Kuwait
Faisal Hasan, CFA
Head of Research
Tel: (965) 2295-1270
Rasha Al-Huneidi
Vice President
Tel: (965) 2295-1285
Global Investment House
Last Close / DTD% / MTD% / YTD%
Global General Index / ▼ / 186.45 / -0.37% / -2.98% / -16.59%
KSE Price Index / ▲ / 6,080.40 / 0.04% / -2.11% / -12.58%
KSE Weighted Index / ▼ / 421.69 / -0.36% / -2.84% / -12.90%
Last / Previous / % Change
Market Volume Traded (shares) / 93,270,000 / 167,305,000 / -44.25%
Market Value Traded (KWD) / 14,826,610 / 31,224,020 / -52.52%
No. of Transactions / 1,813 / 3,104 / -41.59%
Market Capitalization (KWD) / 30,501,175,192 / 30,593,950,435 / -0.30%
Market Commentary
Kuwait Stock Exchange(KSE) closed the first trading session of the week in mixed note on light volume. 2Q2011 financial results are controlling market trend these days as investors still waiting for the remaining big companies to release their results. It is worth mentioning that Global General Index dropped for the ninth time in sixteen trading days so far in July.
Market Indices
Global General Index (GGI) ended the day down by 0.37 percent, at 186.45 point. Market Capitalization was down for the day reaching KWD30.50bn. On the other hand, KSE Price Index closed at 6,080.4 point, adding 2.50 points (0.04 percent) from its previous close.
Market Breadth
During the session, 97 companies were traded. Market breadth was skewed towards advancersas 38 equities retreatedversus 26 thatadvanced.
Daily Trading Activity
Trading activity was down this session. Total volume traded was down by 44.25 percent with 93.27mn shares changing hands at a total value of KWD14.83mn (52.52 percent lower compared to the day before). The real estate sectorwas the volume leader today, accounting for 27.92 percent of total shares. The services sector was the value leader, with 39.95 percent of total traded value. Avaiation Lease And Finance Co. (ALAFCO)was the most active in terms of values traded during Sundaysession, with 10.51mn shares exchanged at an aggregate value of KWD3.68mn. The scrip closed 7.58 percent at KWD0.355.
Top Gainers and Biggest Decliners
In terms of top gainers, Bayan Investment Company was the top gainer for the day, adding 8.93 percent and closed at KWD0.031. On the other hand, Burgan for Well Drilling Co. shed 8.20 percent and closed at KWD0.280, making it the biggest decliner in the market. ALAFCO reported generating KWD17mn profit after waiving an agreement with Airbus SAS to buy six 350-900 aircraft to a third party.
Sectors Wise
Market indices had mixed performance during the session, but three big sectors; banking, real estate and services, went down reflecting their negative performance on the general index.
Global Services Index was the biggest decliner during the session by closing down by 1.18 percent at 814.1 points. The index was affected by the decline of the two telecommunication companies, Zain and National Mobile Telecommunication (Wataniya). Zain stock price went down by 20fils to stop at KWD1.000, which is 1.96 percent decline. Wataniya had the same trend as its share price closed down by 0.97 percent at KWD2.040.
The Real Estate sector index went down by 0.76 percent with seven decliners and only three advancers. Mostly the index was pulled down by the decrease in Mabanee Company and Remal stock prices. Mabanee share price declined by 1.22 percent, and closed at KWD0.810, while Remal price decreased by 10fils to close at KWD0.330, that is 2.94 percent decline.
Global Investment Index closed with eight decliners and three advancers. However, the index slightly went up by 0.09 percent to close at 84.24 points. Bayan Investment Company notably advanced by 8.93 percent to close at KWD0.0305. The scrip topped the gainers’ list for the day. Another advancer in the sector was Al Imtiaz Investment Company. The company closed at KWD0.188 adding 3.3 percent to its previous closing price.
Oil News
The price of OPEC basket of twelve crudes stood at USD113.20 a barrel on Thursday, compared with USD113.54 the previous day, according to OPEC Secretariat calculations.
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/ Index
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Disclaimer
This document and its contents are prepared for your personal use for information purposes only and is not an offer, or the solicitation of an offer, to buy or sell a security or enter into any other agreement. Projections of potential risk or return are illustrative, and should not be taken as limitations of the maximum possible loss or gain. The information and any views expressed are given as at the date of writing and subject to change. While the information has been obtained from sources believed to be reliable we do not represent that it is accurate or complete and it should not be relied on as such. Global Investment House, its affiliates and subsidiaries can accept no liability for any direct or consequential loss arising from use of this document or its contents. At any time, Global Investment House or its employees may have a position, subject to change, in any securities or instruments referred to, or provide services to the issuer of those securities or instruments.
July 2011 1
Global Research – Kuwait / Kuwait MarketJuly 2011 1