KUWAIT: Trading activity at Kuwait Stock Exchange (KSE) remained hectic for the fourth consecutive session, reaching its highest level since October 28, 2006. Global General Index ended yesterday’s session adding 2.91 points (or 0.96 per cent) to close at 306.64 points. Moreover, the market benchmark, KSE Price Index recorded a daily gain of 0.74 per cent (or 73.3 points), and closed at 9,931 points.

Market capitalisation increased by 0.96 per cent, reaching KD44.74bn. The market witnessed 52 advancers and 41 decliners, while 88 stocks ended the dayunchanged.

Trading activities noticeably increased in line with the investors’ positive appetite. Volume of shares traded on the exchange increased by 37.36 per cent. Over 255.59mn shares changed hands at a value of KD127.53mn (+27.09%). Real estate sector accounted for 34.31 per cent of total volume traded during yesterday’s session, followed by investment sector which accounted for 27.71 per cent of total shares traded on the exchange. Commercial Real Estate Company was the volume leader yesterday, with 43.31mn shares changing hands. The scrip’s price increased by 7.69 per cent to close at 350fils. Kuwait Projects Company was the leader in terms of value of shares traded (KD16.34mn). The scrip closed at yesterday’s price at 790fils.

Mushrif Trading and Contracting Company was yesterday’s prominent gainer for the second consecutive day, as it registered an increase of 8.33 per cent to close at 650fils. Meanwhile, Ajial Real Estate and Entertainment Company witnessed the steepest decline yesterday, down 5.33 per cent to close at 355fils.

Sector-wise, Global Food index was the biggest gainer yesterday, for the fourth session in a row, up 4.19 per cent. The sector was still backed by Kuwait Food Company (Americana), which boosted by 5.95 per cent to end the session at KD1.780. Also, it is worth noting that Kuwait United Fisheries Company, was one of the best gainers (+7.46 per cent) closing at 360fils. The company’s AGM was supposed to be held yesterday, however it was postponed till March 28, 2007 because of the incompletion of the legal forum.

Global Services Index followed with an increase of 1.41 per cent, backed by Combined Group Contracting Company (+6.56 per cent), Al-Safwa Group Holding (+3.77), and Burgan Company for Well Drilling (+3.33 per cent). Also, it is worth noting that telecommunication companies’ stocks rose yesterday as National Mobile Telecommunication Company (NMTC) (+3.55 per cent) to close at KD2.920 and Mobile Telecommunication Company (MTC) (+1.79 per cent) closing at KD4.540. On the other hand, insurance sector was the only loser among the eight sectors yesterday (-0.32 per cent) as Al-Ahia Insurance Company declined 1.37 per cent to close at 720fils.