23/02/2011 00:00 AST
Kuwaiti stock Exchange (KSE) ended yesterday's session on a mixed note as the impact of Middle East tension persisted. A good sign was that, some alternative options appeared for how to dispose Zain Group's stake in Zain-Saudi, to allow the sale of 46 percent of Zain to Etisalat. Zain closed at KD1.340 up by 3.08 percent for the day. From a technical overview, the price corrected downwards, reaching its 50 percent retracement level at KD1.280 before bouncing back, but the risk remains to the do
wnside. However, a close above KD1.400 is essentially required to halt the bearish tone.
Another good sign during the session was the Central Bank of Kuwait's (CBK) Governor Sheikh Salem Abdulaziz Al-Sabah's statement. "CBK has taken several measures since the aggravation of the global financial crisis in the last quarter of 2008 in order to further boost monetary and financial stability of the country such as stress test," CBK Governor said. Banking stocks were one of the major advancers during yesterday's session, clocking 0.99 percent in sector gains.
Global General Index (GGI) closed 1.58 points up (0.77 percent), at 207.49 point. The market capitalization increased, reaching KD33.74bn. Kuwait Stock Exchange Price Index closed in the red zone, shedding 8.30 points (0.13 percent) to its value and closed at 6,417.7 point.
Market breadth
During the session, 113 companies were traded. Market breadth was skewed towards decliners as 49 equities retreated versus 36 that advanced. Trading activity during the session was negative. Investors exchanged 135.52mn shares (-36.40 percent) at a total value of KD21.63mn (-36.07 percent). The Investment Sector was the volume leader yesterday, accounting for 29.03 percent of total shares and the Banking Sector was the value leader, with 36.16 percent of total traded value.
Company-wise, National Ranges Company was the most actively traded stock during the day, with 13.68mn shares exchanged at a total traded value of KD0.291mn. The scrip reported a 2.38 percent gains in its price. In terms of top gainers, , Aref Energy Holding Company was the biggest gainer for the day, adding 9.62 percent and closed at KD0.114. On the other hand, Pearl of Kuwait Real Estate Company came in as the biggest decliner, dropping by 9.62 percent and closed at KD0.024.
Sector-wise
Sector wise, Global Services sector witnessed the highest gain of 1.83 percent mainly on the back of the 3.08 percent increase registered in heavy weight Mobile Telecommunication Company (Zain), 4.29 percent in Al-Safat TEC Holding Company and 3.45 percent in Mashaer Holding Company.
Global Investment Index was the major loser yesterday registering a decline of 1.17 percent. Kuwait Projects Company (Holding) lost 6.25 percent. It's worth mentioning that, Kuwait Projects Company (Holding) will hold a board meeting today (February 23, 2011) at 1:00 pm. Board members will discuss financial statements for the FY that ended on December 31, 2010.
For more on this
Click Here
Kuwait Times
Please wait...
