28 December 2011
KUWAIT: Kuwait Stock Exchange (KSE) indices closed lower yesterday following a weak performance from mid and small cap stocks. Zain balanced the weighted index and closed in green territory in the last four seconds before the market closed. Investors and portfolios are forcing the stocks to close high after traded in lower prices during the session. IFA Hotels & Resorts Company witnessed five deals in the last minute. The scrip was jumping 5fils in each deal and closed up by 2.13 percent by end of the session.
Global General Index (GGI) ended the day down by 0.11 percent, at 177.86 point. Market capitalization was down for the day reaching KD29.09bn. On the other hand, KSE Price Index closed at 5,790.7 point, shedding 10.7 points (0.18 percent) to its previous close.
Market breadth
During the session, 103 companies were traded. Market breadth was skewed towards decliners as 42 equities retreated versus 24 that advanced. Yesterday's losses were accompanied by growing trading activity. Total volume traded was up by 8.71 percent with 118.15mn shares changing hands at a total value of KD21.19mn (6.04 percent higher compared to Monday's session). Real estate sector was the volume leader. The sector accounted for 34.43 percent of total shares exchanged. Trading was intense on the counter of Abyaar Real Estate Development Company with investors exchanging 22.56mn shares, with a total value of KD0.66mn. Closing price of the stock was KD0.0295. (up 1.72 percent). The services sector was the value leader, having 32.97 percent of total traded value.
In terms of top gainers, Al-Themar International Holding Company was the top gainer for the day, adding 5.56 percent to its share value and closing at KD0.095. On the other hand, Warba Insurance Company shed 7.46 percent and closed at KD0.124 making it the biggest decliner in the market.
Sectors Real Estate stocks shouldered the losses with a 1.35 percent dip. Selling was heavy on the counter of Mabanee Company which shed 3.41 percent to close at KD0.850. National Real Estate Company also retreated by 4.41 percent to close at KD0.130. Al Massaleh Real Estate Company was the biggest loser in the real estate sector, shedding 5.81 percent to close at KD0.081.
Food stocks declined by 1.17 percent as measured by Global Food Index. Danah Al Safat Foodstuff Company lost 2.06 percent as it shed 2.06 percent of its price to close at KD0.095. Heavyweight, Kuwait Foodstuff Company (Americana) closed down by 1.35 percent at KD1.460. Global Industrial index followed, declining by 1.11 percent. Kuwait Cement Company and Salbookh Trading Company decreased by 2.17 percent and 2.00 percent, respectively. Services and non Kuwaiti indices were the sole advancers yesterday, adding 0.38 percent and 0.31 percent, respectively. Zain closed up by 1.15 percent at KD0.880, while Egypt Kuwait Holding Company closed up by 2.00 percent at KD0.255.
Corporate news
Kuwait Finance House (KFH) clarified on a media report regarding acquiring assets outside Kuwait and announced that it has acquired two properties for investment purposes. National Cleaning Company announced that its 90 percent owned subsidiary has been awarded the lowest price in a three year tender offer to provide cleaning services for Kuwait Ports Authority's complex building. On December 27, 2011 the company announced that its 90 percent owned subsidiary has signed the three year, KD0.290mn tender offer. Kuwait Petroleum International (Q8) announced that one of its affiliate companies has inked a contract with Lufthansa to provide the German fleet at the Verona airport, northern Italy, with 8mn liters of jet fuel per year.
KUWAIT: Kuwait Stock Exchange (KSE) indices closed lower yesterday following a weak performance from mid and small cap stocks. Zain balanced the weighted index and closed in green territory in the last four seconds before the market closed. Investors and portfolios are forcing the stocks to close high after traded in lower prices during the session. IFA Hotels & Resorts Company witnessed five deals in the last minute. The scrip was jumping 5fils in each deal and closed up by 2.13 percent by end of the session.
Global General Index (GGI) ended the day down by 0.11 percent, at 177.86 point. Market capitalization was down for the day reaching KD29.09bn. On the other hand, KSE Price Index closed at 5,790.7 point, shedding 10.7 points (0.18 percent) to its previous close.
Market breadth
During the session, 103 companies were traded. Market breadth was skewed towards decliners as 42 equities retreated versus 24 that advanced. Yesterday's losses were accompanied by growing trading activity. Total volume traded was up by 8.71 percent with 118.15mn shares changing hands at a total value of KD21.19mn (6.04 percent higher compared to Monday's session). Real estate sector was the volume leader. The sector accounted for 34.43 percent of total shares exchanged. Trading was intense on the counter of Abyaar Real Estate Development Company with investors exchanging 22.56mn shares, with a total value of KD0.66mn. Closing price of the stock was KD0.0295. (up 1.72 percent). The services sector was the value leader, having 32.97 percent of total traded value.
In terms of top gainers, Al-Themar International Holding Company was the top gainer for the day, adding 5.56 percent to its share value and closing at KD0.095. On the other hand, Warba Insurance Company shed 7.46 percent and closed at KD0.124 making it the biggest decliner in the market.
Sectors Real Estate stocks shouldered the losses with a 1.35 percent dip. Selling was heavy on the counter of Mabanee Company which shed 3.41 percent to close at KD0.850. National Real Estate Company also retreated by 4.41 percent to close at KD0.130. Al Massaleh Real Estate Company was the biggest loser in the real estate sector, shedding 5.81 percent to close at KD0.081.
Food stocks declined by 1.17 percent as measured by Global Food Index. Danah Al Safat Foodstuff Company lost 2.06 percent as it shed 2.06 percent of its price to close at KD0.095. Heavyweight, Kuwait Foodstuff Company (Americana) closed down by 1.35 percent at KD1.460. Global Industrial index followed, declining by 1.11 percent. Kuwait Cement Company and Salbookh Trading Company decreased by 2.17 percent and 2.00 percent, respectively. Services and non Kuwaiti indices were the sole advancers yesterday, adding 0.38 percent and 0.31 percent, respectively. Zain closed up by 1.15 percent at KD0.880, while Egypt Kuwait Holding Company closed up by 2.00 percent at KD0.255.
Corporate news
Kuwait Finance House (KFH) clarified on a media report regarding acquiring assets outside Kuwait and announced that it has acquired two properties for investment purposes. National Cleaning Company announced that its 90 percent owned subsidiary has been awarded the lowest price in a three year tender offer to provide cleaning services for Kuwait Ports Authority's complex building. On December 27, 2011 the company announced that its 90 percent owned subsidiary has signed the three year, KD0.290mn tender offer. Kuwait Petroleum International (Q8) announced that one of its affiliate companies has inked a contract with Lufthansa to provide the German fleet at the Verona airport, northern Italy, with 8mn liters of jet fuel per year.
© Kuwait Times 2011
