Poll results buoy KSE stocks

Kuwait Stock Exchange (KSE) ended the first trading session in the week, after the parliamentary elections results were announced, with a positive performance. However, 25 listed companies, who did not announce their quarterly results, were suspended from trading starting from yesterdays session.

Global General Index (GGI) was up adding 0.79 points, which translates into a 0.41 percent gain during todays session to reach 194.95 points. Furthermore, the KSE Price Index posted a gain yesterday of 29.30 points ( 0.38 percent) to close at 7,659.10 points. Market capitalization increased by KD128.71mn to reach KD31.61bn.

During yesterdays session, market breadth was skewed towards advancers as 51 equities advanced versus 25 that retreated, while 127 stocks were unchanged. A total of 104 stocks were traded. Volume and value of shares traded on the exchange ended the session on a negative note, as investors exchanged 495.39mn shares (-24.84 percent) at a total traded value of KD61.99mn (-36.13 percent).

The real estate sector was volume leader for the day, accounting for 39.12 percent (193.81mn shares) of total market volume. Investors Holding Group Company had the highest volume in the sector, leading the volume list for the day with 84.16mn shares changing hands. The scrip ended the day up by 8 percent, to close at KD0.054. On the other hand, the investment sector was the value leader for the day, with a total traded value of KD22.88mn (36.91 percent) with Al-Deera Holding Company having the highest tra ded value in the sector, at a total traded value of KD9.19mn. The company ended the day up 4.69 percent, to close at KD0.134.

In terms of advancers, Manazel Holding Company was the top gainer. The scrip ended the day up 9.62 percent to end at KD0.057. On the other side, Nafais Holding Company was the top decliner, down 8.93 percent to end at KD0.102. Sector wise, most of Global indices ended the day on a positive note except for Global Investment and Insurance sectors, which shed 0.42 and 0.07 percent respectively. On Investment sector front, Global Investment House dropped by 6.73 percent, to reach KD0.097, while, Warba Insuran ce Company was the major contributor in the insurance sector losses declining by 5.17 percent , to close at KD0.275.

From the other side, Global Food Index was the biggest gainer yesterday, adding 1.58 percent to its value. Al- Kout Food Group contributed to the index positive performance, making it to the top five gainers list posting a 6.25 percent gain, to close at KD0.425. Its worth mentioning that, the aggregate 1Q profits of the sector decreased by 60.41 percent amounting to KD7.21mn compared to KD18.20mn recorded in the same period of the previous year.

Global Real Estate Index was the second biggest advancer yesterday. The index posted a 1.16 percent gain with three companies appeared in the top gainers list for the day. Arab Real Estate Company soared 8.06 percent , to close at KD0.67.

Regarding Global Special Indices, they ended on a mixed note yesterday, with Global Large Cap (Top 10) Index gaining 0.62 percent backed by National Bank of Kuwait, Gulf Bank and Agility, which added 1.79, 1.22 and 2.30 percent to their values respectively. Global Small Cap Index went down by 0.74 percent driven by Gulf Franchising Company, which shed 5.97 percent, to close at KD0.63. Regarding crude oil, the price of OPEC basket of twelve crudes stood at 55.99 dollars a barrel on Thursday May 14, 2009, c ompared with $57.16 the previous day, according to OPEC Secretariat calculations.