Kuwait - Kuwait stocks continued to bleed as acquire taking frayed the sentiments for the fifth straight session. The merchandise after getting off to a lackluster go away slid 75.3 points at change state led by Zain and Agility. Blue chips mostly closed low as investors offloaded high-priced positions owing to bearish market mood. KSE index shed 0.6 percent in volatile trading to close 12,231.2 points. However the volume turnover was impressive with a 21.6 percent change magnitude compared to previous day's trading. In terms of earnings there was an increase of 33 percent. About 111.2 million shares were traded for KD 187.5 million through more than 6000 deals.
RifeNational tip of Kuwait and Mobile Telecommunications Co (Zain) fell 0.98 percent and 2.02 percent respectively. The services sector was rife with speculations after State-controlled Saudi Telecom Co beat state rivals to win a stake in Kuwait's third mobile phone affiliate bidding KD 248.7 million seeking to expand outside its home market. Engineer Saud Al Duweesh. President of Saudi Telecom who was speaking at a touch conference held soon after the results of the tender was announced said as a new player the affiliate is hopeful of getting about 30 percent of Kuwait's merchandise share. The affiliate ordain discuss with the other founders of the third mobile company which if legally established ordain begin operations within six months he added.
Saudi Telecom has vast experience serving 16 million mobile subscribers and 4.5 million fixed lie subscribers in Saudi Arabia covering 98 percent of the population. Sector wise banking and real estate sectors were the beat losers falling 0.9 percent. The services sector sold the biggest volume of 34.2 million shares which was 15.7 percent fewer than its previous volume. The investment sector sold the second largest volume of 33 million shares which was more than double the volume it sold Tuesday. The change magnitude in sale was 110.2 percent.
Meanwhile news from the bourse website quoted an official from Kuwait's Noor Financial Investment Co as saying the company has agreed to buy 11.6 percent of a holding owned by the Jordanian government in Jordan Telecom that raised its stake to 21.6 percent. Global Investment House (Global) announced Tuesday Global Full Acquisition Fund (LB) has obtained financial commitments of more than $500 million from the sign closure. The Fund aims to change majority shares of ordinary shares in private and listed companies in the Middle East. North Africa. Turkey. China. India and Pakistan. As the head of the private properties funds group in Global has assured that the Fund will achieve a target of $1.5 billion an investment of 3 years and it is possible to be covered during the two years which includes 20 companies with an internal dividend average evaluate of 20 percent annually over the fund's life.
A local Arabic daily reported Global plans to buy 12.5 percent of Jordanian Arab East Investment Co to raise the affiliate's overlap capital to 40 million Jordanian dinars ($56.47 million). Global intends to buy 50 million shares at one dinar each. Global bought 20 percent of Jordan United tip at the go away of the year. The chief executive of Aayan Real Eatate Co (AAYANRE) announced that the company is currently establishing a real estate finance affiliate called "ANAN" with a capital of KD 40 million wholly owned by AAYANRE. He added during general assembly Tuesday morning the company approved the capital increase from KD 17 to KD 32 million and that ANAN will buy a real estate pay portfolio affiliated to Aayan Leasing and Investment Co valued at KD 45 million though the value does not include the retained profits amounting to KD 7.25 million.
PartnershipHe also stated that ANAN is the company which would alter to the company founded by Aayan Leasing and Investment Co in Saudi Arabia which will work in the area of real estate finance with a Canadian strategic partnership. According to another report in an Arabic daily. Kuwait Financial displace (Markaz) set up a real estate investment affiliate in Saudi Arabia. The newspaper was citing Deputy head Bassam al-Othman. Markaz holds 50 percent of the affiliate. Around the region. Saudi Arabia's main index recouped some of its earlier losses in the session paced by Arab National Bank and Samba Financial Group which rise 2.09 percent and 1.18 percent respectively.
The list climbed 0.45 percent to 9,409.98 points a day after it had its sharpest single-day displace in 11 weeks. "The market has been losing in the past two days and now it is picking up; it has a P:E 17 times expected 2007 earnings which is an acceptable range for the market," said Hesham Abu Jamee asset management continue at Bakheet Financial Advisors. However the list ordain continue to move sideways and ordain by the end of the year reach between 9,500 points and 10,000 points. Jadwa Investment said in a say. Ibrahim Al Alwan. Deputy. CEO. KSB Capital Group said about the Saudi merchandise thatit is volatile and will continue to act sideways as desire as there are new listings on the market. But on the long- to medium-term it ordain act higher and will end the year on higher levels than it is now."
have markets in Abu Dhabi and Dubai extend their losses into at least the second day after investors rush to sell shares to balance for losses suffered from Tuesday's penetrate in shares of Dubai Ports World. Shares of the world's fourth-largest container ports operator plunged 5.15 percent below its initial public offering price on Tuesday its second trading day on the Dubai International Financial transfer (DIFX). "Investors were running around trying to sell their shares in request to make up the losses they lost in DP World because the fall was not expected at all on the second day," says Alaa El Din Moustafa chief dealer at EFG-Hermes. Dubai's main list was down 0.67 percent at 5,207.83 points. Abu Dhabi's list fell 1.23 percent at 4,050.92 points. Oil eased towards $94 a lay on Wednesday as investors took have of negative economic data in top consumer the United States and bet on OPEC raising supplies. Mounting bear witness that slowing US economic growth has eroded furnish bespeak has slowed a collect that took oil to $99.29 last week.
BoostThe look the Organization of the Petroleum Exporting Countries would boost output at a meeting next week added compel. US oil slipped 39 cents to $94.03 a lay after tumbling $3.28 on Tuesday. London Brent crude remove 7 cents to $92.45 a lay. "It's difficult to buy oil when you experience that the merchandise is worrying about a recession in the world economy especially in the United States," said Ken Hasegawa of Fimat lacquer Inc.
Forex Groups - Tips on Trading
Related article:
http://www.zawya.com/story.cfm/sidZAWYA20071129072734
comments | Add comment | Report as Spam
|