Kuwait equities rally

24/01/2011 00:00 AST

Kuwaiti equities rallied yesterday, staging a session of broad-based advance. Global General Index reached new highs since December 24, 2008. The gains were broad-based with 6 out of the 8 sectors managing to eke out some gains. Investor sentiments were cheered up by high expectations of healthy earnings reports. Furthermore, blue chips continue to lift up the market.

Global General Index (GGI) closed 2.52 points up (1.13 percent), at 226.42 point as the market capitalization increased reaching KD36.81mn. On the other hand, Kuwait Stock Exchange Price Index closed in the green zone adding 43.90 points (0.64 percent) from its value and closed at 6,940.1 point.

Market Breadth

During the session, 121 companies were traded. Market breadth was skewed towards advancers as 67 equities advanced versus 20 that retreated. The advance was accompanied by growing trading activity. Volume of shares traded on the exchange increased by 109.30 percent to reach 306.38mn shares, the value of shares traded increased by a 97.90 percent to stand at KD35.78mn.

The Real Estate Sector was the volume leader yesterday, accounting for 31.0 percent of total shares and the Banking Sector was the value leader, with 34.28 percent of total traded value. Company-wise, Investors Holding Group Company was the most actively traded stock, with 64.20mn shares exchanged, , accounting for 20.97 percent of total shares.

In terms of top gainers, National Ranges Company was the biggest gainer for the day, adding 11.90 percent and closed at KD0.0235. On the other side, United Gulf Bank came in as the biggest decliner, dropping by 7.35 percent and closed at KD0.315.

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Kuwait Times