KSE witnesses low activity level

Trading activity was thin yesterday, at its lowest level since January 4, 2009 due to absence of any major moves from portfolios. Investors prefer to pause their moves until they get some positive signals. Maybe 2Q2011 announcements will be a good start to cheer up the moods. Market indices Global General Index (GGI), market weighted, ended the day down by 0.37 percent, at 195.23 point. Market capitalization was down for the day at KD31.89 billion. On the other hand, KSE Price Index closed at 6,313.3 point, shedding 23.60 points (0.37 percent) to its previous close. Market breadth During the session, 87 companies were traded. Market breadth was skewed towards decliners as 49 equities retreated versus 11 that advanced. Daily trading activity Trading activity was down this session. The trades conducted in the services sector. Total volume traded was up by 21.04 percent with 55.08 million shares changing hands at a total value of KD8.11 million (37.28 percent higher compared to the day before). The services sector was the volume leader yesterday, accounting for 31.40 percent of total shares. The same sector was the value leader, with 34.70 percent of total traded value. Zain Company was the most active in terms of values traded during yesterday' s session, with 1.21 million shares exchanged at an aggregate value of KD1.26 million. Top gainers and biggest decliners In terms of top gainers, Gulf Petroleum Investment took the top spot for the day, adding 5.88 percent and closed at KD0.036. On the other hand, Housing Finance Company (ISKAN) shed 8.47 percent and closed at KD0.054, making it the biggest decliner in the market. Sectors wise Most of Global's sector indices ended the day on a negative note, except for Global Food Index, which remained unchanged during the trading session. While Global Banking Index was the only gainer, adding 0.33 percent to its value. Kuwait Finance House (KFH) and Ahli United Bank closed up by 2 percent and 1.30 percent, respectively. Global Services Index was the top decliner. The scrip closed down by 1.89 percent at KD1.040. Further damping the sector was Agility which posted a 1.52 percent drop in its share price to end the day at KD0.325. Global Investment Index was the second biggest decliner for the day, shedding 0.92 percent. Pulling down the sector was Kuwait Projects Company (Holding), which posted a 1.27 drop to end the day at KD0.390. In the day's trading, Global Large Cap Index lost 0.19 percent and closed at 206.27 while Global Small Cap Index closed flat. Separately, the board of Gulf Finance House, in its meeting held on May 29, 2011, approved financial statements for 1Q2011 that ended on March 31, 2011. Accordingly, the stock resumed trading yesterday and closed down by 5.56 percent at KD0.085 compared with the reference price. It is worth mentioning that, Gulf Finance House has concluded a partnership agreement with Wadhwa Group; one of India's biggest real estate developer. Global Non-Kuwaiti Index closed down by 0.34 percent. Corporate news Proportion of counterfeit banknotes in the 2010-2011 period amounted to some 0,00013 percent of the total volume of the money on the market, said Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdel Aziz Al-Sabah. Gulf Cable and Electrical Industries has received a purchase order worth KD1.63 million from the Ministry of Electricity and Water (MEW). Accordingly, the company will supply MEW with cables for 8 months.