18 August 2007
KUWAIT: Kuwaiti equities ended the day with a marginal loss, although the main indices were up during the early trading session. The benchmark Global General Index (GGI) ended the day down 0.35 points (0.09 percent) to close at 386.86 points. Meanwhile, Kuwait Stock Exchange Price Index decline by 6.70 points (0.05 percent) to end the day at 12,513.4 points.
Market capitalization decline by 0.09 percent today to reach KD57.64bn. During yesterday's session, market breadth was skewed towards declining stocks. Out of the 191 listed companies, 54 registered daily losses, while 43 reported gains and 94 stocks ended the day unchanged.
Trading activities were mixed during the session as volume of shares traded on the exchange declined by 17.62 percent. Over 378.72mn shares changed hands at a value of KD148.09mn (-11.82 percent).
Transactions were marginally up (0.63 percent) at 11,326 transactions. Real Estate sector accounted for 48.39 percent of total volume traded during yesterday's session.
Investment sector followed, accounting for 27.11 percent of the total shares traded on the exchange. Jeezan Real Estate Company was the volume leader for the day, as investors exchanged 35.73mn of the company's shares. The scrip ended the day at 475fils, up 5.56 percent. Jeezan Real Estate Company said that Kuwait Invest Holding Co. made a bid to buy the company's stake in Gulf Brokerage Finance Co. for KD10.2mn. Kuwait Invest Holding Co. offered to buy the 20.0 percent stake at 800fils/share. Jeezan Real Estate is expected to make a profit of KWD8.72mn or 38.6fils per share if the deal is concluded.
During today's session, International Resorts Company was the prominent gainer today adding 9.80 percent to close at 280fils. On the other hand, HumanSoft Holding Company was the biggest loser as it plunged by 5.26 percent to close at 180fils. In terms of sectors performance, five sectors ended the day on a negative note. Food sector topped the losers' list as its index shed 1.22 percent, as the sector's heavyweight stock, Kuwait Foodstuff Company (Americana) plunged by 1.68 percent closing at KD3.520. Industrial sector followed dropping by 0.37 percent as National Industries Group closed at KD1.540, down 1.28 percent.
Meanwhile, the rise in Bank of Kuwait and Middle East (+1.16 percent) and Gulf Bank (+1.04 percent) could not help the banking sector to close on a positive note.
Global Banking Index (GBI) was pushed 0.32 percent down, on the back of the loss (-1.35 percent) reported by Kuwait Finance House (KFH). The scrip ended the day at KD2.940. Also it is worth noting that the KFH is ranked second in Global Ten Large Cap Index.
On the other hand, services sector reported a marginal hike (0.29 percent) on the back of the rise in Mobile Telecommunication Company (MTC). The stock ended the day up 0.46 percent to KD4.340. MTC announced that it won a bid for one of the three licenses auctioned by the Iraqi Communication and Media Commission.
The successful bid of USD$1.25bn secures a renewable 15 year nationwide license.
Kuwait's Noor Financial Investment Co. announced that it raised its stake in Pakistan's Meezan Bank to 35.0 percent. Noor said that it signed an agreement with Shamil Bank of Bahrain to buy its 19.0 percent stake in Meezan Bank amounting to 71.82mn shares for a total of 2.3 billion Pakistani rupees (KD10.7mn).
KUWAIT: Kuwaiti equities ended the day with a marginal loss, although the main indices were up during the early trading session. The benchmark Global General Index (GGI) ended the day down 0.35 points (0.09 percent) to close at 386.86 points. Meanwhile, Kuwait Stock Exchange Price Index decline by 6.70 points (0.05 percent) to end the day at 12,513.4 points.
Market capitalization decline by 0.09 percent today to reach KD57.64bn. During yesterday's session, market breadth was skewed towards declining stocks. Out of the 191 listed companies, 54 registered daily losses, while 43 reported gains and 94 stocks ended the day unchanged.
Trading activities were mixed during the session as volume of shares traded on the exchange declined by 17.62 percent. Over 378.72mn shares changed hands at a value of KD148.09mn (-11.82 percent).
Transactions were marginally up (0.63 percent) at 11,326 transactions. Real Estate sector accounted for 48.39 percent of total volume traded during yesterday's session.
Investment sector followed, accounting for 27.11 percent of the total shares traded on the exchange. Jeezan Real Estate Company was the volume leader for the day, as investors exchanged 35.73mn of the company's shares. The scrip ended the day at 475fils, up 5.56 percent. Jeezan Real Estate Company said that Kuwait Invest Holding Co. made a bid to buy the company's stake in Gulf Brokerage Finance Co. for KD10.2mn. Kuwait Invest Holding Co. offered to buy the 20.0 percent stake at 800fils/share. Jeezan Real Estate is expected to make a profit of KWD8.72mn or 38.6fils per share if the deal is concluded.
During today's session, International Resorts Company was the prominent gainer today adding 9.80 percent to close at 280fils. On the other hand, HumanSoft Holding Company was the biggest loser as it plunged by 5.26 percent to close at 180fils. In terms of sectors performance, five sectors ended the day on a negative note. Food sector topped the losers' list as its index shed 1.22 percent, as the sector's heavyweight stock, Kuwait Foodstuff Company (Americana) plunged by 1.68 percent closing at KD3.520. Industrial sector followed dropping by 0.37 percent as National Industries Group closed at KD1.540, down 1.28 percent.
Meanwhile, the rise in Bank of Kuwait and Middle East (+1.16 percent) and Gulf Bank (+1.04 percent) could not help the banking sector to close on a positive note.
Global Banking Index (GBI) was pushed 0.32 percent down, on the back of the loss (-1.35 percent) reported by Kuwait Finance House (KFH). The scrip ended the day at KD2.940. Also it is worth noting that the KFH is ranked second in Global Ten Large Cap Index.
On the other hand, services sector reported a marginal hike (0.29 percent) on the back of the rise in Mobile Telecommunication Company (MTC). The stock ended the day up 0.46 percent to KD4.340. MTC announced that it won a bid for one of the three licenses auctioned by the Iraqi Communication and Media Commission.
The successful bid of USD$1.25bn secures a renewable 15 year nationwide license.
Kuwait's Noor Financial Investment Co. announced that it raised its stake in Pakistan's Meezan Bank to 35.0 percent. Noor said that it signed an agreement with Shamil Bank of Bahrain to buy its 19.0 percent stake in Meezan Bank amounting to 71.82mn shares for a total of 2.3 billion Pakistani rupees (KD10.7mn).
© Kuwait Times 2007
