Kuwait bourse follows global bulls amid low turnovers

Equities at Pakistan's Karachi Stock Exchange (KSE) followed the bullish trading trends at international stock markets on Friday but investors' participation remained on the lower side ahead of the long holidays next week. The benchmark KSE 100-Index gained 0.46 percent or 100.41 points to close at 21,775.39 points on Friday as against 21,674.98 points witnessed on Thursday. During the week that ended on October 11, the KSE 100-Index declined by 310.57 points despite of three of the five trading sessions ending in green territory. The KSE All Share Index increased by 0.42 percent or 66.89 points to end at 15,836.39 points, the KSE 30-Index swelled by 0. 33 percent or 54.28 points to conclude at 16,494.22 points, whereas the KMI 30-Index surged by 0.65 percent or 237.51 points to finish the day and week at 37,033.41 points on Friday. The main index scampered past 21,900 points during initial trade and entered the Friday's prayer-break with increment of 231 points at 21,905.92. However, last-day selling was always on the cards and during second half investors booked profits at higher levels which forced the main index to shed initial gains and finish with reduced value. Local bourse gained with improved global equity markets but lack of interest took some sheen out of the bullish day. It was yet another week closing in negative zone amid instability in global equity market as the key index fell 1.4 percent with volumes also declining by 45 percent to 3.3 billion rupees on average. Banking sector and Hubco remained in the limelight during the week where institutions supported banks while profit-taking was witnessed in Hubco amid rumors of below-expectations September earnings. The market volumes shrank further by 5.669 million shares to end at 92.542 million shares, the market capitalization improved by 20.846 billion rupees (198.539 million U.S. dollars) to 5.195 trillion rupees (49.483 billion U.S. dollars), whereas the KSE trading value swelled by 633.116 million rupees (6.029 million U.S. dollars) to 3.669 billion rupees (34.946 million U.S. dollars) on Friday. During the week ending on Friday, market registered total volumes of 513.81 million shares at average daily turnovers of 102. 762 million shares. In broader market, a total of 323 companies changed hands during the course of trading on Friday where prices of 192 issues advanced, 105 declined, whereas values of 26 other scrips stayed unchanged at previous day's levels. Hub Power Company was the top traded company of the day with volume of 6.798 million shares, followed by Pakistan Telecommunication Company Limited and Telecard Limited with turnovers of 5.034 million shares and 4.927 million shares, respectively. Rafhan Maize Products XD was the top price gainer of the day with increment of 65.67 rupees (62.54 U.S. cents) to close at 5, 246.67 rupees (49.96 U.S. dollars) while on the other hand Shezan International SPOT led the major losers with decrement of 25.79 rupees (24.56 U.S. cents) to end at 551 rupees (5.24 U.S. dollars).