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KUWAIT MONTHLY ECONOMIC BRIEF

Kuwait • New York • Cayman Island • Dubai

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MARCH 2008

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Kuwait Monthly Economic Brief – March 2008

STOCK MARKET SNAPSHOT

By the end of March, the value of transactions executed at the Kuwaiti Stock Exchange (KSE) stood at KD 3,979 million, up by 14.57% month-on-month. Year-to-date (YTD), the value of trades executed during March represented 33.72% of outstanding total.

Total transactions executed amounted to 203,233, marking a monthly increase of 16.51%. The average value per deal decreased from February's KD 19,673 to KD 19,641.

The volume of shares traded over the month of March accounted for 34.07% of total shares traded YTD, amounting to 8,266 million and marking a monthly increase of 11.74%. The investment sector led the trading activity in terms of volume, accounting for 33.15% of total traded in March.

Table 1.1 YTD KSE Trading Activity Breakdown

Transactions Volume Value

Banking Sector 6.95% 4.54% 14.82%

Investments Sector 34.55% 34.63% 31.90%

Insurance Sector 0.22% 0.08% 0.11%

Real Estate Sector 19.12% 21.38% 12.67%

Industrial Sector 7.05% 4.62% 8.35%

Services Sector 24.71% 27.33% 24.72%

Food Sector 1.16% 1.07% 0.85%

Non-Kuwaiti 6.23% 6.36% 6.58%

Source: Kuwait Stock Exchange

Table 1.2 KSE Trading Volume Review

Volume (000) Avg. Daily Volume Avg. Daily Value

JAN 08 8,598,929 390,860,432 197,754,587

FEB 08 7,395,942 336,179,159 157,862,838

MAR 08 8,266,318 375,741,725 180,882,997

TOTAL 24,261,189 367,593,772 178,833,474

Source: Univest Research

At the securities level, As Safwa Group Holding (ALSAFWA.KSE) continued to lead the market in terms of volume traded at 10.23% of KSE's outstanding total. Ektitab Holding (EKTITAB.KSE) ranked second at 6.06%. National Ranges Company (MAYADEEN.KSE) ranked third, replacing Al Mal Investment Company (ALMAL.KSE), at 3.75%.

Table 1.3 Most Actively Traded Securities

Volume (000) Sector Market

As Safwa Group Holding 2,482,980 37.45% 10.23%

Ektitab Holding 1,470,330 17.50% 6.06%

FINANCIAL MARKET DEVELOPMENTS

Volume (000) Sector Market

National Ranges Co 908,920 13.71% 3.75%

Soukouk Holding 575,040 6.84% 2.37%

Al Abraj Holding 538,615 8.12% 2.22%


All Sectoral indices trended higher in March, with the exception of food sector that recorded YTD drop of 6.01%. The non-Kuwaiti sector recorded the highest increase at 21.46%, followed by the services and investment sectors at 18.05% and 16.96% respectively. The investment sector registered the highest beta at 1.20, followed by the non-Kuwaiti sector at 1.09.

Table 1.4 KSE Sectoral Indices: Volatility vs. Risk

YTD ∆ Beta Alpha

Banking Sector 6.14% 0.981 -0.0012

Investments Sector 16.96% 1.202 -0.0000

Insurance Sector 11.00% 0.296 0.0012

Real Estate Sector 12.43% 0.918 -0.0001

Industrial Sector 8.93% 1.042 -0.0009

Services Sector 18.05% 0.937 0.0007

Food Sector -6.01% 0.428 -0.0015

Non-Kuwaiti 21.46% 1.091 0.0009


KSE YTD ADVANCERS

Although at first look, the overall market breadth seemed to be negative, a review of KSE Arms Index – standing at less than 1.00 by month-end – indicated that more volume was associated with advancing stocks. While advancing stocks constituted 28.57% of total listed securities, the volume of shares following advancers stood at 47.16% of total shares traded in March.

Global Holding Group (GHG.KSE) recorded the highest YTD positive change with its share price rising by 92.31%; the equivalent of 240 Fils in absolute terms. The share price of Aref Energy Holding Company (AREFENERGY.KSE) and Pearl of Kuwait Real Estate Company (PEARL.KSE) ranked second and third, closing at 305 Fils and 300Fils, leading to an increase of 52.50% and 48.51% respectively.

Table 1.5 Top Gainers YTD

Close Change YTD

Global Holding Group 500 240 92.31%

Aref Energy Holding Co 305 105 52.50%

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Close Change YTD

Pearl of Kuwait Real Estate Co 300 98 48.51%

Abraj Holding 860 280 48.28%

Abyaar Real Estate Development Co 550 165 42.85


KSE YTD DECLINERS

Out of a total of 196 stocks traded on KSE, around 60.1% recorded a decline in their share price. National Company for Consumer Industries (NCCI.KSE) recorded the steepest drop YTD with its share price closing at 234 Fils; the March close constituted a drop of 54.12% YTD. Mobile Telecommunication Company (ZAIN.KSE) recorded the steepest loss in absolute terms with its share price losing 2,020 Fils of its value; closing at 1,800 Fils.

Table 1.6 Top Decliners YTD

Close Change YTD

National Co for Consumer Industries 234 -276 -54.12%

Mobile Telecommunication Co 1,800 -2,020 -52.88%

United Industries Co 250 -120 -32.43%

Yiaco Medical Co 220 -100 -31.25%

Munshaat Real Estate Co 360 -160 -30.77%


KUWAIT STOCK INDEX

By the end of March 2008, KSE index closed at 14,288.00 marking a monthly increase of 2.00%. Year-on-year (YOY), KSE index recorded an increase of 39.78%; the equivalent of 4,066.30 points in absolute terms. KSE weighted index closed at 773.07 points, marking a monthly drop of 3.73%. YTD, the weighted index grew by 4.96%; the equivalent of 36.53 points only.

Chart 1.1 KSE Value Index

01/01/2008 - 03/31/2008 High: 14,455.40 (03/19/2008) Close: 14,288.00 (03/31/2008) Low: 12,781.40 (01/06/2008)

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KSE Index 08KSE Weighted Index 08


BANKING SECTOR

By March-end, the banking sector's index closed at 15,789.80 points, down by 3.59% on a monthly basis. YTD, however, the index had recorded an increase of 6.14%. Chart 1.2 Banking Sector Value Index

01/01/2008 - 03/31/2008 High: 16,944.90 (03/12/2008)Close: 15,789.80 (03/31/2008) Low: 14,826.40 (01/03/2008)

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KSE Index 08Banking Sector Index 0814 per. Mov. Avg. (Banking Sector Index 08)


By month-end, the value of trades executed stood at KD 1,749 million, marking a monthly increase of 48.09% monthly increase and comprising 14.82% of the market's outstanding total. The average value per deal in the banking sector stood at KD 41,885, marking a drop from the second consecutive month.

In terms of value of trades executed, Kuwait Finance House (KFIN.KSE), National Bank of Kuwait (NBK.KSE) and Burgan Bank (BURG.KSE) led the trading activity on a cumulative basis; combined these banks accounted for 68.32% of the sector's total. In terms of number of deals completed, KFH ranked first, followed by NBK and Boubyan Bank (BOUBYAN.KSE) at 27.16%, 18.99% and 16.25% respectively.

Table 1.7 Banking Sector's Top Five: Ranked by Value

Deals Volume Value

Kuwait Finance House 27.16% 14.48% 30.34%

National Bank of Kuwait 18.99% 20.45% 27.83%

Burgan Bank 10.88% 15.25% 11.15%

Boubyan Bank 16.25% 18.92% 8.82%

Commercial Bank of Kuwait 7.11% 7.59% 7.75%


Month-on-month, all listed securities in this category recorded a drop in their share prices in March. YTD, Commercial Bank of Kuwait (CBK.KSE) and BURG were the only two banks to record a positive growth in their respective share prices at 2.67% and 2.00% respectively.

CBK, BURG, and NBK recorded the highest volatility levels with a beta of 1.85, 1.53, and 1.46 respectively; while Al Ahli Bank (ABK.KSE) continued to record a negative beta at -0.29 by month-end.

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Table 1.8 Banks: Volatility vs. Risk

Beta Alpha

National Bank of Kuwait 1.462 -0.004

Gulf Bank of Kuwait 1.038 -0.005

Commercial Bank of Kuwait 1.848 -0.004

Al-Ahli Bank -0.288 -0.001

Bank of Kuwait & Middle East 0.619 -0.004

Kuwait International Bank 0.739 -0.003

Burgan Bank 1.529 -0.003

Boubyan Bank K.S.C. 1.196 -0.004


INVESTMENT SECTOR

The investment sector's index closed at 18,427.70 points, marking a monthly increase of 1.13%. YTD, the investment index managed to grow by 16.96%; the equivalent of 2,672.80 points.

Chart 1.3 Investment Sector Value Index

01/01/2008 - 03/31/2008 High: 18,595.80 (03/19/2008) Close: 18,427.70 (03/31/2008) Low: 15,754.90 (01/02/2008)

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KSE Idnex 08Investment Sector Index 08


By the end of March, the total value of trades executed in the sector stood at KD 3,765 million, accounting for 31.90% of outstanding total executed YTD. The average value per deal in the investments sector stood at KD 18,133; with National International Holding (NIH.KSE) recording the highest average value per deal at KD 62,539.

Table 1.9 Investment Sector's Top Five: Ranked by Value

Deals Volume Value

Ektitab Holding 14.32% 17.50% 10.52%

Kuwait Projects Company 4.19% 3.78% 9.27%

Al Madina Finance & Investment 6.47% 5.06% 8.91%

Al Safat Investment 5.11% 3.59% 7.58%

International Leasing & Investment Co 3.39% 3.98% 5.37%


In terms of value of transactions executed, Ektitab Holding (EKTITAB.KSE) ranked first, for the second month in a raw, , capturing 10.52% of the sector's total value of executed transaction and 3.36% of KSE total.

The companies that exhibited the highest volatility in the sector were: Kuwait Projects Company (KPROJ.KSE), followed by The International Investor (TII.KSE) and Global Investment House (GLOBAL.KSE) with their corresponding betas standing at 2.63, 2.38 and 2.33 respectively.

Table 1.10 Investment Companies: Volatility vs. Risk

Beta Alpha

Kuwait Investment Co 0.799 -0.002

Commercial Facilities Co -0.592 0.002

International Financial Advisors 1.767 -0.004

National Investments Co 1.207 -0.001

Kuwait Projects Co 2.630 -0.002

Al-Ahlia Holding 1.458 -0.001

Coast Investment & Development 1.345 -0.003

The International Investor 2.377 -0.003

The Securities House 1.008 -0.004

Industrial & Financial Investments 1.234 -0.002

Securities Group Co 1.347 -0.000

International Finance Co -0.142 0.002

Kuwait Financial Center 0.955 -0.001

KW & ME Financial Investment 0.107 -0.002

International Investment Group 0.970 -0.001

AREF Investment Group 2.131 -0.000

The Investment Dar 1.153 0.002

Al Aman Investment Co 1.738 0.001

First Investment Co 0.323 -0.004

Al-Mal Investment Co 1.317 -0.002

Gulf Investment House 0.831 0.002

A'ayan Leasing & Investment 0.067 0.005

Bayan Investment Co 0.248 -0.002

Global Investment House 2.328 -0.005

Osoul Leasing & Finance 0.666 -0.002

Gulf Invest International 1.069 0.002

Kuwait Finance & Investment 1.189 -0.001

KIPCO Asset Management 0.641 0.002

International Leasing & Investment Co 0.410 0.003

Kuwait Invest Holding 1.536 -0.004

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Beta Alpha

National International Holding -0.356 0.001

Housing Finance Co 1.050 -0.002

Al Madar Finance & Investment 1.487 -0.003

Al Deera Holding 0.394 -0.000

Al Safat Investment -0.579 0.003

Burgan Group 0.047 0.000

Ektitab Holding 1.810 -0.002

Iraq Holding 0.525 0.002

Soukouk Holding 0.948 -0.002

Al Madina Finance & Investment 1.620 0.000

Noor Financial Investment Co 1.892 -0.005

Tamdeen Investment Co 1.406 -0.001

Kuwait Bahrain International Exchange 0.795 -0.000


INSURANCE SECTOR

The insurance sector's index closed at 3,812.40 points, up by 4.24% the February close. YTD, the insurance index recorded an increase of 11.00%. The average value per transaction stood at KD 9,998, up by 14.00% from the level recorded during the previous month. Chart 1.4 Insurance Sector Value Index

01/01/2008 - 03/31/2008 High: 3,812.40 (03/31/2008) Close: 3,812.40 (03/31/2008) Low: 3,310.30 (01/22/2008)

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KSE Index 08Insurance Sector Index 0814 per. Mov. Avg. (Insurance Sector Index 08)


YTD, Warba Insurance Company (WINS.KSE) and Al Ahleia Insurance Company (AINS.KSE) were the only companies that recorded a positive growth in their respective share prices at 17.24% and 6.67% respectively.

Gulf Insurance Company (GINS.KSE), WINS and Kuwait Insurance Company (KINS.KSE) continued to lead the trading activity in the sector in March at 53.08%, 15.33% and 13.92% respectively. In terms of volume traded, GINS & WINS captured most the traded volume at 34.14% and 21.85% respectively.

Table 1.11 Insurance Sector's Top Five: Ranked by Value

Deals Volume Value

Gulf Insurance Co 54.55% 34.14% 53.08%

Warba Insurance Co 17.14% 21.85% 15.33%

Kuwait Insurance Co 14.23% 16.29% 13.92%

First Takaful Insurance Co 0.97% 11.44% 6.76%

Al Ahleia Insurance Co 6.63% 5.25% 5.93%


The companies that exhibited the highest volatility in the sector were KINS and GINS with their corresponding betas standing at 2.12 and 0.97 respectively.

Table 1.12 Insurance Companies: Volatility vs. Risk

Beta Alpha

Kuwait Insurance Co 2.116 -0.006

Gulf Insurance Co 0.965 -0.001

Al Ahleia Insurance CO 0.349 0.000

Warba Insurance Co 0.519 0.002

Kuwait Reinsurance Co -0.177 0.000

First Takaful Insurance Co -0.367 0.000


REAL ESTATE SECTOR

The real estate sector's index closed at 6,511.10 points, up by 93.40 points month-on-month. The average value per deal in the real estate sector stood at KD 13,019, marking a monthly increase of 3.14%.

Chart 1.5 Real Estate Sector Value Index

01/01/2008 - 03/31/2008 High: 6,552.20 (03/19/2008) Close: 6,511.10 (03/31/2008) Low: 5,791.40 (01/02/2008)

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KSE Index 08Real Estate Sector Index 0814 per. Mov. Avg. (Real Estate Sector Index 08)


Abyaar Real Estate Development Company (ABYAAR.KSE) toped the trading activity in the sector in terms of value, followed by Al-Mazaya Holding Company (MAZAYA.KSE) and Jeezan Holding (JEEZAN.KSE),

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capturing cumulatively 27.72% of the sector's outstanding total. Volume-wise, International Investments Projects (IIPC.KSE) led the market accounting for 9.69% of total volume traded in the sector.

Table 1.13 Real Estate Sector's Top Five: Ranked by Value

Deals Volume Value

Abyaar Real Estate Development Co 6.67% 6.27% 11.17%

Al Mazaya Holding Co 4.05% 3.58% 9.01%

Jeezan Holding Co 11.82% 6.98% 7.54%

International Resorts Co 7.13% 9.01% 7.48%

International Investments Projects 8.88% 9.69% 7.13%


The real estate sector's volatility indicator beta continued to correspond to 0.92 by the end of March, with the beta recorded by JEEZAN remaining much higher than that of the sector; the latter's beta grew by 10.45% on a monthly basis to 3.17.

Table 1.14 Real Estate Companies: Volatility vs. Risk

Beta Alpha

Kuwait Real Estate Co 1.662 -0.003

United Real Estate Co 1.308 0.000

National Real Estate Co 0.549 -0.001

Salhia Real Estate Co 0.840 0.000

Pearl Of Kuwait Real Estate Co 1.159 0.004

Tamdeen Real Estate Co 1.549 -0.000

Int'l Investments Projects 2.278 -0.008

Ajial Real Estate Entertainment 1.147 -0.002

Al Maseelah Real Estate 0.199 -0.001

Arab Real Estate Co 0.787 -0.002

Union Real Estate Co 0.336 -0.002

Al-Enma'a Real Estate Co 1.564 0.001

Mabanee Co 0.000 -0.005

Injazzat Real Estate Co 0.541 -0.004

Jeezan Holding 3.169 -0.007

Grand RE & Touristic Development 0.000 -0.002

International Resorts Co 1.766 -0.000

The Commercial Real Estate Co 0.824 -0.001

Sanam Real Estate Co 1.247 0.001

A'ayan Real Estate Co 0.425 0.000

Aqar Real Estate Co 0.528 -0.001

Kuwait Real Estate Holding Co 1.013 -0.001

Beta Alpha

Al-Mazaya Holding Co 1.062 0.003

Al Dar National Real Estate Co 0.950 -0.004

Al-Themar International Holding 1.345 0.003

Grand Real Estate Projects 1.117 -0.002

Tijara& Real Estate Investment 0.436 0.001

Tameer real estate investment 0.247 -0.000

Arkan Al-Kuwait Real Estate Co 0.811 -0.003


INDUSTRIAL SECTOR

The industrial sector's index closed at 8,958.70 points, down by 0.42% on a monthly basis. The average value per deal recorded in the sector stood at KD 23,238, down from the previous month's level of KD 24,933.

Chart 1.6 Industrial Sector Value Index

01/01/2008 - 03/31/2008 High: 9,124.30 (03/19/2008) Close: 8,958.70 (03/31/2008) Low: 8,223.90 (01/02/2008)

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KSE Index 08Industrial Sector Index 0814 per. Mov. Avg. (Industrial Sector Index 08)


The total value of trades executed in the industrial sector represented 8.35% of total trading activity on KSE; the equivalent of KD 985 million in monetary terms. Month-on-month, the value of trades executed represented an increase of 45.69%; the equivalent of KD 309 million in absolute terms. .

National Industries Group (NIND.KSE), BPCC and Boubyan Petrochemical Company (BPCC.KSE) dominated the trading activity in terms of value, accounting for 65.88% of total value of trade and 27.57% of the number of transactions.

In terms of volume traded, NIND, BPCC and Salbookh Trading Company (SALBOOKH.KSE) led the market at 19.05%, 16.45% and 15.96% respectively.

Table 1.15 Industrial Sector's Top Five: Ranked by Value

Deals Volume Value

National Industries Group 16.00% 19.05% 40.88%

Boubyan Petrochemical Co 11.57% 16.45% 25.00%

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Deals Volume Value

Salbookh Trading Co 10.88% 15.96% 5.91%

Al Qurain Petrochemical Industries 10.43% 10.86% 5.20%

Kuwait Pipes Industries 8.02% 5.94% 3.93%


The industrial sector's volatility indicator beta stood at 1.04, dowm from the February-level by 9.56%, with the beta recorded by NIND and Hilal Cement Company (HCC.KSE) remaining higher than that of the sector at 1.99 and 1.92 respectively.

Table 1.16 Industrial Companies: Volatility vs. Risk

Beta Alpha

National Industries Group 1.999 -0.005

Kuwait Pipes Industries & Oil Services 1.656 -0.007

Kuwait Cement Company 1.620 0.001

Refrigeration Industries Co 0.661 -0.004

Gulf Cable & Electrical Industries Co 0.516 -0.001

Heavy Engineering and Shipbuilding Co 1.892 -0.002

Contracting & Marine Services Co 1.185 -0.003

Kuwait Portland Cement Co 1.700 -0.004

Shuaiba Paper Products Co 1.242 -0.002

Metal & Recycling Co 1.176 -0.007

Kuwait Foundry Co 0.337 0.004

Aerated Concrete Industries Co 0.426 0.001

United Industries Company 0.849 -0.008

Boubyan Petrochemical Company 1.876 -0.002

Gulf Glass Manufacturing Co -0.430 0.001

Hilal Cement Company 1.917 -0.001

Al-Kout Industrial Projects Co 0.061 0.001

Kuwait Packing Materials Manufacturing Co 0.056 -0.000

Kuwait Building Materials Manufacturing 0.073 -0.002

National Industries Co for Building Material 1.328 -0.000

Gulf Rocks Company -0.073 0.005

Equipment Holding Company 1.616 -0.005

Global Holding Group 0.232 0.013

National Company for Consumer Industries -0.227 -0.012

KW Gypsum Manufacturing & Trading 0.130 0.001

Qurain Petrochemical Industries 0.485 -0.003

Salbookh Trading Co 0.183 -0.001


SERVICES SECTOR

By end-March, the services sector's index closed at 24,941.40 points, up by 5.53% on a monthly basis. YTD, the March-close constituted an increase of 18.05%. Chart 1.7 Services Sector Value Index

01/01/2008 - 03/31/2008 High: 25,745.20 (03/23/2008)Close: 24,941.40 (03/31/2008) Low: 21,128.70 (01/02/2008)

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KSE Index 08Service Secrtor Index 0814 per. Mov. Avg. (Service Secrtor Index 08)


The total value of trades executed in the services sector stood at KD 2,918 million, accounting for 24.72% of market's outstanding total and marking a monthly increase of 60.59%. The average value per deal in the services sector stood at KD 19,649.

Mobile Telecommunications Company (ZAIN.KSE), As Safwa Group Holding (ALSAFWA.KSE) and Al Abraj Holding (ABRAJ.KSE) dominated the trading activity in the sector, accounting for 55.13% of total value of trade and 38.39% of the number of transactions. In terms of volume traded, ALSAFWA, National Ranges Company (MAYADEEN.KSE) and ABRAJ continued to be in the lead at 37.45%, 13.17% and 8.12% respectively.

Table 1.17 Services Sector's Top Five: Ranked by Value

Deals Volume Value

Mobile Telecommunications Co 15.80% 3.17% 22.43%

As Safwa Group Holding 13.60% 37.45% 16.98%

Al Abraj Holding 8.99% 8.12% 15.72%

Public Warehousing Co 9.61% 3.48% 10.66%

National Ranges Co 5.04% 13.71% 4.41%


The service sector's volatility indicator beta stood at 0.94 by the end of March, with the beta recorded by Automated Service Company (ASC.KSE), and ZAIN remaining higher than that of the sector at 2.60 and 1.78 respectively.

Table 1.18 Services Companies: Volatility vs. Risk

Beta Alpha

Kuwait National Cinema Co 0.357 -0.004

Kuwait Hotels Co 0.222 0.003

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Beta Alpha

Public Warehousing Co 1.612 -0.006

Kuwait Commercial Market Complex 1.133 0.001

Mobile Telecommunication Co 1.756 -0.014

Hasibat Holding Co 0.000 0.000

Educational Holding Group -0.138 -0.002

Independent Petroleum Group 0.913 -0.003

National Cleaning Co. 0.208 -0.001

Sultan Center for Food Products 1.078 -0.003

Arabi Holding Group 0.260 -0.004

Transport & Warehousing Group Co 0.005 0.004

National Mobile Telecommunications Co 0.476 -0.003

Kuwait & Gulf Link Transport Co 0.647 -0.005

Kuwait Cable Vision 0.430 -0.001

Automated Services Co 2.599 -0.004

National Petroleum Services Co 0.441 -0.003

KW Co for Process Plant & Contracting -0.956 0.003

Kuwait Slaughter House 0.159 -0.003

Eyas for Higher & Technical Education 0.403 -0.001

Nibras Holding Co -1.693 0.007

As Safwa Group Holding 0.796 0.003

Human Soft Co 0.983 -0.001

Kuwait Privatization Project Holding 1.533 -0.001

Institute for Private Education 0.000 0.000

National Slaughter House 0.027 -0.001

Aref Energy Holding CO 1.521 0.008

Safwan Trading & Contracting 0.553 0.003

Gulf Petroleum Investment Co 0.759 -0.001

Gulf Franchising Holding Co 0.766 -0.002

Credit Rating & Collection Co 0.395 0.000

National Ranges Co 1.366 -0.001

Burgan Co for well drilling 0.735 0.001

IFA Hotels & Resorts 0.461 -0.000

Combined Group Contracting 0.671 -0.000

Jeeran Holding -0.048 0.001

Palms Agro Production Co 0.812 0.004

Al-Safat Tec Holding Co 0.879 -0.001

Mushrif Trading & Contracting Co 0.067 -0.002

Beta Alpha

United Projects Group 0.951 -0.004

Al Abraj Holding 1.602 0.004

Aviation Lease And Finance Co 0.377 0.004

Al-Mowasat Holding Co 1.322 -0.004

Haj & Umrah Services Consortium 0.587 -0.000

Oula Fuel Marketing Co 0.221 -0.000

Villa Moda Life Style 0.821 0.000

Vending Network Co 1.236 -0.003

Hayat Communications Co. 0.553 -0.000

Mubarrad Transport Co 0.677 -0.002

Kuwait Resorts Co 0.520 -0.002

Advanced Technology Co 0.577 0.001


FOOD SECTOR

By end-March, the food sector's index closed at 6,283.60 points, down by 6.27% on a monthly basis. YTD, the March-close constituted a drop of 6.01%. The average value per deal in the sector stood at KD 14,418, down by 7.62% on a monthly basis. The total value of trades executed in the food sector stood at KD 100 million, up by 20.48% month-on-month and accounting for 0.85% of total activity on the exchange. Chart 1.8 Food Sector Value Index

01/01/2008 - 03/31/2008 High: 7,086.60 (01/27/2008)Close: 6,283.60 (03/31/2008) Low: 6,283.60 (03/31/2008)

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KSE Index 08Food Sector Index 0814 per. Mov. Avg. (Food Sector Index 08)


Danah Al Safat Foodstuff Company (DANAH.KSE) has continued to lead in the sector both in terms of value and volume of trades, at 86.74% and 81.49% respectively. Ranking second is Kuwait Food Company (FOOD.KSE), accounting for 8.98% of value of trades.

Table 1.19 Food Sector's Top Five: Ranked by Value

Deals Volume Value

Danah Al Safat Foodstuff Co 74.84% 86.74% 81.49%

Page 7


Deals Volume Value

Kuwait Food Co 10.57% 0.87% 8.98%

Livestock Transport & Trading Co 9.30% 7.71% 6.73%

Kuwait United Poultry Co 3.97% 4.17% 1.79%

United Food Industries Group 0.73% 0.33% 0.52%


The Food sector's volatility indicator beta stood at 0.43, down by 14.00% from the February-level. DANAH recorded the highest beta in the sector at 1.20, while Kout Food Group (KOUTFOOD.KSE) recorded the highest negative beta in the sector at -0.65.

Table 1.20 Food Companies: Volatility vs. Risk

Beta Alpha

Livestock Transport & Trading Co 1.162 -0.005

Danah Al Safat Foodstuff Co 1.204 -0.002

Kuwait United Poultry Co -0.009 -0.002

Kuwait Food Co (Americana) 0.322 -0.001

United Food Industries Group -0.318 0.002

Kout Food Group -0.645 0.001


NON-KUWAITI SECTOR

The non-Kuwaiti securities' index closed at 13,440.30, up from the February-close by 6.28%. YTD, the March close constituted an increase of 21.46%. The average value per deal stood at 20,731, down by 2.98% on a monthly basis.

Chart 1.9 Non-Kuwaiti Sector Value Index

01/01/2008 - 03/31/2008 High: 13,626.60 (03/27/2008) Close: 13,440.30 (03/31/2008) Low: 11,065.70 (01/02/2008)

100.00

102.50

105.00

107.50

110.00

112.50

115.00

117.50

120.00

122.50

125.00

KSE Index 08Non-Kuwaiti Sector Index 0814 per. Mov. Avg. (Non-Kuwaiti Sector Index 08)


The highest average value per deal was recorded by Bank of Bahrain & Kuwait (BBK.KSE), followed by Gulf Finance House (GFH.KSE) and Fujairah Cement Industries Company (FCEM.KSE) at KD 141,943 (-3.46%), KD 27,899 (-2.40%) and KD 22,556 (+0.83%) respectively.

The total value of trades executed in the non-Kuwaiti sector stood at KD 776 million, up by 39.82% on a monthly basis. The March value accounted for 6.58% of total value traded on KSE during the month.

GFH, Gulf Cement Company (GCEM.KSE) and FCEM dominated the trading activity in the sector, accounting for 87.26% of total value of trade and 54.16% of the number of transactions. In terms of volume traded, Ras Al Khaimah Cement Company (RKWC.KSE), GCEM and GFH were in the lead at 20.19%, 17.13% and 17.08% respectively.

Table 1.21 Non-Kuwaiti Sector's Top Five: Ranked by Value

Deals Volume Value

Gulf Finance House 26.92% 17.08% 36.23%

Gulf Cement Co 17.47% 17.13% 17.63%

Fujairah Cement Industries 9.77% 12.76% 10.63%

United Gulf Bank 8.51% 7.61% 7.80%

Al Khaleej Development 8.64% 8.85% 7.76%


The Non-Kuwaiti sector's volatility indicator beta stood at 1.09, down by 9.92% on a monthly basis. BBK followed by Shuaa Capital (SHUA.KSE) and Al Ahli Bank (AUB.KSE) recorded the highest beta in the sector at 2.11, 1.50 and 1.32 respectively. Sharjah Cement & Industrial Development (SCEM.KSE) recorded the only negative beta in the sector at -0.21.

Table 1.22 Non-Kuwaiti Companies: Volatility vs. Risk

Beta Alpha

Shuaa Capital 1.495 -0.0015

Sharjah Cement & Industrial Development -0.214 0.0041

Gulf Cement Company 1.513 -0.0019

Umm Al-Qaiwain Cement Industries Co 1.224 -0.0053

Fujairah Cement Industries Co 1.242 0.0038

Gulf Finance House 0.924 -0.0025

Al Khaleej Development 0.218 -0.0001

Ahli United Bank 1.319 0.0006

Bank of Bahrain And Kuwait 2.107 0.0054


Page 8

Kuwait Monthly Economic Brief - March 2008

Page 9

Transactions Volume (000) Value (000) Price Outstanding Shares Market Cap (000) MTM Company No Ticker

Sector Market Sector Market Sector Market Close YTD

Average Value per Transaction

Sector Market Sector Market

Banking Sector 41,765 6.95% 1,100,713 4.54% 1,749,320 14.82% 41,885 12,182,213 14.86% 19,365,274 31.34%

▼ National Bank of Kuwait 101 NBK 18.99% 1.32% 20.45% 0.93% 27.83% 4.12% 1,980 -3.88% 61,386 22.19% 3.30% 27.64% 8.66%

▼ Gulf Bank of Kuwait 102 GBK 5.24% 0.36% 4.17% 0.19% 4.78% 0.71% 1,560 -9.30% 38,242 10.20% 1.52% 10.01% 3.14%

▼ Commercial Bank of Kuwait 103 CBK 7.11% 0.49% 7.59% 0.34% 7.75% 1.15% 1,540 2.67% 45,656 10.43% 1.55% 10.11% 3.17%

▼ Al-Ahli Bank 104 ABK 2.50% 0.17% 1.82% 0.08% 1.40% 0.21% 1,220 -7.58% 23,504 8.99% 1.34% 6.90% 2.16%

▼ Bank of Kuwait & Middle East 105 BKME 3.23% 0.22% 2.26% 0.10% 1.17% 0.17% 720 -12.20% 15,221 6.93% 1.03% 3.14% 0.98%

▼ Kuwait International Bank 106 KIB 8.65% 0.60% 15.07% 0.68% 6.76% 1.00% 620 -10.14% 32,745 7.04% 1.05% 2.74% 0.86%

▼ Burgan Bank 107 BURG 10.88% 0.76% 15.25% 0.69% 11.15% 1.65% 1,020 2.00% 42,905 7.77% 1.15% 4.98% 1.56%

▼ Boubyan Bank K.S.C. 109 BOUBYAN 16.25% 1.13% 18.92% 0.86% 8.82% 1.31% 680 -5.56% 22,734 9.57% 1.42% 4.09% 1.28%

▼ Kuwait Finance House 108 KFIN 27.16% 1.89% 14.48% 0.66% 30.34% 4.50% 2,860 -0.69% 46,786 16.89% 2.51% 30.39% 9.53%

Investments Sector 207,628 34.55% 8,401,464 34.63% 3,764,902 31.90% 18,133 20,274,236 24.73% 10,865,480 17.59%

- Kuwait Investment Company 201 KNIV 0.47% 0.16% 0.40% 0.14% 0.43% 0.14% 480 0.00% 16,501 2.59% 0.64% 2.32% 0.41%

▼ Commercial Facilities Company 202 FACIL 0.37% 0.13% 0.25% 0.09% 0.36% 0.11% 590 3.51% 17,684 2.60% 0.64% 2.86% 0.50%

▼ International Financial Advisors 203 IFA 2.22% 0.77% 1.06% 0.37% 2.19% 0.70% 880 -1.12% 17,879 2.13% 0.53% 3.49% 0.61%

▲ National Investments Company 204 NINV 1.92% 0.66% 1.93% 0.67% 3.84% 1.22% 890 11.25% 36,223 3.87% 0.96% 6.43% 1.13%

▼ Kuwait Projects Company 205 KPROJ 4.19% 1.45% 3.78% 1.31% 9.27% 2.96% 1,080 24.14% 40,124 5.48% 1.36% 11.05% 1.94%

▼ Al-Ahlia Holding 206 AINV 3.31% 1.14% 2.90% 1.00% 1.66% 0.53% 250 17.92% 9,088 3.83% 0.95% 1.79% 0.31%

▼ Coast Investment & Development 207 COAST 1.83% 0.63% 1.36% 0.47% 1.31% 0.42% 380 -5.00% 12,994 2.57% 0.64% 1.82% 0.32%

▼ The International Investor 208 TII 3.52% 1.22% 4.07% 1.41% 2.54% 0.81% 248 11.71% 13,096 2.21% 0.55% 1.02% 0.18%

▼ The Securities House 209 SECH 0.55% 0.19% 0.82% 0.28% 1.64% 0.52% 660 -15.38% 54,322 3.23% 0.80% 3.98% 0.70%

▼ Industrial & Financial Investments 210 IIC 1.68% 0.58% 1.29% 0.45% 1.52% 0.49% 208 5.05% 16,393 2.02% 0.50% 0.78% 0.14%

▲ Securities Group Company 211 SGC 1.68% 0.58% 1.29% 0.45% 1.52% 0.49% 550 15.79% 16,393 1.26% 0.31% 1.29% 0.23%


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▲ International Finance Company 212 IFC 0.21% 0.07% 0.08% 0.03% 0.10% 0.03% 570 -1.72% 8,796 2.17% 0.54% 2.31% 0.41%

▼ Kuwait Financial Center 213 MARKAZ 1.06% 0.37% 0.95% 0.33% 0.85% 0.27% 375 4.17% 14,559 2.33% 0.58% 1.63% 0.29%

▼ Kuwait & ME Financial Investment 214 KMEFI 0.09% 0.03% 0.10% 0.03% 0.13% 0.04% 510 -13.56% 27,572 1.17% 0.29% 1.11% 0.20%

▼ International Investment Group 215 IIG 4.36% 1.51% 2.70% 0.93% 1.91% 0.61% 325 4.84% 7,961 1.80% 0.45% 1.09% 0.19%

▲ AREF Investment Group 216 AIG 2.32% 0.80% 2.02% 0.70% 2.90% 0.92% 690 30.19% 22,647 2.38% 0.59% 3.06% 0.54%

▲ The Investment Dar 217 TID 4.70% 1.62% 2.01% 0.70% 5.03% 1.60% 1,240 21.57% 19,405 3.76% 0.93% 8.71% 1.53%

▲ Al Aman Investment Company 218 ALAMAN 2.82% 0.97% 4.37% 1.51% 2.53% 0.81% 290 26.09% 16,292 2.22% 0.55% 1.20% 0.21%

▼ First Investment Company 219 ALOLA 2.15% 0.74% 2.24% 0.78% 2.44% 0.78% 390 -22.00% 20,602 3.15% 0.78% 2.29% 0.40%

▼ Al-Mal Investment Company 220 ALMAL 3.92% 1.35% 6.06% 2.10% 4.44% 1.42% 290 0.00% 20,559 2.61% 0.64% 1.41% 0.25%

▲ Gulf Investment House 221 GIH 1.52% 0.52% 1.96% 0.68% 1.27% 0.40% 315 26.00% 15,153 2.07% 0.51% 1.22% 0.21%

▲ A'ayan Leasing & Investment 222 AAYAN 2.46% 0.85% 2.48% 0.86% 3.12% 1.00% 620 30.53% 22,998 2.99% 0.74% 3.46% 0.61%

▼ Bayan Investment Company 223 BAYANINV 1.77% 0.61% 0.96% 0.33% 0.58% 0.19% 244 -9.63% 5,959 1.76% 0.44% 0.80% 0.14%

▼ Global Investment House 224 GLOBAL 2.22% 0.77% 1.22% 0.42% 3.04% 0.97% 950 -4.04% 24,827 6.14% 1.52% 10.88% 1.91%

▼ Osoul Leasing & Finance 225 OSOUL 1.53% 0.53% 2.00% 0.69% 0.79% 0.25% 170 -5.56% 9,375 1.56% 0.39% 0.50% 0.09%

▲ Gulf Invest International 226 GULFINVEST 1.99% 0.69% 3.41% 1.18% 1.76% 0.56% 232 24.73% 16,036 2.31% 0.57% 1.00% 0.18%

▲ Kuwait Finance & Investment 227 KFIC 1.16% 0.40% 0.83% 0.29% 1.03% 0.33% 430 7.50% 16,069 1.72% 0.43% 1.38% 0.24%

▲ KIPCO Asset Management 228 KAMCO 0.30% 0.11% 0.11% 0.04% 0.20% 0.07% 880 18.92% 12,163 1.28% 0.32% 2.10% 0.37%

▼ International Leasing & Investment Co 229 ILIC 3.39% 1.17% 3.98% 1.38% 5.37% 1.71% 590 18.00% 28,717 1.40% 0.35% 1.55% 0.27%

▼ Kuwait Invest Holding 230 KTINVEST 2.42% 0.84% 1.59% 0.55% 1.93% 0.62% 450 -4.26% 14,457 1.29% 0.32% 1.08% 0.19%

- National International Holding 231 NIH 0.07% 0.02% 0.31% 0.11% 0.24% 0.08% 345 0.00% 62,539 0.78% 0.19% 0.50% 0.09%

▼ Housing Finance Co 232 ISKAN 0.50% 0.17% 0.35% 0.12% 0.26% 0.08% 295 0.00% 9,397 1.38% 0.34% 0.76% 0.13%

- Al Madar Finance & Investment 233 MADAR 1.00% 0.35% 0.53% 0.18% 0.33% 0.10% 270 -8.47% 5,896 1.65% 0.41% 0.83% 0.15%

▲ Al Deera Holding 234 ALDEERA 0.11% 0.04% 0.03% 0.01% 0.05% 0.01% 700 0.00% 7,400 1.72% 0.43% 2.25% 0.40%


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▼ Al Safat Investment 235 ALSAFAT 5.11% 1.77% 3.59% 1.24% 7.58% 2.42% 660 -7.04% 26,889 3.13% 0.77% 3.86% 0.68%

▲ Burgan Group 236 BURGANGRP 0.11% 0.04% 0.03% 0.01% 0.03% 0.01% 510 -3.77% 5,401 0.28% 0.07% 0.27% 0.05%

▼ Ektitab Holding 237 EKTTITAB 14.32% 4.95% 17.50% 6.06% 10.52% 3.36% 260 11.11% 13,321 2.32% 0.57% 1.12% 0.20%

▼ Iraq Holding 238 IRAQHOLD 2.20% 0.76% 5.01% 1.73% 1.71% 0.55% 152 15.15% 14,132 2.96% 0.73% 0.84% 0.15%

▼ Soukouk Holding 239 SOKOUK 3.98% 1.37% 6.84% 2.37% 2.02% 0.65% 128 -7.25% 9,233 4.93% 1.22% 1.18% 0.21%

▲ Al Madina Finance & Investment 240 ALMADINA 6.47% 2.24% 5.06% 1.75% 8.91% 2.84% 840 20.00% 24,948 0.87% 0.21% 1.36% 0.24%

▼ Noor Financial Investment Co 241 NOOR 2.26% 0.78% 1.46% 0.51% 1.75% 0.56% 500 -5.66% 14,081 2.47% 0.61% 2.30% 0.40%

▼ Tamdeen Investment Company 242 TAMINV 1.70% 0.59% 1.04% 0.36% 0.87% 0.28% 385 13.24% 9,304 1.40% 0.35% 1.00% 0.18%

▼ Kuwait Bahrain Int'l Exchange 243 EXCH 0.04% 0.01% 0.02% 0.01% 0.01% 0.00% 265 0.00% 6,273 0.22% 0.05% 0.11% 0.02%

Insurance Sector 1,342 0.22% 20,110 0.08% 13,417 0.11% 9,998 973,383 1.19% 524,737 0.85%

▼ Kuwait Insurance Company 301 KINS 14.23% 0.03% 16.29% 0.01% 13.92% 0.02% 520 -10.34% 9,778 19.93% 0.24% 19.23% 0.16%

▼ Gulf Insurance Company 302 GINS 54.55% 0.12% 34.14% 0.03% 53.08% 0.06% 800 -5.88% 9,730 16.80% 0.20% 24.94% 0.21%

▲ Al Ahleia Insurance Company 303 AINS 6.63% 0.01% 5.25% 0.00% 5.93% 0.01% 800 6.67% 8,943 14.60% 0.17% 21.66% 0.18%

▲ Warba Insurance Company 304 WINS 17.14% 0.04% 21.85% 0.02% 15.33% 0.02% 510 17.24% 8,941 16.74% 0.20% 15.83% 0.13%

▲ Kuwait Reinsurance Company 305 KUWAITRE 4.32% 0.01% 7.46% 0.01% 3.80% 0.00% 350 -4.11% 8,794 10.23% 0.12% 6.64% 0.06%

▼ First Takaful Insurance Company 306 FTI 0.97% 0.00% 11.44% 0.01% 6.76% 0.01% 370 -5.13% 69,796 10.38% 0.12% 7.12% 0.06%

▼ Wethaq Takaful Insurance Company 307 WETHAQ 2.16% 0.00% 3.58% 0.00% 1.18% 0.00% 218 -4.39% 5,439 11.33% 0.13% 4.58% 0.04%

Real Estate Sector 114,891 19.12% 5,186,845 21.38% 1,495,717 12.67% 13,019 14,221,068 17.34% 4,460,372 7.22%

▼ Kuwait Real Estate Company 401 KRE 6.23% 1.19% 7.48% 1.60% 5.63% 0.71% 206 -1.90% 11,756 5.80% 1.01% 3.81% 0.27%

▼ United Real Estate Company 402 URC 2.54% 0.49% 3.21% 0.69% 2.19% 0.28% 162 -8.99% 11,226 5.53% 0.96% 2.86% 0.21%

▼ National Real Estate Company 403 NRE 3.54% 0.68% 2.23% 0.48% 3.89% 0.49% 490 -1.01% 14,338 5.20% 0.90% 8.13% 0.59%


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▼ Salhia Real Estate Company 404 SRE 1.71% 0.33% 0.92% 0.20% 2.00% 0.25% 630 14.55% 15,259 2.55% 0.44% 5.12% 0.37%

▼ Pearl Of Kuwait Real Estate Company 405 PEARL 2.49% 0.48% 2.80% 0.60% 2.68% 0.34% 300 48.51% 13,993 1.61% 0.28% 1.54% 0.11%

▲ Tamdeen Real Estate Company 406 TAM 1.38% 0.26% 0.70% 0.15% 1.26% 0.16% 500 16.28% 11,937 2.39% 0.41% 3.80% 0.27%

▼ International Investments Projects 407 IIPC 8.88% 1.70% 9.69% 2.07% 7.13% 0.90% 164 -20.39% 10,456 4.21% 0.73% 2.20% 0.16%

▼ Ajial Real Estate Entertainment 408 AREEC 0.09% 0.02% 0.04% 0.01% 0.06% 0.01% 420 1.20% 9,423 1.18% 0.20% 1.58% 0.11%

▼ Al Maseelah Real Estate 409 MREC 0.31% 0.06% 0.31% 0.07% 0.23% 0.03% 200 -2.91% 9,382 1.51% 0.26% 0.96% 0.07%

▼ Arab Real Estate Company 410 ARABREC 2.74% 0.52% 3.72% 0.80% 2.04% 0.26% 146 0.00% 9,687 3.27% 0.57% 1.52% 0.11%

▼ Union Real Estate Company 411 UREC 0.03% 0.01% 0.03% 0.01% 0.02% 0.00% 200 -6.54% 11,975 1.35% 0.23% 0.86% 0.06%

▼ Al-Enma'a Real Estate Company 412 ERESCO 5.63% 1.08% 6.89% 1.47% 6.47% 0.82% 255 28.79% 14,960 3.02% 0.52% 2.45% 0.18%

▼ Mabanee Company 413 MABANEE 1.76% 0.34% 0.45% 0.10% 1.88% 0.24% 1,180 -11.94% 13,899 2.94% 0.51% 11.04% 0.80%

▼ Injazzat Real Estate Company 414 INJAZZAT 1.83% 0.35% 2.28% 0.49% 2.59% 0.33% 285 -16.18% 18,423 2.28% 0.40% 2.08% 0.15%

▼ Jeezan Holding 415 JEEZAN 11.82% 2.26% 6.98% 1.49% 7.54% 0.96% 250 -3.85% 8,299 1.59% 0.28% 1.27% 0.09%

- Grand Real Estate & Touristic Develop. 416 TOURISTIC 4.31% 0.82% 4.87% 1.04% 2.30% 0.29% 134 -1.47% 6,946 7.03% 1.22% 3.00% 0.22%

▲ International Resorts Company 417 IRC 7.13% 1.36% 9.01% 1.93% 7.48% 0.95% 246 18.27% 13,664 1.09% 0.19% 0.85% 0.06%

▼ The Commercial Real Estate Company 418 ALTIJARIA 1.90% 0.36% 4.40% 0.94% 4.39% 0.56% 275 1.85% 30,156 10.18% 1.77% 8.93% 0.64%

▲ Sanam Real Estate Company 419 SANAM 1.01% 0.19% 0.79% 0.17% 0.94% 0.12% 355 24.56% 12,074 0.85% 0.15% 0.97% 0.07%

▲ A'ayan Real Estate Company 420 AAYANRE 2.28% 0.44% 1.48% 0.32% 1.48% 0.19% 290 5.45% 8,444 2.51% 0.43% 2.32% 0.17%

▲ Aqar Real Estate Company 421 AQAR 0.86% 0.17% 1.14% 0.24% 0.59% 0.07% 154 0.00% 8,853 1.51% 0.26% 0.74% 0.05%

▲ Kuwait Real Estate Holding Company 422 ALAQARIA 1.06% 0.20% 1.10% 0.24% 0.81% 0.10% 218 5.83% 9,987 2.11% 0.37% 1.47% 0.11%

- Al-Mazaya Holding Company 423 MAZAYA 4.05% 0.77% 3.58% 0.76% 9.01% 1.14% 870 31.82% 28,957 2.62% 0.45% 7.27% 0.52%

▼ Al Dar National Real Estate Company 424 ADNC 1.46% 0.28% 1.14% 0.24% 0.56% 0.07% 128 -11.11% 5,019 2.95% 0.51% 1.21% 0.09%

▲ Al-Themar International Holding 425 THEMAR 3.06% 0.59% 7.32% 1.57% 3.93% 0.50% 172 38.71% 16,701 7.12% 1.23% 3.90% 0.28%

▼ Grand Real Estate Projects 426 GRAND 7.37% 1.41% 3.68% 0.79% 3.99% 0.51% 305 -1.61% 7,053 2.56% 0.44% 2.49% 0.18%


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▼ Tijara& Real estate Investment Company 427 TIJARA 1.33% 0.25% 1.99% 0.43% 1.29% 0.16% 180 9.76% 12,666 2.70% 0.47% 1.55% 0.11%

▼ Tameer real estate investment 428 TAMEERK 1.38% 0.26% 1.14% 0.24% 0.55% 0.07% 136 0.00% 5,206 1.65% 0.29% 0.72% 0.05%

▼ Arkan Al-Kuwait Real Estate Company 429 ARKAN 0.57% 0.11% 0.89% 0.19% 0.61% 0.08% 182 -8.08% 13,978 1.54% 0.27% 0.90% 0.06%

▲ Gulf Horizon Holding Company 430 GULFHH 0.98% 0.19% 0.52% 0.11% 0.68% 0.09% 390 13.04% 9,011 0.21% 0.04% 0.26% 0.02%

▲ Alargan International Real Estate Company 431 ARGAN 1.08% 0.21% 1.19% 0.26% 1.73% 0.22% 460 26.03% 20,832 1.86% 0.32% 2.73% 0.20%

▲ Abyaar Real Estate Development Company 432 ABYAAR 6.67% 1.28% 6.27% 1.34% 11.17% 1.42% 550 42.86% 21,812 3.39% 0.59% 5.95% 0.43%

▼ Munshaat Real Estate Projects 433 MUNSHAAT 1.83% 0.35% 1.21% 0.26% 1.86% 0.24% 360 -30.77% 13,238 2.26% 0.39% 2.60% 0.19%

▲ First Dubai for Real Estate Development 434 FIRSTDUBAI 0.72% 0.14% 0.53% 0.11% 1.03% 0.13% 650 18.18% 18,489 1.41% 0.24% 2.92% 0.21%

Industrial Sector 42,395 7.05% 1,119,814 4.62% 985,188 8.35% 23,238 5,723,053 6.98% 5,692,902 9.21%

▼ National Industries Group 501 NIND 16.00% 1.13% 19.05% 0.88% 40.88% 3.41% 1,680 1.20% 59,360 20.57% 1.44% 34.74% 3.20%

▼ Kuwait Pipes Industries & Oil Services 502 PIPE 8.02% 0.57% 5.94% 0.27% 3.93% 0.33% 435 -17.92% 11,390 3.75% 0.26% 1.64% 0.15%

- Kuwait Cement Company 503 KCEM 1.42% 0.10% 0.65% 0.03% 1.23% 0.10% 1,740 26.09% 20,065 8.37% 0.58% 14.64% 1.35%

▼ Refrigeration Industries Co 504 REFRI 0.16% 0.01% 0.09% 0.00% 0.05% 0.00% 385 -14.44% 6,565 1.35% 0.09% 0.52% 0.05%

▼ Gulf Cable & Electrical Industries Co 505 CABLE 1.97% 0.14% 0.45% 0.02% 1.87% 0.16% 3,440 2.38% 22,124 2.91% 0.20% 10.06% 0.93%

▲ Heavy Engineering and Shipbuilding Co 506 SHIP 5.54% 0.39% 3.80% 0.18% 2.34% 0.20% 560 12.00% 9,809 2.36% 0.16% 1.33% 0.12%

▼ Contracting & Marine Services Co 507 MARIN 0.87% 0.06% 0.39% 0.02% 0.30% 0.02% 640 -13.51% 7,886 3.14% 0.22% 2.02% 0.19%

▼ Kuwait Portland Cement Co 508 PCEM 4.49% 0.32% 1.07% 0.05% 1.56% 0.13% 1,140 -3.39% 8,084 1.31% 0.09% 1.50% 0.14%

▲ Shuaiba Paper Products Co 509 PAPER 0.28% 0.02% 0.20% 0.01% 0.06% 0.00% 265 0.00% 4,756 1.18% 0.08% 0.31% 0.03%

▼ Metal & Recycling Co 510 MRC 2.16% 0.15% 0.73% 0.03% 0.48% 0.04% 475 -26.92% 5,177 1.35% 0.09% 0.64% 0.06%

▲ Kuwait Foundry Co 511 MFOUC 0.29% 0.02% 0.07% 0.00% 0.12% 0.01% 1,560 21.88% 9,810 1.75% 0.12% 2.74% 0.25%

▲ Aerated Concrete Industries Co 512 ACICO 1.89% 0.13% 2.06% 0.10% 1.36% 0.11% 610 10.91% 16,709 3.41% 0.24% 2.09% 0.19%

▼ United Industries Company 513 UIC 8.22% 0.58% 8.49% 0.39% 3.58% 0.30% 250 -32.43% 10,130 4.30% 0.30% 1.08% 0.10%


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▼ Boubyan Petrochemical Company 514 BPCC 11.57% 0.82% 16.45% 0.76% 25.00% 2.09% 1,300 16.07% 50,228 8.07% 0.56% 10.55% 0.97%

▲ Gulf Glass Manufacturing Co 515 GGMC 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 620 -3.13% 3,025 0.61% 0.04% 0.38% 0.04%

▼ Hilal Cement Company 516 HCC 0.90% 0.06% 0.19% 0.01% 0.26% 0.02% 1,180 22.92% 6,701 0.58% 0.04% 0.68% 0.06%

- Al-Kout Industrial Projects Co 517 ALKOUT 0.01% 0.00% 0.01% 0.00% 0.01% 0.00% 520 4.00% 15,590 1.54% 0.11% 0.81% 0.07%

- Kuwait Packing Materials Manufacturing Co 518 KPAK 0.13% 0.01% 0.29% 0.01% 0.30% 0.03% 900 0.00% 53,819 0.67% 0.05% 0.61% 0.06%

▼ Kuwait Building Materials Manufacturing 519 KBMMC 0.03% 0.00% 0.01% 0.00% 0.00% 0.00% 285 -18.57% 3,400 0.46% 0.03% 0.13% 0.01%

▼ National Industries Co for Building Material 520 NICBM 1.22% 0.09% 1.23% 0.06% 0.78% 0.06% 530 13.98% 14,782 5.99% 0.42% 3.19% 0.29%

▼ Gulf Rocks Company 521 ROCKS 0.93% 0.07% 0.45% 0.02% 0.39% 0.03% 750 33.93% 9,731 0.66% 0.05% 0.50% 0.05%

▼ Equipment Holding Company 522 EQUIPMENT 5.29% 0.37% 4.95% 0.23% 1.60% 0.13% 280 -6.67% 7,039 2.17% 0.15% 0.61% 0.06%

▲ Global Holding Group 523 GHG 4.96% 0.35% 3.91% 0.18% 2.06% 0.17% 500 92.31% 9,628 1.75% 0.12% 0.88% 0.08%

▼ National Company for Consumer Industries 524 NCCI 2.32% 0.16% 2.71% 0.13% 0.74% 0.06% 234 -54.12% 7,451 0.52% 0.04% 0.12% 0.01%

- KW Gypsum Manufacturing & Trading 525 GYPSUM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 450 5.88% 4,500 0.52% 0.04% 0.24% 0.02%

- Qurain Petrochemical Industries 526 ALQURAIN 10.43% 0.74% 10.86% 0.50% 5.20% 0.43% 385 -13.48% 11,584 19.22% 1.34% 7.44% 0.69%

▲ Salbookh Trading Company 527 SALBOOKH 10.88% 0.77% 15.96% 0.74% 5.91% 0.49% 355 -5.33% 12,618 1.49% 0.10% 0.53% 0.05%

Services Sector 148,512 24.71% 6,630,078 27.33% 2,918,123 24.72% 19,649 15,583,198 19.01% 13,410,785 21.71%

▼ Kuwait National Cinema Co 601 KCIN 0.06% 0.01% 0.01% 0.00% 0.01% 0.00% 900 -22.41% 5,152 0.64% 0.12% 0.67% 0.15%

- Kuwait Hotels Co 602 KHOT 0.05% 0.01% 0.02% 0.01% 0.01% 0.00% 330 22.22% 5,408 0.31% 0.06% 0.12% 0.03%

▼ Public Warehousing Company 603 AGLTY 9.61% 2.38% 3.48% 0.95% 10.66% 2.64% 1,160 -15.94% 21,790 6.11% 1.16% 8.23% 1.79%

▼ Kuwait Commercial Market Complex 604 SHOP 0.88% 0.22% 0.55% 0.15% 0.58% 0.14% 470 22.08% 12,857 1.49% 0.28% 0.81% 0.18%

▼ Mobile Telecommunication Company 605 ZAIN 15.80% 3.90% 3.17% 0.87% 22.43% 5.54% 1,800 -52.88% 27,893 26.82% 5.10% 56.09% 12.18%

- Hasibat Holding Company 606 COMP 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 300 0.00% - 0.39% 0.07% 0.13% 0.03%

▼ Educational Holding Group 607 EDU 0.60% 0.15% 0.39% 0.11% 0.22% 0.05% 220 -15.38% 7,242 1.57% 0.30% 0.40% 0.09%


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▼ Independent Petroleum Group 608 IPG 0.24% 0.06% 0.12% 0.03% 0.12% 0.03% 400 -10.11% 10,139 0.98% 0.19% 0.45% 0.10%

▼ National Cleaning Co. 609 CLEANING 0.32% 0.08% 0.17% 0.05% 0.16% 0.04% 370 -6.33% 9,842 0.31% 0.06% 0.14% 0.03%

▼ Sultan Center for Food Products 610 SULTAN 3.74% 0.92% 2.01% 0.55% 2.16% 0.53% 415 -2.35% 11,325 3.38% 0.64% 1.63% 0.35%

▼ Arabi Holding Group 611 AGHC 0.21% 0.05% 0.09% 0.02% 0.07% 0.02% 325 -21.69% 6,772 0.85% 0.16% 0.32% 0.07%

▼ Transport & Warehousing Group Co 612 TRANSPORT 0.20% 0.05% 0.03% 0.01% 0.05% 0.01% 860 19.44% 5,096 0.63% 0.12% 0.63% 0.14%

▼ National Mobile Telecommunications Co 613 NMTC 3.49% 0.86% 0.47% 0.13% 2.96% 0.73% 2,400 -9.09% 16,662 3.22% 0.61% 8.97% 1.95%

▼ Kuwait & Gulf Link Transport Co 614 KGL 1.37% 0.34% 0.47% 0.13% 0.52% 0.13% 395 -19.39% 7,432 1.32% 0.25% 0.60% 0.13%

▼ Kuwait Cable Vision 615 CABLETV 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 184 0.00% 6,297 0.37% 0.07% 0.08% 0.02%

▼ Automated Services Company 616 ASC 0.34% 0.08% 0.07% 0.02% 0.10% 0.02% 560 5.66% 5,578 0.26% 0.05% 0.17% 0.04%

▼ National Petroleum Services Company 617 NAPESCO 0.02% 0.01% 0.01% 0.00% 0.01% 0.00% 310 -10.14% 9,834 0.34% 0.06% 0.12% 0.03%

▲ Kuwait Co for Process Plant & Contracting 618 KCPC 0.03% 0.01% 0.01% 0.00% 0.01% 0.00% 385 10.00% 5,553 0.26% 0.05% 0.12% 0.03%

- Kuwait Slaughter House 619 KSH 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 335 -16.25% 4,333 0.23% 0.04% 0.09% 0.02%

▼ Eyas for Higher & Technial Education 620 EYAS 0.03% 0.01% 0.06% 0.02% 0.04% 0.01% 305 1.67% 33,474 0.71% 0.13% 0.25% 0.05%

▲ Nibras Holding Company 621 NIBRAS 3.80% 0.94% 2.94% 0.80% 2.59% 0.64% 455 -15.74% 13,369 1.07% 0.20% 0.57% 0.12%

▲ As Safwa Group Holding 622 ALSAFWA 13.60% 3.36% 37.45% 10.23% 16.98% 4.20% 220 30.95% 24,529 6.42% 1.22% 1.64% 0.36%

- Human Soft Company 623 HUMANSOFT 0.26% 0.06% 0.12% 0.03% 0.08% 0.02% 265 3.92% 5,789 0.73% 0.14% 0.23% 0.05%

▼ Kuwait Privatization Project Holding 624 KPPC 4.10% 1.01% 6.87% 1.88% 3.83% 0.95% 238 13.33% 18,364 4.85% 0.92% 1.34% 0.29%

- Institute for Private Education 625 IPE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 340 0.00% - 0.14% 0.03% 0.06% 0.01%

▼ National Slaughter House 626 NSH 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 192 -7.69% 4,696 0.19% 0.04% 0.04% 0.01%

▼ Aref Energy Holding CO 627 AREFENRGY 0.44% 0.11% 0.21% 0.06% 0.14% 0.04% 305 52.50% 6,417 4.81% 0.91% 1.71% 0.37%

▲ Safwan Trading & Contracting 628 SAFWAN 0.03% 0.01% 0.01% 0.00% 0.01% 0.00% 425 28.79% 5,376 0.32% 0.06% 0.16% 0.03%

▲ Gulf Petroleum Investment Co 629 GPI 2.68% 0.66% 1.32% 0.36% 1.49% 0.37% 500 0.00% 10,939 0.94% 0.18% 0.55% 0.12%

▲ Gulf Franchising Holding Co 630 GFC 0.33% 0.08% 0.31% 0.08% 0.13% 0.03% 176 -2.22% 7,366 0.76% 0.14% 0.16% 0.03%


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▲ Credit Rating & Collection Co 631 TAHSSILAT 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 475 3.26% 12,925 1.06% 0.20% 0.58% 0.13%

▲ National Ranges Company 632 MAYADEEN 5.04% 1.24% 13.71% 3.75% 4.41% 1.09% 146 17.74% 17,196 6.42% 1.22% 1.09% 0.24%

▲ Burgan company for well drilling 633 ABAR 2.00% 0.49% 0.72% 0.20% 1.78% 0.44% 1,140 11.76% 17,479 1.00% 0.19% 1.33% 0.29%

▲ IFA Hotels & Resorts 634 IFAHR 1.48% 0.37% 0.72% 0.20% 1.53% 0.38% 940 4.44% 20,335 2.21% 0.42% 2.41% 0.52%

▼ Combined Group Contracting 635 CGC 0.34% 0.08% 0.07% 0.02% 0.24% 0.06% 1,540 13.24% 14,133 0.42% 0.08% 0.75% 0.16%

▼ Jeeran Holding 636 JEERANH 0.04% 0.01% 0.11% 0.03% 0.07% 0.02% 285 1.79% 35,784 0.92% 0.17% 0.30% 0.07%

▲ Palms Agro Production Co 637 PAPCO 0.05% 0.01% 0.03% 0.01% 0.01% 0.00% 222 -30.63% 5,320 0.21% 0.04% 0.05% 0.01%

▼ Al-Safat Tec Holding Company 638 SAFTEC 2.73% 0.68% 3.77% 1.03% 1.52% 0.38% 170 -1.16% 10,917 2.57% 0.49% 0.51% 0.11%

▼ Mushrif Trading & Contracting Co 639 MTCC 0.07% 0.02% 0.01% 0.00% 0.02% 0.00% 610 -11.59% 4,670 0.19% 0.04% 0.14% 0.03%

▼ United Projects Group 640 UPAC 0.09% 0.02% 0.03% 0.01% 0.03% 0.01% 370 -11.90% 5,910 0.53% 0.10% 0.23% 0.05%

▼ Al Abraj Holding 641 ABRAJ 8.99% 2.22% 8.12% 2.22% 15.72% 3.89% 860 48.28% 34,368 0.44% 0.08% 0.44% 0.10%

▲ Aviation Lease And Finance Co 642 ALAFCO 4.81% 1.19% 4.79% 1.31% 2.73% 0.68% 255 30.10% 11,166 4.20% 0.80% 1.25% 0.27%

▼ Al-Mowasat Holding Co 643 MHC 0.03% 0.01% 0.02% 0.00% 0.01% 0.00% 166 -6.74% 5,598 0.66% 0.13% 0.13% 0.03%

▼ Haj & Umrah Services Consortium 644 MASHAER 3.34% 0.83% 0.81% 0.22% 1.83% 0.45% 1,000 3.09% 10,748 0.66% 0.13% 0.77% 0.17%

- Oula Fuel Marketing Company 645 OULAFUEL 0.63% 0.15% 0.25% 0.07% 0.28% 0.07% 490 -2.00% 8,771 1.92% 0.37% 1.10% 0.24%

▲ Villa Moda Life Style 646 VILLAMODA 0.17% 0.04% 0.11% 0.03% 0.04% 0.01% 144 10.77% 4,362 0.43% 0.08% 0.07% 0.02%

▼ Future Communications Co. Global 647 FUTURE 0.07% 0.02% 0.04% 0.01% 0.04% 0.01% 400 -1.23% 11,435 0.45% 0.09% 0.21% 0.05%

▼ Vending Network Company 648 VENDINGNET 0.03% 0.01% 0.02% 0.00% 0.01% 0.00% 350 4.48% 7,620 0.25% 0.05% 0.10% 0.02%

- Hayat Telecom Co. 649 HAYATCOMM 0.17% 0.04% 0.10% 0.03% 0.09% 0.02% 390 -6.02% 10,160 0.39% 0.07% 0.17% 0.04%

▼ Mubarrad Transport Co 650 MUBARRAD 1.75% 0.43% 0.84% 0.23% 0.50% 0.12% 246 -8.89% 5,611 1.00% 0.19% 0.29% 0.06%

- Kuwait Resorts Company 651 MUNTAZAHAT 0.76% 0.19% 0.80% 0.22% 0.38% 0.09% 216 10.20% 9,868 1.11% 0.21% 0.28% 0.06%

▼ Advanced Technology Company 652 ATC 0.04% 0.01% 0.01% 0.00% 0.01% 0.00% 500 -3.85% 4,573 0.64% 0.12% 0.37% 0.08%

▼ YIACO Medical Company 653 YIACO 2.31% 0.57% 3.17% 0.87% 1.70% 0.42% 220 -31.25% 14,439 0.65% 0.12% 0.17% 0.04%


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▲ Jazeera Airways Co 654 JAZEERA 2.81% 0.69% 1.38% 0.38% 1.68% 0.42% 540 11.34% 11,763 1.28% 0.24% 0.81% 0.17%

Food Sector 6,955 1.16% 258,794 1.07% 100,274 0.85% 14,418 923,677 1.13% 1,221,793 1.98%

▼ Livestock Transport & Trading Co 701 CATTL 9.30% 0.11% 7.71% 0.08% 6.73% 0.06% 275 -14.06% 10,437 23.45% 0.26% 4.87% 0.10%

▼ Danah Al Safat Foodstuff Company 702 DANAH 74.84% 0.87% 86.74% 0.93% 81.49% 0.69% 340 0.00% 15,699 25.01% 0.28% 6.43% 0.13%

▼ Kuwait United Poultry Co 703 POULT 3.97% 0.05% 4.17% 0.04% 1.79% 0.02% 152 -10.59% 6,519 12.49% 0.14% 1.44% 0.03%

▼ Kuwait Food Company (Americana) 704 FOOD 10.57% 0.12% 0.87% 0.01% 8.98% 0.08% 3,680 -6.12% 12,247 29.01% 0.33% 80.72% 1.60%

▲ United Food Industries Group 705 UFIG 0.73% 0.01% 0.33% 0.00% 0.52% 0.00% 620 3.33% 10,164 2.89% 0.03% 1.35% 0.03%

▼ Kout Food Group 706 KOUTFOOD 0.59% 0.01% 0.18% 0.00% 0.49% 0.00% 960 -3.03% 11,876 7.15% 0.08% 5.19% 0.10%

Non Kuwaiti Sector 37,435 6.23% 1,543,373 6.36% 776,066 6.58% 20,731 12,110,207 14.77% 6,241,732 10.10%

▲ Shuaa Capital 803 SHUA 1.44% 0.09% 0.43% 0.03% 0.47% 0.03% 540 10.20% 6,690 4.54% 0.67% 4.76% 0.48%

▼ Sharjah Cement & Industrial Development 804 SCEM 3.05% 0.19% 3.40% 0.22% 2.99% 0.20% 460 22.67% 20,349 4.15% 0.61% 3.70% 0.37%

▲ Gulf Cement Company 805 GCEM 17.47% 1.09% 17.13% 1.09% 17.63% 1.16% 520 8.33% 20,919 5.90% 0.87% 5.95% 0.60%

▼ Umm Al-Qaiwain Cement Industries Co 806 QCEM 5.74% 0.36% 7.07% 0.45% 3.28% 0.22% 200 -14.53% 11,828 2.72% 0.40% 1.06% 0.11%

▲ Fujairah Cement Industries Co 807 FCEM 9.77% 0.61% 12.76% 0.81% 10.63% 0.70% 500 44.93% 22,556 2.32% 0.34% 2.25% 0.23%

▼ White Cement 808 RKWC 11.70% 0.73% 20.19% 1.28% 6.90% 0.45% 164 1.23% 12,224 3.86% 0.57% 1.23% 0.12%

▼ Arab Insurance Group 809 ARIG 0.14% 0.01% 0.07% 0.00% 0.04% 0.00% 255 2.00% 5,432 1.82% 0.27% 0.90% 0.09%

▲ United Gulf Bank 810 UGB 8.51% 0.53% 7.61% 0.48% 7.80% 0.51% 550 19.57% 19,000 6.68% 0.99% 7.13% 0.72%

▲ Egypt Kuwait Holding 811 EKHOLDING 4.82% 0.30% 1.81% 0.12% 3.16% 0.21% 1,160 75.76% 13,586 5.73% 0.85% 12.89% 1.30%

- Bahrain Kuwait Insurance Company 812 BKIKWT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 455 0.00% - 0.50% 0.07% 0.44% 0.04%

▼ Gulf Finance House 813 GFH 26.92% 1.68% 17.08% 1.09% 36.23% 2.38% 1,000 11.11% 27,899 6.57% 0.97% 12.74% 1.29%

▲ Commercial International Bank 814 CIB 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 4,560 8.57% 5,917 1.61% 0.24% 14.25% 1.44%


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- Al Khaleej Development 817 TAMEER 8.64% 0.54% 8.85% 0.56% 7.76% 0.51% 430 -3.37% 18,610 1.87% 0.28% 1.56% 0.16%

▼ Ahli united bank 818 AUB 0.97% 0.06% 0.58% 0.04% 0.41% 0.03% 330 -14.29% 8,788 27.28% 4.03% 17.46% 1.76%

▼ Bank of Bahrain And Kuwait 819 BBK 0.36% 0.02% 2.51% 0.16% 2.49% 0.16% 490 -2.00% 141,943 6.70% 0.99% 6.37% 0.64%

- Ithmaar Bank 820 ITHMR 0.44% 0.03% 0.51% 0.03% 0.22% 0.01% 212 - 10,219 17.75% 2.62% 7.30% 0.74%

Total Market 600,923 24,261,188,950 11,803,009,270 19,641 81,991,035 61,783,075,781

kuwait monthly economic brief · 2016-12-28 · kuwait monthly economic brief – march 2008 stock...

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