KSE ends on a positive note after Bharti deal

09/06/2010 00:00 AST

The Kuwait Stock Exchange (KSE) Kuwait Stock Exchange (KSE) equities ended the day on a positive note after Bharti Airtel Ltd said yesterday it has completed its $9 billion acquisition of most of the African assets of Zain Co. The company will receive $7.9 billion from Bharti yesterday, sources close to the deal said.

Market Indices

Global General Index (GGI) fell 1.64 points (-0.84 percent) during yesterday's session to reach 192.90 points. Furthermore, the KSE Price Index decreased by 43.90 points (- 0.65 percent) yesterday and closed at 6,664.70 points. Market capitalization was down KD271.49mn yesterday to reach KD31.87bn. During yesterday's session, 109 companies were traded. Market breadth was skewed towards decliners, as 13 equities advanced versus 73 that retreated. A total of 126 stocks remained unchanged during yesterday's trading session.

Daily Trading Activity

Trading activities ended on a mixed note yesterday as volume of shares traded on the exchange increased by 195.25percent to reach 292.29mn shares, and value of shares traded increased by 157.32 percent to stand at KD40.21mn. The Banking Sector was the value leader accounting for 26.07 percent of total market value, and the Services sector was the volume leader yesterday accounting for 27.78 percent of total market volume. International Resorts Co. was the volume leader yesterday, with a total traded volume of 42.72mn shares. National Bank of Kuwait was the value leader, with a total traded value of KD3.55mn.

Top Gainers, Biggest Decliners

In terms of top gainers, National Rangers Company took the top spot yesterday, adding 8.51 percent and closed at KD0.026. On the other hand, Al Nawadi Holding Co shed 31.08 percent and closed at KD0.102, making it the biggest decliner in the market.

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Kuwait Times