Kuwait stocks bounce back

07/03/2011 00:00 AST

Kuwait equities strongly bounced back yesterday on the back of a rise in banking sector. Trading was intense on the counter of banks stocks. The biggest two Kuwaiti banks, National Bank of Kuwait (NBK) and Kuwait Finance House (KFH), topped the value list, accounting for 27.63 percent of the total traded value in the market.

Kuwait Central Bank said it viewed its interest rates as appropriate as they are in line with economic developments, its governor Sheikh Salem Abdul-Aziz Al-Sabah said. "The current discount rate is considered reasonable given the economic, monetary and banking conditions at this particular stage," Sheikh Salem added. The central bank last cut its discount rate by 50 basis points to 2.5 percent in February 2010.

Global General Index (GGI) closed 1.86 points up (0.94 percent), at 199.55 point. The Market capitalization increased, reaching KD32.43bn. On the other hand, Kuwait Stock Exchange Price Index closed in the green zone, adding 42.20 points (0.69 percent) to its value and closed at 6,189.9 point.

Market Breadth

During the session, 110 companies were traded. Market breadth was skewed towards advancers as 67 equities advanced versus 22 that retreated.

Volume was up by 30.78 percent to 207.68mn shares changing hands with a total value amounting to KWD41.45mn (an decrease of 0.67 percent compared to the previous session). The Real Estate Sector was the volume leader yesterday, accounting for 30.88 percent of total shares. Banking sector was the value leader, with 47.69 percent of total traded value.

Company-wise, Investors Holding Group Company was the most actively traded stock during the day, with 28.08mn shares exchanged at a total value of KD0.523mn. In terms of top gainers, National Ranges Company was the biggest gainer for the day, adding 13.51 percent and closed at KD0.021. On the other hand, Coast Investment & Development Company came in as the biggest decliner, dropping by 5.26 percent and closed at KD0.090.

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Kuwait Times