrel on Monday, compared with $87.13 the previous Friday, according to OPEC Secretariat calculations.
KUWAIT: Kuwait stocks closed mixed yesterday after a wary session. Modest strength in the services and banking sectors helped Global General Index (GGI) closed 1.77 points up (0.82 percent), at 216.39 point as the Market capitalization increased reaching KD35.01mn. On the other side, Kuwait Stock Exchange Price Index closed in the red zone shedding 7.40 points (0.11 percent) from its value and closed at 6,860.3 point.
Market breadth
During the session, 114 companies were traded. Market breadth was skewed towards advancers as 45 equities advanced versus 31 that retreated. Volume of shares traded on the exchange increased by 23.32 percent to reach 164.59mn shares, the value of shares traded increased by 15.14 percent to stand at KD25.92mn.
The Investment Sector was the volume leader yesterday, accounting for 38.28 percent of total shares and the Services Sector was the value leader, with 29.33 percent of total traded value.
Company-wise, Al-Deera Holding Co was the volume leader, with a total traded volume of 26.88mn shares. changing hands. National Bank of Kuwait (NBK) was the value leader, with a total traded value of KD2.99mn. In terms of top gainers, Salhia Real Estate Company was the biggest gainer for the day, adding 7.55 percent and closed at KD0.285.
On the other hand, Pearl of Kuwait Real Estate Company came in as the biggest decliner, dropping by 55.21 percent and closed at KD0.043. The company backed to trading in November 21, 2010 after they rescheduled a five-year, KD9.38mn loan with a local bank. The loan will have a two-year grace period and the first payment is due on January 2013. It's worth mentioning that, Pearl of Kuwait Real Estate Company's prices will be excluded from KSE indices' calculations for 14 days.
Sector-wise
By sector, services stocks spearheaded advancers, clocking 1.18 percent in gains. Sector heavy-weight Zain managed to eke out 1.41 percent in gains yesterday. Among stocks moving on specific news, IFA Hotels & Resorts surged by 5.62 percent. The company reported it has secured $115mn in funding to complete a luxury hotel in Dubai, it said, as financing for selective projects remains available despite tough conditions. The three-year loan facility arranged by Standard Chartered Bank will allow IFA Hotels
& Resorts Co to complete its Fairmont Palm Jumeirah hotel project in the first quarter of 2012.
Shares of Gulf Bank & National Bank of Kuwait (NBK) rose 1.92 & 1.56 percent respectively sending the Global Banking Index up by 0.85 percent. Burgan Bank recoiled by 1.89 percent.
Separately, shares of the market's heavy-weight, Kuwait Foodstuff Company (Americana) shed 1.25 percent, lifting the Global Food Index down by 0.60 percent.
Corporate news
Kuwait Finance House (KFH), said yesterday it made an early payment of $250mn that was due in March 2011. As part of a murabaha financing deal with several international and regional banks worth $850mn," KFH said in a statement.
Standard & Poor's Fund Services has assigned an A fund management rating to the Global 10 Large Cap Index Fund. The S&P fund ratings are a widely acknowledged measure of excellence, with A rating awarded only when the fund demonstrates high standards of quality based on its investment process and consistency of performance.
The price of OPEC basket of twelve crudes stood at $88.13 a barrel on Monday, compared with $87.13 the previous Friday, according to OPEC Secretariat calculations.
© Kuwait Times 2010
