Kuwaiti Stock market was seen edging lower in the first session this week as investors sway to book profits from the recent region wide rally. Banking sector, which witnessed huge selling pressures, slumped pushing the index to end in red. Moreover, investors are monitoring the next parliament session on Tuesday, where the financial rescue plan expected to be discussed. Global General Index (GGI) plunged by 1.74 percent to reach 219.54 points. On the other side, the KSE Price Index declined by 172
.20 points (2.06 percent) to close at 8,198.30 points. Market capitalization rose by KD631.31mn today to reach KD35.60bn.
During todays session, market breadth was sharply skewed towards decliners as 114 equities retreated versus 21 that gained, while 68 stocks were unchanged. Volume and value of shares traded on the exchange ended the day on a mixed note, as investors exchanged 975.61bn shares (-6.84 percent), at a total value of KD296.13mn (+32.42 percent).
The Real Estate Sector was the volume leader for the second consecutive session, accounting for 28.81 percent (281.05mn shares) of total volume. Investors Holding Group Company and Abyaar Real Estate Development Company appeared the volume leaders list, with 84.08mn and 79.18mn shares changing hands, respectively. Its worth noting that the Investors Holding Group announced that it got many selling offers regarding it is land located in Egypt and that it wont be able to predict the gains from this deal u
ntil its successfully completed. On the other side, the Services Sector was the value leader for the second consecutive session, with a total traded value of KD158.26mn or 53.44 percent.
Aiding the sector was Mobile
Telecommunication Company (Zain), which had a total traded value of KD107.59mn being the value leader for the day. The scrip ended the day up by 1.75 percent at KD1.160.
Sector wise, Global Indices ended this day on a mixed note. Global Food Index was the top advancer, up by 3.23 percent, on the back of the heavy weight, Kuwait Foodstuff company (Americana), which surged by 3.85 percent, to close at KD1,620 being the top gainer among the sector. Global Services Sector came the second gainer adding 0.33 percent backed by heavy weight stocks. National Mobile Telecommunication Company was the highest gainer across the sector posting 3.53 percent gains, to close at KD1.760.
Global Banking Index was the biggest decliner shedding 3.38 percent, as all the traded equities among the sector were seen down today. The heavy weight National Bank of Kuwait and Kuwait Finance House lost 4.69 percent and 2.90 percent of its value. Kuwait International Bank was the deepest loser among the sector declining by 8.06 percent, to close at KD0.285.
Global Investment Index followed, dropping 2.73 percent. Kuwait Projects Company (Holding) lost 3.70 percent to close at KD0.520. Its worth noting that, only 3 stocks, within the sector, advanced versus 29 stocks retreated. All the Global Special Indices ended the day on a negative note, led by Global Islamic Index, which shed 3.14 percent backed by Islamic banks losses. The price of OPEC basket of twelve crudes stood at $67.01 a barrel on Thursday June 04, 2009, compared with $66.41 the previous day,
according to OPEC Secretariat calculations.
Kuwait inflation plunges to nine-year low
Kuwait's annual inflation rate fell to a modest 2.7 per cent in October - its lowest in nine years, despite robust consumer spending and some improvement in business sentiment, said a report.