20/09/2010 00:00 AST
The price index of Kuwait Stock Exchange (KSE) ended trading on Sunday with a drop of 46.9 points to 6,791.8 points, while the weighted index reached 453.38 points, a drop of 4.05 points. Trades came to 4,472 transactions, worth 53 million Kuwaiti dinars, and volume was at 288.9 million shares upon closing. All sectors indices were red, highest drop was for the banking sector with 165.8 points. Leading high shares was the stock of Kuwait National Cinema with seven percent, while biggest loss was suffered by the Future Kid Entertainment and Real Estate stock with 7.6 percent.
Five most traded shares were those of Al-Safwa Group, Jeezan Holding, International financial Advisors, Al-Deera Holding and International Resorts. KSE was down 16.3 points, reaching 6,822.4 points by 11:20 on Sunday, while the weighted index dropped 1.87 points, reaching 455.56 points. Trades came to 2,784 transactions, worth KD 24,216,615, with volume coming to 184,235,000 shares.
KSE index dropped 6.5 points reaching 6,832.2 points at 9:35 a.m. Sunday, while the weighted index also dropped 0.95 points reaching 456.48 points. As many as 53.5 million shares worth KD 7.4 million changed hands in 834 deals.
Dubai hit a 4-month high as undervalued stocks rose sharply and sentiment was driven by the nearing Dubai World debt settlement and the inclusion of the United Arab Emirates (UAE) in the Financial Times Stock Exchange (FTSE) Group emerging market index. Otherwise Gulf markets were mixed on Sunday with Saudi Arabia, Kuwait and Bahrain ending lower, while Abu Dhabi, Qatar and Oman advanced. "It is linked to finalization of Dubai World's debt issue with its creditors or the inclusion in the FTSE emerging market index," said Marwan Shurrab, Vice-President and Chief Trader at Gulfmena Alternative Investments. FTSE confirmed the classification of the UAE as a "secondary" emerging market within its global equity index series on Thursday, which the index provider says is the first time the country has been added in a global equity universe. Dubai gained 2.2 percent to 1,683 points, its highest close since May 20. "At the same time there is interest from investors to build positions ahead of the close of the third quarter," Shurrab said. Real estate-related stocks such as Emaar Properties, which gained 1.6 percent, were among those stocks to lift the index. "If you look at those stocks performance, they are among the worst performers this year so it's normal to see them attracting more liquidity now," Shurrab added.
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