09 February 2006
KUWAIT: KSE stocks ended yesterday's session on a lower note, ending the week too in the negative territory. The only reason seen behind the retreat was profit-taking.
Losses were steady throughout the session. Global General Index (GGI) dropped 2.21 points (or 0.66 percent), to close at 334.34 points, its lowest level this week.
Reflecting the trend, the market benchmark, KSE Price Index reported a 54.9-point (or 0.46 per cent) slide, to close at 11,999.8 points.
On the broader market for equities, decliners had a 64 to 30 advantage on the KSE. Yesterday's performance was accompanied by heavy trading activity. Investors exchanged 234.9mn shares at a total value of KD120.29mn. Iraq Holding Co was the most actively traded stock, with 42.68mn shares exchanged. The scrip was flat at 92fils. Osoul Leasing & Financing Co too saw notable trading, with investors exchanging 19.07mn of its shares. The scrip was amongst the biggest percentage advancers in the day, clocking 5.17 per cent in gains. However, the gains were not sufficient to help the sector nudge out of the negative territory, with the Global Investment Index shedding 0.63 per cent. Al-Ahlia Investment, which had performed robustly on Tuesday, recoiled by 4.82 per cent in yesterday's trading.
But it was the non-Kuwaiti sector that headed the retreat on Wednesday. The Global Non-Kuwaiti Index declined by 2.12 per cent, on the back of a 7.81 per cent drop in the equity price of Egypt Kuwait Holding Co. However, the stock led the pack of weekly advancers, up 59.46 per cent. Solidere-A & B too were down by 3.42 per cent each yesterday. Among stocks moving on specific news, Al-Mazaya Holding Co reported a 4.65 per cent improvement, and closed at its highest level of 900fils. The scrip also grew by 15.38 per cent over the previous week's level. Mazaya reported a 112.59 per cent increase in its 2005 earnings figures.
Further, the company is paying out a 25 per cent cash dividend, a 25 per cent stock dividend as well as raising its capital by 30 percent. Elsewhere, Al-Themar Real Estate Co extended its winning streak to nine sessions, adding 6.33 per cent in the day. The company has seen its share value appreciate by 31.25 per cent in the week. However, the Global Real Estate Index slipped by 0.38 per cent, undermined by a 5.66 per cent drop in the share price of Ajial Real Estate & Entertainment Co.
Shares of Public Warehousing Co and National Mobile Telecom Co (Wataniya) dipped by 3.38 per cent and 1.56 per cent respectively, driving the services sector index down by 1.56 per cent.
On the other side of the spectrum, industrial stocks were the sole gainers, climbing 0.98 per cent. The sector heavyweight, National Industries Group (Holding) rose 3.3 per cent.
Al-Mazaya Holding Co's Board of Directors proposed a 25 per cent cash dividend, a 25 percent stock dividend and a 30 per cent capital increase.
The Central Bank of Kuwait approved Global Investment House's request to buy-back a maximum of 10 per cent of its outstanding shares for a period of six months starting on 26-01-2006.
Gulf Cables & Electrical Industries Co's Board of Directors proposed distributing 50 per cent of paid-up capital as cash dividends, 15 per cent as stock dividends and raising the company's capital by 30 per cent.
National Mobile Telecom Co (Wataniya)'s Board of Directors proposed an 80 per cent cash dividend and a 5 per cent stock dividend.
KUWAIT: KSE stocks ended yesterday's session on a lower note, ending the week too in the negative territory. The only reason seen behind the retreat was profit-taking.
Losses were steady throughout the session. Global General Index (GGI) dropped 2.21 points (or 0.66 percent), to close at 334.34 points, its lowest level this week.
Reflecting the trend, the market benchmark, KSE Price Index reported a 54.9-point (or 0.46 per cent) slide, to close at 11,999.8 points.
On the broader market for equities, decliners had a 64 to 30 advantage on the KSE. Yesterday's performance was accompanied by heavy trading activity. Investors exchanged 234.9mn shares at a total value of KD120.29mn. Iraq Holding Co was the most actively traded stock, with 42.68mn shares exchanged. The scrip was flat at 92fils. Osoul Leasing & Financing Co too saw notable trading, with investors exchanging 19.07mn of its shares. The scrip was amongst the biggest percentage advancers in the day, clocking 5.17 per cent in gains. However, the gains were not sufficient to help the sector nudge out of the negative territory, with the Global Investment Index shedding 0.63 per cent. Al-Ahlia Investment, which had performed robustly on Tuesday, recoiled by 4.82 per cent in yesterday's trading.
But it was the non-Kuwaiti sector that headed the retreat on Wednesday. The Global Non-Kuwaiti Index declined by 2.12 per cent, on the back of a 7.81 per cent drop in the equity price of Egypt Kuwait Holding Co. However, the stock led the pack of weekly advancers, up 59.46 per cent. Solidere-A & B too were down by 3.42 per cent each yesterday. Among stocks moving on specific news, Al-Mazaya Holding Co reported a 4.65 per cent improvement, and closed at its highest level of 900fils. The scrip also grew by 15.38 per cent over the previous week's level. Mazaya reported a 112.59 per cent increase in its 2005 earnings figures.
Further, the company is paying out a 25 per cent cash dividend, a 25 per cent stock dividend as well as raising its capital by 30 percent. Elsewhere, Al-Themar Real Estate Co extended its winning streak to nine sessions, adding 6.33 per cent in the day. The company has seen its share value appreciate by 31.25 per cent in the week. However, the Global Real Estate Index slipped by 0.38 per cent, undermined by a 5.66 per cent drop in the share price of Ajial Real Estate & Entertainment Co.
Shares of Public Warehousing Co and National Mobile Telecom Co (Wataniya) dipped by 3.38 per cent and 1.56 per cent respectively, driving the services sector index down by 1.56 per cent.
On the other side of the spectrum, industrial stocks were the sole gainers, climbing 0.98 per cent. The sector heavyweight, National Industries Group (Holding) rose 3.3 per cent.
Al-Mazaya Holding Co's Board of Directors proposed a 25 per cent cash dividend, a 25 percent stock dividend and a 30 per cent capital increase.
The Central Bank of Kuwait approved Global Investment House's request to buy-back a maximum of 10 per cent of its outstanding shares for a period of six months starting on 26-01-2006.
Gulf Cables & Electrical Industries Co's Board of Directors proposed distributing 50 per cent of paid-up capital as cash dividends, 15 per cent as stock dividends and raising the company's capital by 30 per cent.
National Mobile Telecom Co (Wataniya)'s Board of Directors proposed an 80 per cent cash dividend and a 5 per cent stock dividend.
Kuwait Times 2006
