Global General Index (GGI) continued its positive trend as it ended the day up by 1.54 points, which translates into a 0.79 percent gain during yesterdays session to reach 196.48 points. Furthermore, the KSE Price Index posted a gain yesterday of 68.20 points (+0.89 percent) to close at 7,727.30 points. Market capitalization increased by KD249.31mn (+0.79 percent) to reach KD31.86bn. During the session, market breadth was skewed towards advancers as 70 equities advanced versus 25 that retreated,
while 108 stocks were unchanged. A total of 125 stocks were traded yesterday. Volume and value of shares traded on the exchange increased during the session as investors exchanged 651.06mn shares (+31.42 percent) at a total traded value of KD90.73mn (+46.36 percent).
The Investment Sector was both the volume and value leader for the day, accounting for 42.04 percent (273.68mn shares) of total market volume at a total traded value of KD34.00mn (37.47 percent). Al-Deera Holding Company had the highest volume and value in the market, with 82.26mn shares changing hands at a total traded value of KD10.99mn. However, the scrip ended the day unchanged, to close at KD0.134.
In terms of advancers, First Takaful Insurance Company was the top gainer. The scrip ended the day significantly up by 12.66 percent to end at KD0.44. On the other side, Contracting and Marine Services Company was the top decliner, down 6.17 percent to end at KD0.38.
Sector wise, all Global indices ended on a positive note except for Global Food and Non-Kuwaiti Index, which were down by 0.83 percent and 0.23 percent respectively. The decline of Global Food Index decline was mainly attributed to Kuwait Foodstuff Company (Americana), the heavy weighted stock, which was the only decliner in the sector shedding 1.49 percent, to close at KD1,320. Also, Ahli United Bank posted a 2.30 percent loss yesterday which pushed the Non-Kuwaiti Index to end in the red.
Global Insurance Index was the biggest gainer, adding 2.16 percent with First Takaful Insurance leading the top gainer list for the day and being the highest gainer among the sector. Al-Ahleia Insurance Company followed gaining 4.48 percent, to close at KD0.350. All the other equities among the sector ended the session unchanged. Global Investment Index was the second biggest winner. The index posted a 1.45 percent gain as three equities in the index appeared in the top gainers list for the day. Global I
nvestment House came in the list gaining 7.22 percent, to close at KD0.104.
Regarding Global Special Indices, they ended on a positive note, with Global Islamic Index being the top gainer. The index was up by 1.13 percent. Kuwait Finance House and Kuwait International Bank contributed to the indexs gain, with 1.75 and 0.83 percent increase respectively.
The Kuwaits current account surplus for 2008 was KD 17.4bn up by 30.8 percent compared to 2007. Central Bank of Kuwait indicated that the figure was a result of compilation of the provisional figures for the balance of payments of the state of Kuwait for 2008. The price of OPEC basket of twelve crudes stood at 56.37 dollars a barrel on Friday May 15, 2009 compared with $55.99 the previous day, according to OPEC secretariat calculations.
New mortgage rules to drive UAE property boom
The new property mortgage cap by the UAE Central Bank, which came into effect this week, will deliver more stability to the property market but further measures to curb the negative impacts of specu