KUWAIT: Kuwait Stock Exchange (KSE) continued to witness losses as the benchmark Global General Index (GGI) registered a decline of 2.93 points (or 1.01 per cent), and closed at 285.98 points. On the other hand, the market benchmark, KSE Price Index declined by 93.3 points (or 0.96 per cent), to close at 9,618.5 points.

Mobile Telecommunication Company (MTC) led the list of 10 large cap companies which constitute the Global Large Cap Index with a market capitalisation of KD4.365mn, followed by National Bank of Kuwait with a market capitalisation of KD4.056mn. On the other hand, Hasibat Holding Company and Burgan Holding Group were replaced by Kuwait Company for Process Plant Construction & Contracting and Villa Moda Lifestyle in the list of companies that constitutes Global Small Cap Index.

As for yesterday’s sectoral performance, all sectors witnessed losses except for the food sector, as Global Food Index registered an increase of 0.5 per cent on the back of the 4.76 per cent daily gain recorded in the United Fisheries of Kuwait. The scrip ended the day at 194fils. The company’s BOD proposed the distribution of 30 per cent cash dividend. On another hand, Global Industrial Index was the prominent loser as it recorded a decline of 1.95 per cent. Many stocks witnessed losses in this sector, with heavyweight National Industries Group registering a loss of 3.28 per cent to close at KD1.18. Market capitalisation decreased by 1.01 per cent to reach KD41.36bn. Decliners outnumbered advancers by a margin of 70 stocks to 18 stocks, while 93 stocks remained unchanged.

Lacklustre trading was witnessed yesterday as volume of shares traded declined by 31.14 per cent to reach 74.24mn shares traded at a value of KD45.35mn. Investment sector accounted for 36.77 per cent of the total traded volume yesterday followed by the services sector which accounted for 16.06 per cent of the total volume traded. Kuwait Project Company witnessed the highest trading activity, with the highest value and volume of shares traded. The stock witnessed the trading of 7.35mn shares traded at a value of KD4.5mn. National Cleaning Company was the prominent gainer yesterday, registering an increase of 8.16 per cent to close at 530fils.

Mushrif Trading and Contracting Company announced that it has signed a KD5.2mn contract with the Kuwait Gulf Oil Company and Saudi Arabian Texaco Company. The contract will be effective February 5, 2007 for a period of 18 months. Credit Rating & Collection Company announced that it has signed a memorandum of understanding with Al-Bayan Holding Group (Saudi Arabia) to establish a new company, Al-Bayan Credit Rating and Collection, with a paid up capital of KD100mn.