14 March 2006
KUWAIT: Kuwaiti stocks continued their free fall, in what has been a brutal month. The retreat sent the market to its lowest level since mid-October. Losses were broad-based and steady throughout the session.
By session's end, the Global General Index (GGI) (down 6.89 points to 296.87 points) shed 2.27 per cent and closed at its lowest level since October 16, 2005. The index has lost 7.41 per cent so far in March.
Reflecting the bearish trend, the market benchmark, KSE Price Index (down 343.3 points to 10,440.3 points) lost 3.18 per cent, its biggest daily decline ever.
However, bears have also seized control of the two largest capitalised regional capital markets. As of the end of Sunday's trading, Tadawul All Share Index has recoiled by 18.48 per cent in March, whilst the NBAD Index slipped by 5.49 per cent.
On the Kuwait Stock Exchange board, 144.31mn shares were traded, with 107 decliners and only 8 advancers. Shares of International Industrial Projects Group (K-Span) spearheaded losers, down 20.55 per cent. The Global Industrial Index pulled back by 3.76 per cent in the day. Investment stocks too were notable decliners, shedding 3.65 per cent. Kuwait Financing & Investment Co and Gulfinvest International reported slides of 9.09 per cent and 8.33 per cent respectively.
Among stocks moving on specific news, Al-Aman Investment Co slipped 3.7 per cent. Investors battered the stock as no distributions were proposed for 2005. In news, NBK Capital and Kuwait Finance & Investment Co announced the closing of the KD14.4mn private placement of 15mn shares of Kout Food Group Co(KFG), a leading diversified food group that operates the franchises of Pizza Hut, Burger King, and Applebee's. KFG reported net earnings of KD3.8mn during 9M05, up 22.58 percent from the KD3.1mn posted during the comparable period in 2004. KFG is in the process of applying and obtaining clearance to list on the Kuwait Stock Exchange.
Elsewhere, A'ayan Real Estate Co dropped 7.81 per cent, driving the Global Real Estate Index down by 3.62 per cent. After the close, Al-Enma'a Real Estate Co announced net earnings of KD1.9mn for 3M06, up 8.57 per cent from 2004's comparable figures.
Major gainers included Al-Themar Real Estate Co (+6.94 per cent), Salhia Real Estate Co (+2.94 per cent), National International Co (Holding) (+1.64 per cent) and Credit Rating & Collection Co (+1.39 per cent).
Kuwait Investment Co's Board of Directors proposed to distribute a 60 per cent cash dividend. Shares of Gulf Insurance Co were traded ex-dividends as of yesterday (13-03-2006). The company distributed 50 per cent of paid up capital as cash dividends.
Equipment Holding Co's Board of Directors proposed to distribute a 7.5 per cent cash dividend and a 5 per cent stock dividend.
KUWAIT: Kuwaiti stocks continued their free fall, in what has been a brutal month. The retreat sent the market to its lowest level since mid-October. Losses were broad-based and steady throughout the session.
By session's end, the Global General Index (GGI) (down 6.89 points to 296.87 points) shed 2.27 per cent and closed at its lowest level since October 16, 2005. The index has lost 7.41 per cent so far in March.
Reflecting the bearish trend, the market benchmark, KSE Price Index (down 343.3 points to 10,440.3 points) lost 3.18 per cent, its biggest daily decline ever.
However, bears have also seized control of the two largest capitalised regional capital markets. As of the end of Sunday's trading, Tadawul All Share Index has recoiled by 18.48 per cent in March, whilst the NBAD Index slipped by 5.49 per cent.
On the Kuwait Stock Exchange board, 144.31mn shares were traded, with 107 decliners and only 8 advancers. Shares of International Industrial Projects Group (K-Span) spearheaded losers, down 20.55 per cent. The Global Industrial Index pulled back by 3.76 per cent in the day. Investment stocks too were notable decliners, shedding 3.65 per cent. Kuwait Financing & Investment Co and Gulfinvest International reported slides of 9.09 per cent and 8.33 per cent respectively.
Among stocks moving on specific news, Al-Aman Investment Co slipped 3.7 per cent. Investors battered the stock as no distributions were proposed for 2005. In news, NBK Capital and Kuwait Finance & Investment Co announced the closing of the KD14.4mn private placement of 15mn shares of Kout Food Group Co(KFG), a leading diversified food group that operates the franchises of Pizza Hut, Burger King, and Applebee's. KFG reported net earnings of KD3.8mn during 9M05, up 22.58 percent from the KD3.1mn posted during the comparable period in 2004. KFG is in the process of applying and obtaining clearance to list on the Kuwait Stock Exchange.
Elsewhere, A'ayan Real Estate Co dropped 7.81 per cent, driving the Global Real Estate Index down by 3.62 per cent. After the close, Al-Enma'a Real Estate Co announced net earnings of KD1.9mn for 3M06, up 8.57 per cent from 2004's comparable figures.
Major gainers included Al-Themar Real Estate Co (+6.94 per cent), Salhia Real Estate Co (+2.94 per cent), National International Co (Holding) (+1.64 per cent) and Credit Rating & Collection Co (+1.39 per cent).
Kuwait Investment Co's Board of Directors proposed to distribute a 60 per cent cash dividend. Shares of Gulf Insurance Co were traded ex-dividends as of yesterday (13-03-2006). The company distributed 50 per cent of paid up capital as cash dividends.
Equipment Holding Co's Board of Directors proposed to distribute a 7.5 per cent cash dividend and a 5 per cent stock dividend.
© Kuwait Times 2006
