Kuwait Stock Exchange (KSE) continued its upward trend diminishing its losses, since the end of 2008, to reach 0.92 percent. Zain and National Bank of Kuwait were the main players in yesterdays session, supporting the markets positive performance. Global General Index (GGI) ended the day on a adding 2.84 points, which translates into a 1.41 percent gain during the session to reach 204.53 points. The KSE Price Index also posted a gain of 37.70 points (+ 0.48 percent) to close at 7,922.40 points.
Market capitalization was up yesterday by KD1.41mn to reach KD33.16bn. During the session, market breadth was skewed towards advancers as 60 equities advanced versus 44 that retreated, while 99 stocks were unchanged. A total of 146 stocks were traded yesterday.
Volume and value of shares traded on the exchange plunged during the session as investors exchanged 700.83mn shares (-12.79 percent) at a total traded value of KD146.82mn (-11.54 percent). The Investment sector witnessed heavy trading activity being the volume leader today, with 183.18mn shares changing hands, or 26.14 percent of total market volume. Al-Qurain Holding Company witnessed heavy trading volume with 35.08mn exchanging hands. Banking sector was the value leader yesterday with a total value of K
D42.17mn or 28.72 percent of the total market value. Bank Boubyan led the value list with a total traded value of KD16.88mn. The scrip ended the session up by 6.41 percent, to close at KD0.415. The Commercial Bank announced that its willing to sell its 19.2 percent stake in Boubyan Bank with KD0.500 per share.
In terms of advancers, Arabi Group Holding Company was the top gainer. The scrip ended the day up 11.76 percent to end at KD0.095.Wethaq Takaful Insurance was the top decliner, down 9.09 percent to end at KD0.100. Sector wise, Global indices ended on a mixed note. Out of eight indices, six indices went up led by Global Food Index, which was the biggest gainer adding 6.20 percent. Kuwait Foodstuff Company (Americana), which increased by 7.46 percent closing at KD1,440, helped the index to end in green.
Danah Al-Safat Foodstuff Company was the highest gainer in the sector posting 7.84 percent gain, to close at KD0.110. Global Services Index was the second higher gainer today. The index increased by 2.55 percent backed by Zain, heavy weight stock, which continued its positive trend for the third consecutive day gaining 5.88 percent, to close at KD0.900. On the other side, Global Real Estate Index biggest decliner for the day shedding 0.53 percent affected by Mazaya Holding Company, which dropped by 2.59
percent, to close at KD0.226. Global Insurance Index followed, as index plunged by 0.31 percent driven by the only decliner, Wethaq Takaful Insurance as we mentioned before.
Regarding Global Special Indices, they all ended on a positive note yesterday except Global Islamic Index that slightly retreated by 0.11 percent, while Global Large Cap ( Top 10) rose by 1.66 percent driven by the positive performance Zain and NBK.
The price of OPEC basket of twelve crudes stood at $58.57 a barrel on Monday May 25, 2009, compared with $58.75 the previous Friday, according to OPEC Secretariat calculations. Kuwaiti crude price dropped 36 cents on Monday and came to $ 58.16 per barrel (pb), said Kuwait Petroleum Corporation (KPC) yesterday. The Kuwaiti oil was traded at $58.52 pb on Friday.
Fuel prices in Bahrain set to double by 2017
The price of diesel for domestic consumption will almost double in three years - up from 100 fils ($0.26) at present, Bahrain’s National Oil and Gas Authority (Noga) announced yesterday (December 19)
GFH acquires prime UK residential property
GFH Capital, a fully-owned subsidiary of Bahrain-based Gulf Finance House, has completed the acquisition of a prime UK residential property in line with its global investment strategy.
China moving closer to its ‘Dubai moment’
China's reform drive is getting closer to its "Dubai moment". The emirate's 2009 refusal to bail out its flagship holding company shocked lenders who had assumed all debt carried an implicit state gu
British economy in cautious recovery
Britain is cementing its economic growth recovery, official data revealed yesterday, as the government’s deficit-reduction programme won support from the Standard and Poor’s ratings agency.