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MENAFN - Arab Times - 23/07/2011

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(MENAFN - Arab Times) The KSE Price Index and Weighted Index ended the week negatively. The KSE Price Index closed at 6077.9, down -1.47% from the previous week's closing. The KSE Weighted Index ended this week at 423.2, down -1.91% from the previous week's closing.

The total liquidity of the market this week rose to 118 Million KD, up 88% compared to the previous week. The Banking Sector as usual had the liquidity concentration as it accounted for over 44% of the total traded value of the market. The Service Sector accounted for 22.31% of the market's liquidity this week. The least traded sector as usual was the insurance sector as it accounted for only 0.02% of the markets liquidity this week.
The KSE Price Index dropped under the 6,000 level this week for the first time since back in 2004. Heavy selling pressures has hit all the market indices last week with the Banking Sector alone dropping 2%. In a technical view their might be a chance for a rebound the next week as most stocks and the index it self is over sold.

Financial News Brief
Agility Public Warehousing Co. has been awarded a contract to manage the international freight and on-site handling services for FESPA Digital 2012 exhibition. The top industry event, which gathers wide format print community, will be held at the Fira de Barcelona Gran Via Exhibition Centre in Barcelona from February 21-24, 2012. (Mubasher)
Kuwait Stock Exchange (KSE) announces receiving the following clarification from Mobile Telecommunications Co. (Zain):
With reference to our letter dated 14/6/2011, kindly note that Zain Group has received a notification from Zain KSA. The Saudi arm reported entering into a non-binding term sheet on 19/7/2011 with the consortium of Kingdom Holding Co. (KHC) and Bahrain Telecommunications Co. (Batelco). The consortium submitted a bid for Zain Group's 25% stake in Zain KSA, which had been approved by Zain Group. The term sheet comprises the terms and provisions for the proposed acquisition, including due diligence. Zain KSA's board initially approved the term sheet on 14/6/2011. Zain Group will inform KSE management of any relevant updates duly. (Mubasher)

Kuwait needs to increase government spending and support the private sector to overcome imbalances in its economy, the central bank governor said in an interview aired Tuesday. The country's "unilateral" dependence on oil and the government's control of all sectors are causing the main imbalances in the economy, Sheikh Salem Abdul-Aziz Al-Sabah told CNBC Arabia television. (Mubasher)

GCC Financial Markets
All of the GCC Financial Markets ended the week on a negative note. The Dubai Financial Market was the biggest decliner of all markets as its lost around -1.58% this week. The Kuwait Stock Exchange came second with a decline of -1.47%. The Saudi Stock Exchange was the least decliner this week after it lost only -0.3% of its value this week.

 






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