Kuwait stocks close lower

01/11/2010 00:00 AST

Kuwait stocks closed lower yesterday. Losses were especially heavy in the services sector. Kuwait blue-chips ended lower as investors' booked profits at month-end that weighed on Global General Index. On the economic front, Governor of Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah said here yesterday the global financial crisis is still affecting many developed and emerging economies worldwide in a keynote speech at the second Kuwait Financial Forum, sponsored and attended by His Hig hness the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Jaber Al-Sabah.

Global General Index (GGI) closed 1.61 points down (0.73 percent), at 218.99 point as the market capitalization decreased reaching KD35.47mn. On the other hand, Kuwait Stock Exchange Price Index closed in the red zone adding 3.70 points (0.05 percent) from its value and closed at 7,063.9 point.

Market breadth

During the session, 126 companies were traded. Market breadth was skewed towards decliners as 38 equities advanced versus 46 that retreated. Trading activities ended on a negative note. Volume of shares traded on the exchange decreased by 3.12 percent to reach 370.34mn shares, the value of shares traded decreased by 10.21 percent to stand at KD38.62mn.

The Investment sector was the volume leader, accounting for 33.60 percent of total shares traded, while the Banking Sector was the value leader, with 35.92 percent of total traded value. Company-wise, National Ranges Company was the volume leader, with a total traded volume of 65.04mn shares changing hands. National Bank of Kuwait (NBK) was the value leader, with a total traded value of KD6.01mn.

In terms of top gainers, National Petroleum Services Co (NAPESCO) was the biggest gainer for the day, adding 9.62 percent and closed at KD0.285. On the other side, Alrai Media Group Company came in as the biggest decliner, dropping by 18.75 percent and closed at KD0.130.

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Kuwait Times