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MLSN - News & Events
Banking Sector Helps; Kuwait Stocks Mixed
The Kuwait Stock Exchange (KSE) ended the first trading session in 2011 on a mixed note. The bullish performance of the banking sector was the major characteristic of the day. Global General Index (GGI) closed 0.51 points up (0.23 percent), at 224.04 point as the Market capitalization increased reaching KD36.38mn. On the other hand, Kuwait Stock Exchange Price Index closed in the red zone shedding 7.90 points (0.11 percent) from its value and closed at 6,947.60 point.
During the session, 109 companies were traded. Market breadth was skewed towards decliners as 38 equities advanced versus 44 that retreated. Volume of shares traded on the exchange increased by 34.22 percent to reach 205.33mn shares, the value of shares traded decreased by 3.58 percent to stand at KD30.74mn.
The Services Sector was the volume leader yesterday, accounting for 36.07 percent of total shares and the Services Sector was the value leader, with 33.24 percent of total traded value. Company-wise, Al Safwa Holding Group was the volume leader, with a total traded volume of 29.28mn shares. Changing hands, Livestock Transport & Trading Co. was the value leader, with a total traded value of KD10.22mn.
In terms of top gainers, Alafco Aviation Lease & Finance Co was the biggest gainer for the day, adding 7.81 percent and closed at KD0.345. On the other hand, Nafais Holding Co came in as the biggest decliner, dropping by 8.47 percent and closed at KD0.054.
Sector-wise, four out of the eight sectors edged higher during the day. Buying interest was observed in the banking, investment, and real estate sectors. The Global Banking Index led the pack of advancers, producing 1.07 percent in gains. Burgan Bank reported a 1.89 percent improvement.
Investment stocks performed robustly yesterday with the sector index adding 0.64 percent. The second biggest percentage advancer during the day was First Investment Co, claiming a 6.25 percent jump. Global Investment House picked up where it left off last year, housing a 5.77 percent climb. National Investment Company and Noor Financial Investment Co were up by 3.30 percent and 5.59 percent respectively.
Companies embracing the Islamic Sharia in their activities edged higher by 2.24 percent on Saturday. Kuwait Finance House (KFH) saw its share value appreciate by 3.45 percent yesterday. Food and insurance stocks pulled back by 1.98 percent and 111 percent respectively during the day. Wethaq Takaful Insurance Co, recoiled by 5.21 percent on a solitary trade.
The closed shareholding "Aquabor Food" was established with a paid-up capital of KD1mn, Kuwait's official gazette Al-Kuwait Al-Youm said. The company, with its 10mn shares worth 100fils each, will be providing direct and indirect food services to restaurants, hospitals, schools, companies, cinemas, clubs, etc, the newspaper's recent edition stated.
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