KSE stocks plummet over Egypt unrest


31/01/2011 00:00 AST  Kuwait Times

KSE stocks saw its shares slump yesterday, as tension in Egypt made for cautious trading. There was a big panic from the investors and the shares of all sectors have dropped. That is the result of the current sentiment on the market. It's worth mentioning that, most of the GCC markets closed in red except Saudi market.

Market indices

Global General Index (GGI) closed 4.40 points down (1.95 percent), at 221.13 point as the market capitalization decreased reaching KD35.95 million. On the other side, Kuwait Stock Exchange Price Index closed in the red zone shedding 122 points (1.76 percent) from its value and closed at 6,822 point.

Market breadth

During the session, 117 companies were traded. Market breadth was skewed towards decliners as four equities advanced versus 104 that retreated.

Daily trading activity

The advance was accompanied by mixed trading activity. Volume of shares traded on the exchange decreased by 14.06 percent to reach 351.79 million shares, the value of shares traded increased by 39.04 percent to stand at KD58.88 million.

The services sector was the volume leader yesterday, accounting for 32.02 percent of total shares and the banking sector was the value leader, with 47.21 percent of total traded value. Company-wise, National Ranges Company was the most actively traded stock, with 56.48 million shares exchanged. The scrip closed down by 5.77 percent.

Top gainers and biggest decliners

In terms of top gainers, Safwan Trading & Contracting Company was the biggest gainer for the day, adding 6.58 percent and closed at KD0.405. Safwan Trading and Contracting signed a contract with the Ministry of Health on Gulf tender No (32) for the drugs supply. The contract is worth $5,755,249. On the other side, Al-Ahlia Holding Company came in as the biggest decliner, dropping by 11.63 percent and closed at KD0.019.

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