18/10/2010 00:00 AST
The price index of Kuwait Stock Exchange (KSE) ended trading on Sunday with an increase of 23.5 points to 7,034 points, while the weighted index gained 3.79 points reaching 479.39 points.
Trades came to 4,074 transactions, worth 39.4 million Kuwaiti dinars, and volume was at 263.6 million shares upon closing.
Seven out of the eight sector indices were in green. The biggest gainer was the banking sector, which was up 76.3 points. The non-Kuwaiti sector was the only loser, dropping 29.7 points. The leading high share was the stock of Jeezan Holding, while the biggest loss was suffered by the Ajwan Gulf Real Estate stock.
The five most traded shares were, International Financial Advisors, Kuwait Real Estate Company, Agility Public Warehousing Company, International Resorts Company, and Hits Telecom Holding.
The price index of KSE was down 1.5 points by 9:35 a.m. Sunday to 7,009 points, while the weighted index also dropped 0.65 points to read 474.95 points. The session saw 1,086 trades so far at KD12.6 million involving 90.8 million shares. The price index of KSE was up 24.4 points to 7,034.9 at 11:12 a.m. Sunday, while the weighted index reached 478.66 points, after gaining 3.06 points. Trades came to 2,866 worth about KD28 million, with volume coming to 192.4 million shares.
Middle East bourses were mixed in lackluster trading on Sunday ahead of quarterly earnings, but heavyweight Saudi Basic Industries Corporation beat forecasts and could lift the index in coming days.
"Third quarter results so far have not been very positive. The Saudi Basic Industries Corporation's (SABIC) announcement ... could have a significant reflection on the index," said Musa Haddad, head trader in the asset management group at the National Bank of Abu Dhabi.
SABIC, the world's largest chemical firm by market value, beat estimates with a 46 percent rise in third quarter (Q3) profit on Sunday, buoyed by higher plastic and petrochemical sales.
Shares in SABIC rallied towards the end of the session and ended 2.3 percent higher, before the results were announced.
Dubai's index extended losses after investors booked profits from a recent rally but analysts said the upwards trend remained intact. Construction heavyweight Arabtec fell 1.8 percent, having hit a near five month high last week, and real estate bellwether Emaar Properties slipped 0.5 percent.
"The market is seeing some profit-taking on the downside, and it was due for a short-term correction," Haddad said.
"The outlook is still positive; it's the concept of buy on the dips. Investors are waiting for the market to correct and then they will buy again."
While investors await quarterly earnings before taking up new positions, the small to medium-cap companies attracted interest in Abu Dhabi, continuing the trend from last week.
Islamic insurance company Methaq soared 9.3 percent, its third consecutive session of gains in which the share price has risen about 25 percent.
Similarly, Arkan Building Materials Company rose 8.2 percent on Sunday, taking gains from the last three sessions to about 25 percent.
Both companies issued statements on the bourse website saying there was no information to affect the share price and one Dubai-based analysts said the activity on the stock was led by retail investors.
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