Kuwait Stock exchange closes down 62.8

Kuwait stock Exchange (KSE) closed massively lower yesterday with investors' concerns about Greece dept crisis leading the down trend. Investors were seen leaving the market and preferring to stay away watching, due to lack of any attractive news. Market indices Global General Index (GGI), market weighted, ended the day down by 1.25 percent, at 192.79 point, its lowest level since July 25, 2010. Market Capitalization was down for the day at KD31.49 billion. On the other hand, KSE Price Index closed at 6,250.5 point, shedding 62.80 points (0.99 percent) to its previous close. Market breadth During the session, 101 companies were traded. Market breadth was skewed towards decliners as 78 equities retreated versus 5 that advanced. Daily trading activity Investors remained concerned about earnings in the 2Q2011, volume is light and, until they get some sizzling news on the economy, those concerns will remain. Trading activity was up this session. The trades conducted in the services sector. Total volume traded was up by 21.23 percent with 66.77 million shares changing hands at a total value of KD13.18 million (62.60 percent higher compared to the day before). The services sector was the volume leader yesterday, accounting for 34.26 percent of total shares. The same sector was the value leader, with 35.29 percent of total traded value. Kuwait International Bank was the most active in terms of values traded during yesterday's session, with 4.78 million shares exchanged at an aggregate value of KD1.56 million. Top gainers and biggest decliners In terms of top gainers, Kout Food Group took the top spot for the day, adding 2.70 percent and closed at KD0.38. On the other hand, Housing Finance Company (ISKAN) shed 8.33 percent and closed at KD0.050, making it the biggest decliner in the market. Sectors wise All eight market sectors edged lower during yesterday's trading. Global Food Index spearheaded declines, shedding 2.59 percent. Livestock Transport & Trading Company was amongst the biggest percentage decliners, recoiling by 6.78 percent, on a solitary trade. Heavy weighted, Kuwait Foodstuff Company (Americana) also closed down by 2.50 percent at KD1.560. Heavy weights, Global Banking Index and Global Services Index lost 3.12 and 1.62 percent this month, showing the worse performance among all sectoral indices. They lost in the current trading session 1.67 and 0.50 percent, respectively. Some of the decliners within the two sectors were National Bank of Kuwait (NBK) (-3.33 percent), Gulf Bank (-3.64 percent), Agility (-1.54 percent) and National Mobile Telecommunications Company (NMTC) (-1.01 percent). The drop in the heavy weighted stock prices pulled back with it Global Large Cap Index to loss 1.27 percent during yeterday's session. While Global Small Cap Index registered a marginal decline of 0.21 percent. Oil news Kuwait is currently producing around 2.5 million to 2.7 million barrels a day of crude to meet the demand in the market, the country's Oil Minister Mohammed Al-Busairi said. Corporate news Argan International Real Estate Company announced divesting its stake in Abyar Al-Khaleej Real Estate, a Saudi-based wholly-owned subsidiary. The deal was valued at SAR0.377 million. The company earlier revealed that it had inked a contract to sell its stake in a Saudi project at a total value of SAR87.97 million. It generated approximately SAR19 milion earnings from this divestment. Kuwait - Arabstoday Kuwait stock Exchange (KSE) closed massively lower yesterday with investors' concerns about Greece dept crisis leading the down trend. Investors were seen leaving the market and preferring to stay away watching, due to lack of any attractive news. Market indices Global General Index (GGI), market weighted, ended the day down by 1.25 percent, at 192.79 point, its lowest level since July 25, 2010. Market Capitalization was down for the day at KD31.49 billion. On the other hand, KSE Price Index closed at 6,250.5 point, shedding 62.80 points (0.99 percent) to its previous close. Market breadth During the session, 101 companies were traded. Market breadth was skewed towards decliners as 78 equities retreated versus 5 that advanced. Daily trading activity Investors remained concerned about earnings in the 2Q2011, volume is light and, until they get some sizzling news on the economy, those concerns will remain. Trading activity was up this session. The trades conducted in the services sector. Total volume traded was up by 21.23 percent with 66.77 million shares changing hands at a total value of KD13.18 million (62.60 percent higher compared to the day before). The services sector was the volume leader yesterday, accounting for 34.26 percent of total shares. The same sector was the value leader, with 35.29 percent of total traded value. Kuwait International Bank was the most active in terms of values traded during yesterday's session, with 4.78 million shares exchanged at an aggregate value of KD1.56 million. Top gainers and biggest decliners In terms of top gainers, Kout Food Group took the top spot for the day, adding 2.70 percent and closed at KD0.38. On the other hand, Housing Finance Company (ISKAN) shed 8.33 percent and closed at KD0.050, making it the biggest decliner in the market. Sectors wise All eight market sectors edged lower during yesterday's trading. Global Food Index spearheaded declines, shedding 2.59 percent. Livestock Transport & Trading Company was amongst the biggest percentage decliners, recoiling by 6.78 percent, on a solitary trade. Heavy weighted, Kuwait Foodstuff Company (Americana) also closed down by 2.50 percent at KD1.560. Heavy weights, Global Banking Index and Global Services Index lost 3.12 and 1.62 percent this month, showing the worse performance among all sectoral indices. They lost in the current trading session 1.67 and 0.50 percent, respectively. Some of the decliners within the two sectors were National Bank of Kuwait (NBK) (-3.33 percent), Gulf Bank (-3.64 percent), Agility (-1.54 percent) and National Mobile Telecommunications Company (NMTC) (-1.01 percent). The drop in the heavy weighted stock prices pulled back with it Global Large Cap Index to loss 1.27 percent during yeterday's session. While Global Small Cap Index registered a marginal decline of 0.21 percent. Oil news Kuwait is currently producing around 2.5 million to 2.7 million barrels a day of crude to meet the demand in the market, the country's Oil Minister Mohammed Al-Busairi said. Corporate news Argan International Real Estate Company announced divesting its stake in Abyar Al-Khaleej Real Estate, a Saudi-based wholly-owned subsidiary. The deal was valued at SAR0.377 million. The company earlier revealed that it had inked a contract to sell its stake in a Saudi project at a total value of SAR87.97 million. It generated approximately SAR19 milion earnings from this divestment.