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Kuwait’s equities started the week on a mixed note, with a mixed performance of the indices during the day.
On the oil sector, Kuwait Petroleum Corporation reported yesterday that the price of Kuwaiti crude oil reached $55.78 on Friday dropping 73 cents from Thursday’s price of $56.51 per barrel.
The market benchmark KSE General Index registered a 0.09 per cent increase, to close at 9,993 points. On the other hand, Global General Index registered a decrease of 0.12 per cent or 0.35 points to close at 283.29 points.
Market capitalisation of the KSE declined by 0.12 per cent yesterday, reaching KD40.32bn.
The market breadth was skewed toward decliners, with 49 decliners against 35 advancers, while 89 stocks remained unchanged.
Two out of the eight Global sector indices reported gains yesterday: Global Non Kuwaiti Index which increased by 0.88 per cent and Global Banking Index which increased by 0.32 per cent. Gulf Bank’s share witnessed a daily gain of 2.86 per cent to close at KD1.44. Global Banking Index realised a 4.8 per cent increase since the beginning of year 2006, reflecting the strength of this sector.
Ratings of Kuwaiti banks by international among the non Kuwaiti sector, Egypt Kuwait Holding Company led the gainers list yesterday with a daily gain of 7.04 per cent, while Gulf Cement Company increased by 6.33 per cent and Ras Al-Khaimah registered a gain of 2.7 per cent. The company clarified media reports regarding expectations to realise a profit from the listing of its subsidiary “RAK Properties” on Abu Dhabi Stock Market and announced the following: RAK properties is already listed on ADSM.
The company’s investment in RAK properties is accounted for as an available for sale investment, and therefore changes in the share price of the subsidiary has no effect on its income statement. Global Industrial Index led the decliners with a daily loss of 1.57 per cent. Heavyweight National Industries Group registered a decline of 3.39 per cent to close at KD1.14, while United Industries Company lost 3.17 per cent to end the day at 305fils. Al-Mazaya Holding Company registered a daily gain of 3.39 per cent to end the day at 610fils. The increase in price came on the back of the company’s announcement of selling a land worth KD5.6mn and gaining KD1.4mn out of it.
National Petroleum Services Company signed a contract with Kuwait Oil Company worth KD28mn to provides KOC with services and materials for five years of operation. The scrip registered a daily gain of 6.33 per cent and closed at 420fils.
National Bank of Kuwait and Hamra Real Estate Company signed an agreement yesterday worth KD108mn, by virtue of which NBK is to finance the Hamra real estate project in Al-Meqwa area. Boubyan Petrochemical Company announced its first quarters’ results ending July 31, 2006 with its profits reaching KD1.12mn and an EPS of 2.67fils.
Global Investment House announced the launching of free mobile SMS service for its forward trading clients in Kuwait, ensuring clients up-to-date information concerning contracts.
