Kuwait Weekly Market Report

Global Research Markets – Kuwait September 22, 2011

Kuwait Weekly Market Report

1

Market Commentary Kuwaiti bourse got hit by the escalated economic crisis in the US and Euro zone, while local political tension made investors in the market extra cautious. Scheduled protest for political reforms in the country on Wednesday, September 22, pushed traders away and caused KSE to post its sixth consecutive decline. Major Kuwaiti banks were also affected during the week on news of being involved in derivatives trading. However, both National Bank of Kuwait (NBK) <NBKK.KW> and Kuwait Finance House (KFH) <KFIN.KW> denied the news stating that they do not engage in any derivative trading at all and have no exposure whatsoever to these instruments. Kuwait Stock Exchange (KSE) lost all its previous weeks’ gains and ended the week down by 1.96 percent, closing at 182.66 point, its lowest level in more than two weeks, as measured by market weighted Global General Index. On year-to-date basis, the index increased its losses again to 18.28 percent. KSE price index was also down by 1.84 percent (110.90 points) during the week and closed below the 6,000 points level again at 5,916.2 points, presenting a 14.94 percent decline on a year-to-date basis. Market capitalization dropped by KWD664.52mn during the week, as it reached KWD29.82bn. In the meantime, market breadth tilted towards decliners’ side, as 93 stocks closed at lower prices against 28 stocks that have increased, out of 138 shares traded. Trading activity was low ahead of 3Q2011 corporate results season. Total weekly volume dropped by 15.27 percent compared to the previous week at 1.06bn shares changing hands at a total traded value of KWD98.13mn (a 36.55 percent decrease compared to the previous week). Services sector was the most traded in terms of volume and value, accounting for 33.39

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Faisal Hasan, CFA Head of Research [email protected] Tel: (965) 2295-1270 Rasha Al-Huneidi Vice President [email protected] Tel: (965) 2295-1285 Global Investment House www.globalinv.net

Last Week This Week % Change Market Volume Traded (shares) 1,249,140,000 1,058,417,500 -15.27 % Market Value Traded (KWD) 154,658,220 98,125,760 -36.55 % Market Capitalization (KWD) 30,487,991,344 29,823,475,350 -2.18 % No. of Transactions 20,013 14,912 -25.49 %

180181182183184185186187188

-50

100 150 200 250 300 350 400

11/9 12/9 13/9 14/9 15/9 18/9 19/9 20/9 21/9 22/9

Global General Index

Volume Traded Global General Index

Mn. sharesSector Week

CloseWeek Open

% Change

Month TD%

Year TD%

Global General Index ▼ 182.66 186.32 -1.96% 2.71% -18.28%Global Banking Index ▼ 322.22 327.11 -1.50% 1.65% -10.99%Global Investment Index ▼ 81.00 82.28 -1.57% 6.98% -26.33%Global Insurance Index ▼ 42.60 42.73 -0.30% 0.64% -8.92%Global Real Estate Index ▼ 49.27 50.00 -1.46% 5.46% -13.07%Global Industrial Index ▼ 176.63 179.46 -1.57% 4.20% -19.54%Global Services Index ▼ 798.01 823.14 -3.05% 2.57% -27.17%Global Food Index ▼ 354.89 360.49 -1.55% -0.14% -10.84%Global Kuwait Only Index ▼ 192.27 196.05 -1.93% 2.70% -18.21%Global Non-Kuwaiti Index ▼ 44.67 45.83 -2.52% 2.85% -19.57%Global Large Cap (Top 10) ▼ 193.89 197.77 -1.96% 1.90% -17.56%Global Islamic Index ▼ 586.36 598.30 -1.99% 2.64% -7.40%

Global Index of KSE Performance

Advancers 28Decliners 93Unchanged 94

Untraded 77

Total 215

Market Breadth

Global Research – Kuwait Kuwait Market

September 2011 2

percent (353.44mn shares) and 26.38 percent (KWD25.88mn) of the total market trades, respectively. Intensive volume was seen on Al-Safat Energy Holding Company <COMP.KW> and Al-Safwa Group Holding <SAFK.KW> with 85mn and 83.52mn shares exchange, respectively. However, heavyweight, Zain <ZAIN.KW> topped the value list for the week with KWD5.51mn worth of shares traded. The scrip lost 3.92 percent from its price during the week, closing at KWD0.980, causing the Services Sector Index to be the biggest loser this week, shedding 3.05 percent from its value. The decline was broad based during the week with all the market sector indices ending at lower values. The Service sector was hit the most as mentioned above. Despite of the retreat of several heavyweights in the sector, four services companies took their places in the top five losers for the week. Kuwait National Cinema Company <KCIN.KW> topped the losers’ list with 22.73 percent retreat in its share price, closing at KWD1.020. On the gainers side, Al-Safat Energy Holding Company and Kuwait Hotels <KHOT.KW> came among the top gainers list with 12.20 percent and 9.43 percent increase in their share prices, respectively. The Banking Sector, the largest weighted in the market, was also a notable loser, shedding 1.50 percent. The sector saw only one gaining stock, while seven Kuwaiti banks recorded a retreat by the end of the week. Commercial Bank of Kuwait <CBKK.KW> was up by 3.66 percent, closing at KWD0.850, while Boubyan Bank <BOUK.KW> ended flat at KWD0.600. Global Non-Kuwaiti Sector Index was down by 1.93 percent with only two stock managing to eke out some gains. Global Investment Sector and Industrial Sector Indices were both down by 1.57 percent each. Housing Finance Company (ISKAN) <ISKN.KW> was the biggest gainer in the market, adding 16.07 percent to its share price and closing at KWD0.0325. While in the Industrial sector, only two gaining stocks caught investors’ interest. Heavyweight, ACICO Industries Company <ACIC.KW> was up by 2.56 percent while Boubyan Petrochemical Company <BPCC.KW> added 1.75 percent to its share price. Large capitalization stocks were a major draggers of the market, with Global Large Cap (Top 10) Index closing lower by 1.96 percent. Islamic companies were no exception with their index, as measured by Global Islamic Shariah Index, dropped by 1.99 percent. Macroeconomic News Kuwait's budget surplus stood at KWD4.2bn (USD15.3bn) in the first two months of its 2011/2012 fiscal year, larger than a year ago on higher-than-projected oil revenue and lower spending, finance ministry data showed. Revenue of the world's sixth-largest oil exporter was KWD4.8bn in April-May, while spending was KWD648.3mn, below a projected KWD3.2bn for the first two months, the data showed. (Source: KUNA) Central Bank of Kuwait (CBK) has turned down a request by local banks to raise the maximum limit of the consumer and installment financing they offer to their customers. The central bank said that it does not approve this request for the time being, according to the brief note it addressed to Hamad Al Marzouq, Chairman of the Kuwait Banking Association. (Source: Al-Watan & Zawya) Oil Related News Price of Kuwaiti crude rose by USD0.86 during the last week, reaching USD106.26 per barrels (pb) on Wednesday, September 21 compared to USD105.40 recorded on Wednesday, September 14, as announced by Kuwait Petroleum Corporation (KPC). The crude oil prices fell for two consecutive days during the week after the announcement of S&P on reducing the credit rating of Italy, which enhanced the possibility of a drop on the oil demand in Europe, regarding that Italy is the third strongest economy in Europe. This may affect the capability of the European Union (EU) in facing the sovereign debt crisis, besides raising the unemployment level in the United States, which would affect the crude oil demand in general. However, the recent increase in price was due to the widespread optimism in the markets about the decision that the Fed will announce new stimulus package

Day Date PriceThursday Sep 15, 11 106.35Friday Sep 16, 11 108.50Monday Sep 19, 11 106.84Tuesday Sep 20, 01 105.70Wednesday Sep 21, 11 106.26Year High Apr 11, 11 117.75Record High July-08 136

Kuwait Export Crude Oil Price (USD/b)


September 2011 3

to boost the U.S. economy which has been in a slowdown in the growth process, which in turn affects the process of global economic recovery. (Source: KUNA) Kuwait’s trade surplus with Japan widened 61.8 percent in August to JPY85.06bn (USD1.11bn) from a year earlier, remaining in the black for the 43rd month in a row, the Finance Ministry said this week. Imports from Japan to Kuwait rose 6.9 percent year-on-year (y-o-y) to JPY10bn (USD131mn) for the first expansion in six months, while Kuwait’s exports to the Asian nation jumped 53.6 percent to JPY95.02bn (USD1.25bn) for the fourth straight month of gain, the ministry said in a preliminary report. Japan is Kuwait’s major trading partner, with two-way trade reaching JPY1.026tr (USD13.44bn) in 2010. (Source: KUNA & Al Watan Daily) State-owned Kuwait Petroleum Corporation (KPC), the umbrella organization that manages the country's oil interests, is expected to achieve a good full-year profit in the current fiscal year 2011/2012. KPC's profit surged 40 percent to KWD992mn (USD3.61bn) in the first four months of its current fiscal year from KWD707mn in the year earlier period, Ali Al Hajri, the corporation's Managing Director for Finance and Administration said. This profit, covering the April-to-July period of 2011 is almost three times the profit projected for this period in KPC's budget and estimated at KWD367mn, Hajri said. Investment returns and other revenues account for 30 percent of the profit, he added. (Source: KUNA & Zawya) Bangladesh will import 1.6mn tons of diesel in 2012 from Kuwait, about 34 percent more than the current year, a senior official of the state-run Bangladesh Petroleum Corporation (BPC) said. Mohammad Muqtadir Ali, chairman of the BPC, said that Bangladesh would also import 280,000 tons of jet fuel from state-run Kuwait Petroleum Corporation (KPC) next year. Bangladesh will import 1.2mn tons of diesel and 170,000 tons of jet fuel for 2011 from KPC. "We requested KPC to allow us to import oil products from them with two-month deferred payment next year instead of one-month at present. The delegation assured to consider that," Muqtadir said. He said that BPC's lack of financial resources caused the request for extended deferred payment. BPC on Sunday raised all fuel prices by up to 19 percent effective on Monday as the state-run oil importing and distributing firm incurred heavy losses. (Source: Reuters) South Korea's GS Engineering & Construction Corp <006360.KS> said last Friday that it had won a KRW603bn (USD540mn) project from Kuwait Oil Company (KOC). The project will end in September 2014, according to a regulatory filing. (USD1 = 1116.400 Korean Won) (Source: Reuters) Other Local News Temasek Holding and Kuwait Investment Authority (KIA) are among early investors who agreed to buy USD900mn of stock in Citic Securities Company’s initial share sale in Hong Kong, two people with knowledge of the matter said. The group consisted of Singapore state investor Temasek Holdings, KIA, China’s national pension fund, Fubon Life Insurance, Brazilian investment bank BTG Pactual and US based hedge fund Och-Ziff Capital Management, said IFR, a Thomson Reuters publication. The Singaporean state-owned investment firm will invest USD150mn in the offering, while the Kuwaiti sovereign wealth fund is putting in USD200mn, said the people, who declined to be identifies as the process is confidential, reported Bloomberg. (Source: Agencies & Al-Watan Daily) Kuwait will once again allow expatriates to obtain a work permit through transferring their commercial visa by the beginning of next year, after the current system was suspended at the start of this month in order to introduce amendments to impose stricter immigration criteria. Work is currently underway to introduce new controls and conditions for obtaining commercial visas which can prevent violations in the process of turning visas into work permits, before the procedure is allowed again by January 1, 2012", said a senior Ministry of Social Affairs and Labor (MSAL) official. Although one of the conditions for obtaining commercial visas is that all applicants must have a university degree, the insider believes that this is inadequate without any verifiable proof of this qualification. (Source: KUNA) A possible strike by some employees of the Kuwait Stock Exchange (KSE), demanding to amend their employment conditions, will not affect trading on the bourse, an official said on Wednesday, September 21. "It will not affect trading ... they are all administrative jobs, and we are expecting some good news so the strike might not even take place," Mohammed Al-Ghanim, director of the trading department at the


September 2011 4

KSE was quoted as saying. He added that the call to strike at the end of September was in response to a legal article of the newly-formed Capital Markets Authority (CMA), relating to the transfer of bourse employees to the CMA, which has still not been implemented. (Source: Local media) Global’s Recent Publications In continuation of Global Investment House <GLOB.KW> coverage on the MENA region we have come out during the week with the following reports:

• On September 19 – Oil – We have come with our “Monthly Oil Report – September 2011”. Highlights of the report include: - Oil prices witness declines as fears of global economic slowdown escalate - Growth in US manufacturing sector slowed down during Aug. 2011 - WTI prices remained stagnant during the review period (August 15 to September 16, 2011) - World oil demand expected to grow 0.9% y-o-y during 3Q11

Full report can be viewed through the link below: http://www.globalinv.net/research/Oil-Market-Report-092011.pdf Kuwait Stock Exchange Kuwait's biggest lenders National Bank of Kuwait (NBK) <NBKK.KW> and Kuwait Finance House (KFH) <KFIN.KW> denied reports that they were putting customers' money at risk by trading in derivatives. "NBK does not engage in any derivative trading at all and has no exposure whatsoever to these instruments," Kuwait's biggest lender said in a statement on the bourse website on Sunday, reiterated by a similar statement by KFH. (Source: KSE Website) Al-Mazaya Holding Company <MAZA.KW> is shifting its attention away from a stagnant Dubai real estate market and putting a focus on off-plan developments to the fast growing economies of Saudi Arabia and Qatar in a bid to generate more revenues in coming years, Nayef Ahmed Al Awadi, the company's Chief Executive Officer said. "Dubai's real estate market historically was concentrated on off-plan but that model is no longer significant for the future," Al Awadi said. Dubai currently accounts for about 75 percent of Mazaya's entire investment portfolio. (Source: Zawya) Kuwait Cement Company (KCC) <KCEM.KW> signed an USD500mn long-term contract with UAE's Ras Al Khaimah Rock Company (RAK Rock) to import limestone, the raw material used in cement production. Under the deal, RAK Rock will supply large quantities of limestone over 20 years to KCC's plant in Shuaiba industrial area, the cement producer said. This contract follows a similar previous deal with RAK Rock. (Source: Zawya) Kuwait's Securities House's <SECH.KW> U.K. unit Gatehouse Bank has concluded a deal to acquire a newly-built student accommodation property in Glasgow, Scotland bringing its overall real estate portfolio to nearly USD500mn. The deal is expected to generate an annual cash yield of 8 percent. Student accommodation is a real-estate investment sector that offers investment opportunities with excellent returns, Fahed Boodai, Gatehouse Bank's Chairman said. (Source: Zawya) Kuwaiti shareholder Mohammad Yousuf Behbehani has received Central Bank of Kuwait’s (CBK) approval to raise his stake in Al Ahli Bank of Kuwait <ABKK.KW> to 15 percent, the stock exchange said in a statement. Behbehani currently owns a 4.9 percent stake in the lender and the approval is valid for three months, the statement said. He will be the biggest shareholder in the bank if the transaction is completed, according to bourse data. (Source: KSE Website) Algeria invited bids from operators last week for the country’s first third generation (3G) mobile telephone license. A unit of National Mobile Telecommunications Company’s (Wataniya) <NMTC.KW>, which operates the second biggest mobile telephone network in Algeria, said last month that it will bid for the 3G license. The winning bid will be announced on October 23 and the 3G license is valid for commercial operation in the first quarter of next year, according to the terms of the tender outlined by state telecoms regulator,

http://www.globalinv.net/research/Oil-Market-Report-092011.pdf


September 2011 5

Highlights of the week The Board of Commissioners of Kuwait Capital Market Authority (CMA) announced Monday the successful completing the first phase of the transitional period of enforcing the provisions of Law No. 7 of 2010 of the creation of CMA to monitor and regulate capital market activities. In a press statement, the CMA pointed out the law has called for settling brokers and investment funds situation and the transfer of regulatory tasks to the new authority, CMA, six months after the issuance of the executive statue of the law (ending September 12, 2011). "All brokers and investment funds have applied for the settlement of their status to comply with the regulations of the new law," the statement said. "This shows that they are committed to the law provisions and the legal deadline. They have also proved their keenness on helping fulfill His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's ambition to get Kuwait back to its leading role and turning it into an international financial hub," it said.

The CMA has been coordinating with the relevant regulatory authorities to actively end securities tie up with Central Bank of Kuwait (CBK) and transfer regulatory tasks to the new entity. Both sides have recently signed a MoU to achieve this goal last week. During the past six months, the regulatory tasks of the CBK’s Capital Market Committee transferred to the CMA in accordance with the provisions of Article 155 of the law. (Source: KUNA)

ARPT. Algeria’s Telecom Minister Moussa Benhamadi said last month that the tender will most likely be held in early 2012 and will be open to Algeria’s three mobile operators, Orascom Telecom Algeria, Algerie Telecom and Wataniya Telecom Algeria. Local reports say the licenses will cost approximately USD40mn individually. (Source: Reuters & It news AFRIC) Heavy Engineering & Ship Building Company (HEISCO) <SHIP.KW> announced that it has been awarded tender 1301/CB at a total value of KWD2.13mn. Under the contract, the KSE-listed company will operate and maintain the residue processing unit in Port of Mina Abd Allah for Kuwait National Petroleum Company (KNPC). HEISCO reported signing the relevant contract of the tender which will last five years and three months as of September 18, 2011. (Source: KSE Website & Mubasher) Al-Safat Investment Company <SAFT.KW> held an ordinary shareholder meeting on Tuesday, September 20, 2011. Shareholders gave the go-ahead for withholding dividend for the fiscal year that ended on December 31, 2010. They also approved offsetting accumulated losses amounting to KWD29.51mn till December 31, 2010 as follows: KWD4.35mn through legal reserve and KWD25.16mn through an issue premium. Accordingly, KWD19.06mn will remain after amortizing all losses. Accordingly, the stock resumed trading in Wednesday, September 21, session without price limits. (Source: KSE Website & Mubasher) Mena Real Estate Company (MREC) <MENK.KW>, has recently set up a new subsidiary in Turkey to target real estate projects, an executive said. The new company, named Mena Turk, has embarked on its first project there, Fouad Al Omar, MREC's chairman, said. The project, which involves the construction of villas, is being developed in partnership with other investors, he added. (Source: Al Anba newspaper & Zawya) Kuwait Co. for Process Plant Construction & Contracting (KCPC) <KCPC.KW> announced receiving on September 20, 2011 the letter of award for tender No. KS/SH/42. The Central Tenders Committee (CTC) had declared on September 13, 2011, that the KSE-listed company submitted the lowest bid. The KWD1.24mn worth of tender will last for 1095 days. Under the contract, the company will maintain and build sanitary swage network in the Kuwaiti capital. (Source: KSE Website & Mubasher) Boubyan Petrochemical Company <BPCC.KW> announced that its 9 percent owned subsidiary, EQUATE Petrochemical Company's AGM will be held to discuss the buyback of its shares from the company, for a total value of USD22.5mn. If executed, the company will realize a profit of USD19.6mn (KWD5.4mn), which will be reflected in its 2Q financial statements ended October 31, 2011. (Source: Zawya) Latest Financial Results announced of the KSE listed Companies

ReutersCode Jun-11 Jun-10 Jun-11 Jun-10

Al Safat Real Estate Company (31-1) * Parallel -1.33 -0.47 - -5.53 -1.98Source: Kuwait Stock Exchange * 6 Months results ending in July 2011

First Half Results

Company name Net profit KWDmn Change % EPS - fils


September 2011 6

Services 353,442,500 33.39 Services 25,883,730 26.38

Investment 316,640,000 29.92 Investment 23,713,410 24.17

Real Estate 254,915,000 24.08 Banking 18,318,500 18.67

Industrial 38,417,500 3.63 Real Estate 15,525,830 15.82

Non Kuwaiti 35,840,000 3.39 Industrial 10,463,170 10.66

Banking 32,262,500 3.05 Food 2,310,630 2.35

Food 26,850,000 2.54 Non Kuwaiti 1,886,690 1.92

Insurance 50,000 0.005 Insurance 23,800 0.02

Sector Volume Traded % of Total Volume Traded Sector Value Traded

(KWD)

Sectors Ranked by Volume Traded Sectors Ranked by Value Traded

% of Total Value Traded

Company Close %Chg. Volume Company Close %Chg. Value (KWD)

Abyaar Real Estate Development Co. 0.0300 11.11% 109,040,000 Zain 0.9800 -3.92% 5,509,450

Al-Safat Energy Holding Company 0.0460 12.20% 85,000,000 National Investment Company 0.2100 -7.08% 5,261,080

Al-Safwa Group Holding 0.0170 -5.56% 83,520,000 National Industries Group (Holding) 0.2220 -6.72% 5,024,200

International Financial Advisors 0.0410 -7.87% 70,880,000 Kuwait Finance House 0.9100 -2.15% 4,753,850

National Ranges Company 0.0165 -8.33% 60,320,000 National Bank of Kuwait 1.0600 -1.85% 4,149,400

Al-Mal Investment Company 0.0670 -4.29% 48,760,000 Kuwait Remal Real Estate Co. 0.2550 2.00% 4,092,500

Al-Safat TEC Holding Co. 0.0590 1.72% 42,640,000 Al-Safat Energy Holding Company 0.0460 12.20% 3,935,880

Al- Safat Investment Co. 0.0780 -6.02% 38,840,000 Kuwait International Bank 0.2750 -3.51% 3,676,850

Coast Investment & Development Company 0.0750 -13.79% 29,480,000 Al-Mal Investment Company 0.0670 -4.29% 3,411,480Danah Al Safat Foodstuff Company 0.0750 0.00% 26,480,000 Al- Safat Investment Co. 0.0780 -6.02% 3,126,400

Top Ten Stocks by Volume Top Ten Stocks by Value

Company Close %Chg. Volume Company Close %Chg. Volume

Housing Finance Company (ISKAN) 0.0325 16.07% 160,000 Kuwait National Cinema Company 1.0200 -22.73% 82,500

Al-Safat Energy Holding Company 0.0460 12.20% 85,000,000 Safwan Trading & Contracting Company 0.7500 -16.67% 35,000

Abyaar Real Estate Development Co. 0.0300 11.11% 109,040,000 Jeeran Holding Co. 0.0770 -15.38% 240,000

Kuwait Hotels 0.2900 9.43% 10,000 Coast Investment & Development Company 0.0750 -13.79% 29,480,000

Manafae Investment Company 0.0640 8.47% 1,000,000 Al-Rai Media Group 0.0690 -13.75% 1,720,000

Top Five Gainers Top Five Losers

Company Close (fils) High (fils) Low (fils) %Chg. Total Volume

Safwan Trading & Contracting Company 750.0 900.0 750.0 20.00% 35,000Kuwait National Cinema Company 1,020 1,220 1,020 19.61% 82,500Al Dar National Real Estate 18.5 21.5 18.5 16.22% 12,400,000Al-Mazaya Holding Company 63 73 63 15.87% 8,440,000Coast Investment & Development Company 75 85 75 13.33% 29,480,000* Based on the five days closing prices

Highest Fluctuation


September 2011 7

Issue Date Maturity Date Life Volume - Mn KWDmn-Bid CouponsSep 10, 08 Sep 08, 10 2YR 15 15.00 2.000%

Sep 16, 09 Sep 15, 10 1YR 75 391.00 1.500%

Oct 07, 09 Oct 06, 10 1YR 80 453.50 1.500%

Dec 09, 09 Dec 08, 10 1YR 100 354.25 1.500%

Dec 23, 09 Dec 22, 10 1YR 80 334.50 1.500%Jan 27, 10 Jan 26, 11 1YR 60 376.50 1.500%

Mar 10, 10 Mar 09, 11 1YR 100 548.50 1.250%

Mar 17, 10 Mar 16, 11 1YR 200 947.50 1.250%Mar 24, 10 Mar 23, 11 1YR 100 548.00 1.250%

Apr 07, 10 Apr 06, 11 1YR 80 393.00 1.250%Apr 14, 10 Apr 13, 11 1YR 50 293.00 1.250%

Apr 21, 10 Apr 20, 11 1YR 85 504.50 1.250%

Apr 28, 10 Apr 27, 11 1YR 70 439.50 1.250%May 05, 10 May 04, 11 1YR 125 699.00 1.250%

May 12, 10 May 11, 11 1YR 60 375.00 1.250%

May 31, 06 May 25, 11 5YR 75 553.00 6.375%Aug 04, 10 Aug 03, 11 1YR 100 512.00 1.250%

Aug 11, 10 Aug 10, 11 1YR 100 492.00 1.250%

Aug 18, 10 Aug 17, 11 1YR 100 467.00 1.250%

Aug 25, 10 Aug 24, 11 1YR 40 310.00 1.250%

Aug 30, 06 Aug 24, 11 5YR 60 982.00 6.625%Sep 08, 10 Sep 05, 11 2YR 15 35.00 1.375%

Sep 15, 10 Sep 14, 11 1YR 75 367.00 1.250%

Oct 06, 10 Oct 05, 11 1YR 80 546.00 1.250%

Dec 08, 10 Dec 07, 11 1YR 100 606.00 1.250%

Dec 22, 10 Dec 21, 11 1YR 80 527.50 1.250%Jan 26, 11 Jan 25, 12 1YR 60 409.00 1.250%

Mar 09, 11 Mar 07, 12 1YR 100 565.00 1.250%

Mar 16, 11 Mar 14, 12 1YR 200 1,048.00 1.250%

Mar 23, 11 Mar 23, 12 1YR 100 469.50 1.250%Apr 06, 11 Apr 04, 12 1YR 80 454.00 1.250%

Apr 13, 11 Apr 11, 12 1YR 50 316.00 1.250%

Apr 20, 11 Apr 18, 12 1YR 85 553.00 1.250%

Apr 27, 11 Apr 25, 12 1YR 70 542.50 1.250%

May 04, 11 May 02, 12 1YR 125 841.50 1.250%

May 11, 11 May 09, 12 1YR 60 457.30 1.250%

May 12, 10 May 09, 12 2YR 33 33.00 1.375%May 25, 11 May 23, 12 1YR 75 499.00 1.250%

Aug 03, 11 Aug 01, 12 1YR 100 560.00 1.250%

Aug 10, 11 Aug 08, 12 1YR 100 425.00 1.250%Aug 17, 11 Aug 15, 12 1YR 100 428.00 1.250%

Aug 24, 11 Aug 22, 12 1YR 40 40.00 1.250%Sep 14, 11 Sep 12, 12 1YR 75 311.00 1.250%Jun 21, 06 Jun 12, 13 7YR 100 498.00 6.625%Aug 24, 11 Aug 17, 16 5YR 20 20.00 1.625%Recently Matured Newly issued Latest ChangedSource: Reuters

KWD T-Bonds issued by CBK - Tender Results


September 2011 8

GCC & International Markets Currencies Cross rates GCC & MENA region stock markets performance

KIBOR 3 months 3 months 6 months6 months 9 months2 years 1 yearSource: Reuters

0.84494

Bid %Interest Rates

0.81251.0625

1.56

LIBOR (on USD deposits) 0.35806

0.5370.685

Currency KWD USD EUR GBR CHF JPY AUD

Kw Dinar 1 3.6062 2.6786 2.3383 3.2881 275.0451 3.6678

US Dollar 0.2773 1 0.7428 0.6484 0.9118 76.2700 1.0171

Euro 0.3733 1.3463 1 0.8730 1.2276 102.6823 1.3693

Sterling Pound 0.4277 1.5422 1.1455 1 1.4062 117.6236 1.5686

Swiss Franc 0.3041 1.0967 0.8146 0.7111 1 83.6477 1.1155

Japanese Yen 0.0036 0.0131 0.0097 0.0085 0.0120 1 0.0133

Australian Dollar 0.2726 0.9832 0.7303 0.6375 0.8965 74.9887 1

Currency KWD USD SAR AED BHD OMR QAR

Kw Dinar 1 3.6062 13.5258 13.2459 1.3596 1.3885 13.1334

US Dollar 0.2773 1 3.7507 3.6731 0.3770 0.3850 3.6419

Saudi Riyal 0.0739 0.2666 1 0.9793 0.1005 0.1027 0.9710

UAE Dirham 0.0755 0.2722 1.0211 1 0.1026 0.1048 0.9915

Bahraini Dinar 0.7355 2.6523 9.9480 9.7422 1 1.0212 9.6594

Omani Riyal 0.7202 2.5971 9.7411 9.5395 0.9792 1 9.4585

Qatari Riyal 0.0761 0.2746 1.0299 1.0086 0.1035 0.1057 1

Source: Reuters & Global calculations

Kuwaiti Dinar Exchange rate against other International Currencies

Kuwaiti Dinar Exchange rate against other GCC Currencies

Country Indices Index Level Net change* % Change YTD %Kuwait (KSE) ▼ 5,916.20 -110.90 -1.84 -14.94

Global General (Kw) ▼ 182.66 -3.66 -1.96 -18.28

Saudi Arabia ▲ 6,142.26 70.74 1.17 -7.23

Dubai ▼ 1,460.29 -7.45 -0.51 -10.44

Abu Dhabi ▼ 2,557.45 -19.24 -0.75 -5.97

Oman ▼ 5,699.29 -23.72 -0.41 -15.63

Bahrain All share ▼ 1,245.01 -20.20 -1.60 -13.07

Qatar ▲ 8,444.79 97.05 1.16 -2.73

* Calculated from Thursday to Thursday

Weekly Performance of Regional Markets


September 2011 9

* YTD2011% of Tunisia index is as of Wednesday, September 21, 2011 close.

-14.94

-18.28

-7.23

-10.44

-5.97

-15.63

-13.07

-2.73

-39.30

-14.34

-15.91

-1.44

-9.47

-9.71

-0.71

20.03

8.15

-9.60

-0.87

6.06

-1.78

24.75

15.03

-6.31

-5.76

-0.69

21.17

19.17

(60) (40) (20) - 20 40 60

Kuwait (KSE)

Global General (Kw)

Saudi Arabia

Dubai

Abu Dhabi

Oman

Bahrain All share

Qatar

Egypt (EGX30)

Jordan (New Free float Index)

Lebanon

Palestine - AlQuds Index

Morocco

Tunisia

Performance of MENA Stock Markets

% YTD 2011 % 2010


September 2011 10

Global Technical Analysis

Kuwait Stock Exchange Kuwait Stock Exchange Price Index <.KWSE> closed at 5,916.20 point. The recovery initiated at this year’s low at 5,746 point was impressive, but it would take a firm cross over the upper end of the declining trend line located at 6,050 point, also found there the 38.2% level of the Fibonacci Retracements from 6,537 point – 5,746 point, to confirm further buying potential towards 6,141 point and 6,235 point (50% and 61.8% levels, respectively). As was expected in our last analysis, the index is currently in a correction mode downwards due to the overbought status of the daily “RSI” at that time but the market is unlikely to witness a sharp fall on the coming period, rather it could see some fluctuations until further clarifications emerge. However, only a slippage below 5,746 point would validate a lower-high and lower-low pattern, a case if happens will lead to 5,600 point and 5,380 point. Weekly “RSI” indicator is currently negative. Strategy: Medium-term (11 weeks) and long-term (50 weeks) investors can enter the market at levels higher than 5,975 point and 6,375 point, respectively.

Weekly Q.KWSE

5,3805,600

6,537

5,746

EMA, Q.KWSE, Last Trade(Last), 1125/09/11, 5,972.18EMA, Q.KWSE, Last Trade(Last), 5025/09/11, 6,374.73Cndl, Q.KWSE, Last Trade25/09/11, 5,999.80, 5,999.80, 5,905.10, 5,916.20BBand, Q.KWSE, Last Trade(Last), 20, Simple, 2.025/09/11, 6,538.29, 6,105.24, 5,672.20

PriceKWD

.12

5,400

5,700

6,000

6,300

6,600

6,900

7,200

7,500

7,800

Vol, Q.KWSE, Last Trade25/09/11, 792.258M Volume

.12342B

MACD, Q.KWSE, Last Trade(Last), 12, 26, 9, Exponential25/09/11, -161.26, -166.57 Value

KWD

.12-600

RSI, Q.KWSE, Last Trade(Last), 14, Wilder Smoothing25/09/11, 36.897 Value

KWD

.123

30

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec JanQ2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011


September 2011 11

Al-Jazeera Airways Co. <JAZK.KW> Al-Jazeera Airways’ stock price closed at KWD0.280. The extreme overbought mode of both the weekly and daily “RSI” indicators indicates an exhaustion of the rally that started on last may, with the possibility of a peak formation around KWD0.295. This is supported by the bearish “shooting star” on the weekly chart, which usually suggests a loss of buying interest when it comes after a prolonged uptrend. However, if it take place, the bearish correction phase downwards does not necessarily mean an end to the bullish outlook, rather it could be for an accumulation of positive momentum leading to KWD0.320 (50% level of the Fibonacci Retracements from KWD0.545 – KWD0.096) and KWD0.375 (61.8% level). Nearby support levels are located at KWD0.265 and KWD0.234. Strategy: Medium-term (11 weeks) and long-term (50 weeks) investors who would like to hold should be aware if the stock trades below KWD0.246 and KWD0.186, respectively.

Weekly QJAZK.KW

960.0%

202.123.6%

267.738.2%

320.750.0%

373.861.8%

439.476.4%

234

295

EMA, QJAZK.KW, Last Trade(Last), 1125/09/11, 246.3EMA, QJAZK.KW, Last Trade(Last), 5025/09/11, 185.8Cndl, QJAZK.KW, Last Trade25/09/11, 285.0, 295.0, 280.0, 280.0BBand, QJAZK.KW, Last Trade(Last), 20, Simple, 2.025/09/11, 284.0, 222.6, 161.1

PriceKWf

.1

90

120

150

180

210

240

270

300

330

360

390

Vol, QJAZK.KW, Last Trade25/09/11, 2.290M Volume

.123420M40M

MACD, QJAZK.KW, Last Trade(Last), 12, 26, 9, Exponential25/09/11, 32.6, 28.3 Value

KWf

.1-20

RSI, QJAZK.KW, Last Trade(Last), 14, Wilder Smoothing25/09/11, 78.639 Value

KWf

.123

30

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A MQ1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 12

National Bank of Kuwait <NBKK.KW> NBK’s stock price closed at KWD1.060. The stock has lost its recovery impetus as a result of its failure to overcome its resistance line at KWD1.120. This forced the price to dip below its medium-term (11 weeks) moving average once again and may threaten to re-visit last month’s low at KWD0.990. Knowing that a close below there would open the risk for further declines towards the critical horizontal line at KWD0.900. Also, it is important to know that chances are there for the price to fluctuate between the range of KWD0.990 – KWD1.120 in the absence of heavy trading activity. Therefore, an escape of this zone is believed to be the indicator of the next directional move. However, breaking above KWD1.120 would promote KWD1.200 and KWD1.240. Weekly and daily “RSI” indicators are looking negative at present. Strategy: Medium-term and long-term (50 weeks) investor can buy if the price sustains a close above KWD1.080 and KWD1.140, respectively

Weekly QNBKK.KW

990

900

1,120

EMA, QNBKK.KW, Last Trade(Last), 1125/09/11, 1,082.9EMA, QNBKK.KW, Last Trade(Last), 5025/09/11, 1,137.1Cndl, QNBKK.KW, Last Trade25/09/11, 1,080.0, 1,100.0, 1,060.0, 1,060.0BBand, QNBKK.KW, Last Trade(Last), 20, Simple, 2.025/09/11, 1,245.9, 1,120.0, 994.1

PriceKWf

.1600650

700

750

800

850

900

950

1,000

1,050

1,100

1,150

1,200

1,2501,300

Vol, QNBKK.KW, Last Trade25/09/11, 3.700M Volume

.1234

50M

MACD, QNBKK.KW, Last Trade(Last), 12, 26, 9, Exponential25/09/11, -35.8, -33.7 Value

KWf

.1-100

RSI, QNBKK.KW, Last Trade(Last), 14, Wilder Smoothing25/09/11, 41.086 Value

KWf

.123

30

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O NQ1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Global Investment HouseKuwait Stock Exchange Listed Companies' Financials & Trading Activity

For the week ended on:

BANKING

National Bank of Kuwait NBKK.KW 1.0600 -1.85% 3,957,725 3,863 4,195,189 0.10 81.65 12.98 539.56 1.96 80,792 3.77

The Gulf Bank GBKK.KW 0.5100 -1.92% 2,507,702 1,535 1,278,928 0.06 15.60 32.70 168.20 3.03 9,778 -

Commercial Bank of Kuwait CBKK.KW 0.8500 3.66% 1,272,022 1,320 1,081,219 0.10 4.19 202.63 361.40 2.35 1,334 1.76

Al-Ahli Bank of Kuwait ABKK.KW 0.6300 -1.56% 1,441,180 40 907,944 0.00 45.23 13.93 316.51 1.99 16,296 3.17

Ahli United Bank BKME.KW 0.9200 -4.17% 1,126,887 810 1,036,736 0.07 30.27 30.40 213.33 4.31 8,527 1.52

Kuwait International Bank KIBK.KW 0.2750 -3.51% 1,037,327 13,340 285,265 1.29 11.61 23.70 191.64 1.43 3,010 -

Burgan Bank BURG.KW 0.4750 -1.04% 1,471,397 4,880 698,914 0.33 32.14 14.78 293.24 1.62 11,822 -

Kuwait Finance House KFIN.KW 0.9100 -2.15% 2,689,041 5,170 2,447,027 0.19 33.65 27.04 468.38 1.94 22,625 2.20

Boubyan Bank BOUK.KW 0.6000 0.00% 1,748,235 1,305 1,048,941 0.07 4.83 124.19 137.24 4.37 2,112 -

Sector Total/ Weighted Average 17,251,517 32,263 12,980,162 0.19 17.75 338.71 2.22 156,295 2.34

INVESTMENT

Kuwait Investment Co. KINV.KW 0.1120 0.00% 551,250 220 61,740 0.04 26.89 4.16 196.24 0.57 3,706 -

Commercial Facilities Co. FACI.KW 0.3000 -1.64% 536,764 50 161,029 0.01 24.85 12.07 285.69 1.05 3,334 7.33

International Financial Advisors (IFA) IFIN.KW 0.0410 -7.87% 720,000 70,880 29,520 9.84 2.27 18.05 172.17 0.24 409 -

National Investment Company NINV.KW 0.2100 -7.08% 876,213 24,040 184,005 2.74 232.52 0.90 -1,018 -

Kuwait Investment Projects Co. (Holding) KPRO.KW 0.3250 -1.52% 1,272,928 3,710 413,701 0.29 25.32 12.84 417.54 0.78 8,057 6.15

Al-Ahlia Holding Co. AINV.KW 0.0115 0.00% 828,158 - 9,524 - 37.01 0.31 -1,446 -

The Coast Development Investment COAS.KW 0.0750 -13.79% 625,293 29,480 46,897 4.71 80.08 0.94 -5,155 -

The International Investor Co. ! TIIK.KW 0.0250 0.00% 492,222 - 12,306 - 0 -

The Securities House Co. ! SECH.KW 0.1300 0.00% 680,000 - 88,400 - 0 -

Industrial & Financial Investments Co. ! IICK.KW 0.0380 0.00% 459,967 - 17,479 - 0 -

Securities Group Co. (Year end Mar.) ^ SGCK.KW 0.2400 0.00% 255,284 - 61,268 - 10.11 23.74 246.76 0.97 1,935 -

International Finance Co. IMCK.KW 0.1020 0.00% 802,883 - 81,894 - 93.77 1.09 -2,027 -

Kuwait Financial Center (MARKAZ) MARKZ.KW 0.1120 -3.45% 531,300 1,520 59,506 0.29 163.84 0.68 -748 8.93

Kuwait & Middle East Financial Investment Co. KMEF.KW 0.0500 0.00% 263,815 - 13,191 - 127.32 0.39 -1,243 -

International Investment Group ! IIGK.KW 0.0440 0.00% 456,704 - 20,095 - 0 -

Aref Investment Group Co. ! AIGK.KW 0.0520 0.00% 1,061,291 - 55,187 - 0 -

The Investment Dar ! TIDK.KW 0.0740 0.00% 954,151 - 70,607 - 0

Al-Aman Investment Co. AMAN.KW 0.0355 -6.58% 486,315 160 17,264 0.03 0.58 61.17 45.38 0.78 71 -

First Investment Co. OLAK.KW 0.0940 0.00% 651,071 - 61,201 - 128.30 0.73 -195 -

Al-Mal Investment Co. MALK.KW 0.0670 -4.29% 528,281 48,760 35,395 9.23 138.56 0.48 -4,064 -

Gulf Investment House GIHK.KW 0.0285 -1.72% 442,191 240 12,602 0.05 53.14 0.54 -785 -

A'ayan Leasing & Investment Co. ! AAYA.KW 0.0710 0.00% 638,820 - 45,356 - 0 -

Bayan Investment Company BAYK.KW 0.0285 -6.56% 400,517 320 11,415 0.08 73.33 0.39 -3,793 -

Global Investment House GLOB.KW 0.0395 2.60% 1,312,427 25,200 51,841 1.92 42.75 0.92 -22,030 -

Osoul Investment Company OSUL.KW 0.0590 0.00% 188,707 - 11,134 - 98.00 0.60 -239 -

Company Name Reuters RIC Closing Price KD

Week To Date % Change

Thursday, September 22, 2011

Weekly Volume '000

Shares

No. of Shares ('000)

Market Cap KD'000

Weekly Shares

Turnover %EPS Fils P/E !! Book Value Fils P/BV Dividend

Yield % Net Profit March 2011 KWD'000 *

Gulfinvest International Co. ! GVES.KW 0.0205 0.00% 185,000 - 3,793 - (193.55) -0.11 -896 -

Kuwait Finance & Investment Co. ! KFSK.KW 0.0260 0.00% 541,478 - 14,078 - 0 -

KIPCO Asset Management Financial Services (KAMCO) KAMC.KW 0.2550 0.00% 263,302 - 67,142 - 3.26 78.27 336.93 0.76 214 -

International Leasing & Investment ! ILIC.KW 0.0940 0.00% 313,051 - 29,427 - 0

National International Holding Co. NIHK.KW 0.0350 7.69% 212,625 80 7,442 0.04 170.26 0.21 -472 -

Housing Finance Co. (Iskan) ISKN.KW 0.0325 16.07% 297,759 160 9,677 0.05 61.81 0.53 -1,579 -

Al Madar Finance & Investment Co. ! MADR.KW 0.0510 0.00% 367,356 - 18,735 - 0 -

Al Deera Holding Co. DEER.KW 0.0295 -1.67% 744,456 6,400 21,961 0.86 114.03 0.26 -2,168 -

Al Safat Investment Co. SAFT.KW 0.0780 -6.02% - 38,840 - 0 -

Al Salam Group Holding Co. BGRP.KW 0.0430 6.17% 240,000 21,680 10,320 9.03 0.53 81.26 82.76 0.52 32 -

Ekttitab Holding Co. KADH.KW 0.0235 0.00% 517,000 6,960 12,150 1.35 40.58 0.58 -2,600 -

Al Qurain Holding Co. QURK.KW 0.0235 -9.62% 296,485 240 6,967 0.08 77.69 0.30 -1,605 -

Sokouk Holding Co. SHCK.KW 0.0200 -2.44% 1,000,000 10,160 20,000 -1,391 -

Al-Madina For Finance & Investment Co. MADI.KW 0.0315 -5.97% 407,065 6,640 12,823 1.63 164.06 0.19 -430 -

Noor Investment Co. ! NOOR.KW 0.0290 0.00% 750,000 - 21,750 - 0 -

Tamdeen Investment Co. TAMI.KW 0.1580 -8.14% 311,850 2,580 49,272 0.83 28.60 5.52 321.99 0.49 2,230 3.80

Kuwait Bahrain International Exchange Co. EXCH.KW 0.2550 0.00% 46,200 - 11,781 - 1.74 146.84 119.12 2.14 20 5.10 Taiba Kuwaiti Holding Company (Damac Kuwaiti Holding) DAMK.KW 0.1160 0.00% 180,000 - 20,880 - 14.76 7.86 95.44 1.22 664 -

Kuwait Syrian Holding Co. KSCH.KW 0.0325 -4.41% 300,000 3,440 9,750 1.15 100.68 0.32 -463 -

Strategia Investment Company STRAT.KW 0.0810 0.00% 150,000 - 12,150 - 2.90 27.92 103.95 0.78 109 -

Kuwait China Investment Company KCIC.KW 0.0550 0.00% 800,000 5,720 44,000 0.72 9.36 5.88 111.69 0.49 1,872 -

Manafae Investment Company MANF.KW 0.0640 8.47% 200,881 1,000 12,856 0.50 122.54 0.52 -411 -

Gulf North Africa Holding Company GNAH.KW 0.0490 -3.92% 150,000 40 7,350 0.03 118.12 0.41 -151 10.20

Amwal International Investment Company AMWA.KW 0.0640 0.00% 180,551 - 11,555 - 102.05 0.63 -32 -

Al-Masar Leasing & Investment Co. ! MASR.KW 0.0425 0.00% 160,050 - 6,802 - 0 -

Al-Imtiaz Investment Company ALIMK.KW 0.1680 2.44% 1,133,617 8,120 190,448 0.72 39.89 4.21 204.64 0.82 11,304 4.17

Sector Total/ Weighted Average 25,765,280 316,640 2,265,666 1.23 8.44 144.54 0.69 -22,920 1.88

INSURANCE

Kuwait Insurance Co. KINS.KW 0.3000 -37.50% 194,040 - 58,212 - 46.66 6.43 250.93 1.20 2,263 6.67

Gulf Insurance Co. GINS.KW 0.5500 0.00% 178,133 - 97,973 - 45.92 11.98 379.33 1.45 2,045 4.55

Al-Ahlia Insurance Co. AINS.KW 0.4750 -1.04% 180,507 50 85,741 0.03 30.56 15.54 425.44 1.12 1,379 5.26

Warba Insurance Co. WINS.KW 0.1440 0.00% 172,789 - 24,882 - 21.03 6.85 266.10 0.54 908 6.94

Kuwait Re-Insurance Co. KWRE.KW 0.2200 0.00% 110,000 - 24,200 - 320.80 0.69 -992 2.73

1st Takaful Insurance FTIK.KW 0.0750 0.00% 100,000 - 7,500 - 0.05 1,660.76 98.28 0.76 1 -

Wethaq Takaful Insurance WETH.KW 0.0455 0.00% 110,250 - 5,016 - 99.58 0.46 -102 -

Sector Total/ Weighted Average 1,045,718 50 303,524 0.00 10.11 283.86 1.03 5,504 7.83

REAL ESTATE

Kuwait Real Estate Co. KREK.KW 0.0500 -1.96% 906,713 10,520 45,336 1.16 8.35 5.99 125.55 0.40 1,893 -

United Real Estate Company UREK.KW 0.1040 6.12% 1,187,974 26,380 123,549 2.22 4.24 24.53 160.01 0.65 1,259 -

National Real Estate Co. NREK.KW 0.0750 -7.41% 814,195 2,480 61,065 0.30 4.35 17.23 283.30 0.26 886 -

Salhia Real Estate Co. SREK.KW 0.2080 -0.95% 500,703 20 104,146 0.00 14.91 13.95 265.71 0.78 1,866 9.62

Pearl of Kuwait Real Estate Co. PEAR.KW 0.0195 -7.14% 251,651 9,840 4,907 3.91 28.91 -1,164 -

Tamdeen Real Estate Co. TAMK.KW 0.2360 -4.84% 373,120 1,380 88,056 0.37 18.43 12.81 280.62 0.84 1,719 4.24

Ajial Real Estate & Entertainment Co. AREC.KW 0.1180 1.72% 176,400 40 20,815 0.02 331.60 0.36 -763 -

Al- Massaleh Real Estate MREC.KW 0.0820 0.00% 235,654 40 19,324 0.02 165.48 0.50 -61 6.10

Arab Real Estate Co ARAB KW 0 0330 -4 35% 509 845 320 16 825 0 06 139 67 0 24 -670 -Arab Real Estate Co. ARAB.KW 0.0330 4.35% 509,845 320 16,825 0.06 139.67 0.24 670

Union Real Estate Co. UREC.KW 0.1100 5.77% 201,014 500 22,112 0.25 6.35 17.32 134.11 0.82 319 6.36

Al-Enma'a Real Estate Co. (Year end Oct.) ^^ ENMA.KW 0.1000 -3.85% 450,535 4,860 45,053 1.08 4.32 23.13 119.56 0.84 974 -

Mabanee Company MABK.KW 0.8300 -2.35% 555,626 885 461,170 0.16 41.59 19.96 247.22 3.36 5,776 -

Inazzat Real Estate Development Co. INJA.KW 0.0860 -4.44% 345,649 240 29,726 0.07 0.01 6,768.16 157.85 0.54 1 -

Investors Holding Group Company ! INVK.KW 0.0135 0.00% 1,070,000 - 14,445 - 48.70 0.28 -3,871 -

International Resorts Company IRCK.KW 0.0320 -7.25% 154,482 1,200 4,943 0.78 100.77 0.32 -259 -

The Commercial Real Estate Company TIJK.KW 0.0790 -1.25% 1,834,814 6,480 144,950 0.35 2.95 26.81 132.92 0.59 1,352 -

Sanam Real Estate Company SANK.KW 0.0590 0.00% 122,185 - 7,209 - 104.04 0.57 -126 -

Aa'yan Real Estate Co. AYRE.KW 0.0580 -4.92% 395,850 8,000 22,959 2.02 180.24 0.32 -760 -






Weekly Volume '000

Shares


Market Cap KD'000

Weekly Shares



Aqar Real Estate Investment Co. AQAR.KW 0.0900 0.00% 234,250 - 21,083 - 1.23 73.18 101.97 0.88 72 -

Kuwait Real Estate Holding Company ALAQ.KW 0.0300 0.00% 315,000 160 9,450 0.05 81.33 0.37 -388 -

Al Mazaya Holding Co. MAZA.KW 0.0630 -10.00% 649,320 8,440 40,907 1.30 204.92 0.31 -968 -

Al Dar National Real Estate Company ADNC.KW 0.0185 5.71% 420,000 12,400 7,770 2.95 1.06 17.46 36.97 0.50 111 -

Al Themar International Holding Co. (Year end Mar.) ** THMR.KW 0.1020 0.00% 1,012,500 - 103,275 - 5.90 17.28 103.34 0.99 5,975 4.90

Grand Real Estate Projects Co. ! GRND.KW 0.0175 0.00% 375,350 - 6,569 - 17.64 0.99 -2,070 -

Tijara Real Estate Investment Company TIJA.KW 0.0315 -8.70% 384,463 7,280 12,111 1.89 5.29 5.95 105.45 0.30 508 -

Al Tameer Real Estate Investment Co. AMAR.KW 0.0590 0.00% 240,000 - 14,160 - 107.84 0.55 -113 -

Arkan Al-Kuwait Real Estate Co. (Year end Oct.) ^^ ARKK.KW 0.0600 -3.23% 221,165 120 13,270 0.05 11.62 5.16 114.88 0.52 1,285 -

Safat Global Holding Co. ! SAFA.KW 0.0485 0.00% 30,000 - 1,455 - 0

Alargan International Real Estate Co. ARGK.KW 0.1300 0.00% 265,000 180 34,450 0.07 5.45 23.87 233.43 0.56 361 -

Abyaar Real Estate Development Co. ABYR.KW 0.0300 11.11% 1,067,275 109,040 32,018 10.22 92.80 0.32 -873 -

Munshaat Real Estate Projects Co. MUNS.KW 0.0260 -5.45% 322,000 5,280 8,372 -961 -

First Dubai For Real Estate Development Co. FIRST.KW 0.0275 -5.17% 948,359 2,240 26,080 0.24 64.68 0.43 -436 -

Kuwait Business Town Real Estate Co. KBTK.KW 0.0280 0.00% 785,688 - 21,999 - 93.36 0.30 -4,871 -

Manazel Holding Co. MANK.KW 0.0195 2.63% 715,000 15,840 13,943 2.22 66.31 0.29 -890 -

Real Estate Asset Management Company (REAM) REAM.KW 0.1360 0.00% 104,500 - 14,212 - 9.66 14.08 146.08 0.93 252 3.68

Mena Real Estate Company (Year end Mar.) ** MENA.KW 0.0340 0.00% 196,500 - 6,681 - 100.43 0.34 -6,080 -

Al-Mudon Intl. Real Estate Co. ALMK.KW 0.2280 0.00% 100,000 - 22,800 - 0.50 452.56 160.90 1.42 13 -

Real Estate Trade Center Co. MARA.KW 0.0830 -8.79% 115,500 4,600 9,587 3.98 194.83 0.43 -238 -

Kuwait Remal Real Estate Co. REMAL.KW 0.2550 2.00% 220,000 16,150 56,100 7.34 31.77 8.03 177.17 1.44 1747.53 -

Sector Total/ Weighted Average 18,808,279 254,915 1,712,880 1.36 16.95 135.08 0.68 -1,344 0.48 INDUSTRIAL

National Industries Group (Holding) NIND.KW 0.2220 -6.72% 1,295,098 21,780 287,512 1.68 5.99 37.03 330.95 0.67 1,941 -

Kuwait Pipes Industries & Oil Services PIPE.KW 0.1620 -8.99% 225,331 4,140 36,504 1.84 120.95 1.34 -4,707 -

Kuwait Cement Co. KCEM.KW 0.5200 0.00% 637,656 - 331,581 - 30.61 16.99 224.38 2.32 4,879 1.92

Refrigeration Industries & Warehousing REFR.KW 0.2240 0.00% 89,398 - 20,025 - 4.26 52.63 212.31 1.06 95 2.23

Gulf Cables & Electrical Industries Co. CABL.KW 1.5600 -1.27% 209,931 930 327,493 0.44 112.13 13.91 959.42 1.63 5,885 4.17

Heavy Engineering Ind. & Shipbuilding Co. SHIP.KW 0.3250 -2.99% 163,484 120 53,132 0.07 26.35 12.33 174.09 1.87 1,077 3.08

Contracting & Marine Services Co. MARI.KW 0.2300 0.00% 207,860 - 47,808 - 7.29 31.54 199.32 1.15 379 2.17

Kuwait Portland Cement Co. PCEM.KW 1.0800 -3.57% 90,904 208 98,177 0.23 718.60 1.50 -673 9.26

Shuaiba Industrial Co. PAPE.KW 0.1840 0.00% 58,451 20 10,755 0.03 16.11 11.42 233.59 0.79 235 5.43

Metal & Recycling Co. MRCK.KW 0.1200 -7.69% 82,557 20 9,907 0.02 10.66 11.26 236.36 0.51 220 -

Kuwait Foundry Co. KFDC.KW 0.5100 0.00% 133,233 - 67,949 - 16.57 30.78 382.54 1.33 552 3.92

ACICO industries Co. ACIC.KW 0.2400 2.56% 236,941 2,680 56,866 1.13 12.04 19.94 322.54 0.74 713 4.17

United Industries Co. UICK.KW 0.1100 0.00% 495,469 1,100 54,502 0.22 10.00 11.00 198.93 0.55 1,239 -

Boubyan Petrochemical Co. (Year end Apr.) ** BPCC.KW 0.5800 1.75% 485,100 2,720 281,358 0.56 47.07 12.32 532.79 1.09 22,836 6.03

G lf Gl M f i C GGMC KW 0 9600 0 00% 40 297 38 685 53 21 18 04 310 56 3 09 536 4 17Gulf Glass Manufacturing Co. GGMC.KW 0.9600 0.00% 40,297 - 38,685 - 53.21 18.04 310.56 3.09 536 4.17

Hilal Cement Company HCCK.KW 0.2020 0.00% 69,878 20 14,115 0.03 22.34 9.04 233.00 0.87 390 4.95

Al Kout Industrial Projects Co. ALKK.KW 0.3500 0.00% 88,200 - 30,870 - 31.72 11.03 222.62 1.57 699 5.71

Kuwait Packing Materials Manufacturing Co. KPAK.KW 0.3300 0.00% 42,276 - 13,951 - 27.49 12.00 239.12 1.38 291 6.06

Kuwait Building Material Manufacturing Company KBMM.KW 0.2260 0.00% 28,875 - 6,526 - 4.29 52.63 157.75 1.43 31 -

National Industries Company NIBM.KW 0.2850 0.00% 346,200 - 98,667 - 7.17 39.76 216.41 1.32 620 2.81

Gulf Rocks Company ROCK.KW 0.1000 0.00% 91,412 - 9,141 - 189.03 0.53 -2,388 -

Equipment Holding Co. EQUI.KW 0.0520 -1.89% 136,400 1,840 7,093 1.35 8.35 6.23 111.81 0.47 285

Mena Holding Group ! GHGK.KW 0.0325 0.00% 660,000 - 21,450 - 0.00 0 -

National Company For Consumer Industries Co. NCCI.KW 0.0930 0.00% 90,000 40 8,370 0.04 99.54 0.93 -41 -

Kuwait Gypsum Manufacturing & Trading Co. GYPK.KW 0.1280 0.00% 30,000 - 3,840 - 5.31 24.10 161.34 0.79 40 9.38

Qurain Petrochemical Industries Company ALQA.KW 0.2180 -0.91% 1,100,000 2,340 239,800 0.21 66.04 3.30 189.84 1.15 18,161 -

Salbookh Trading Company SALB.KW 0.0500 0.00% 204,750 - 10,238 - 68.36 0.73 -752 -

Ikarus Petroleum Industries Co. AKAR.KW 0.1520 -5.00% 750,000 100 114,000 0.01 1.07 141.51 185.27 0.82 201 -

Boubyan International Industries Holding (Year end July) ^ BIIHC.KW 0.1000 -1.96% 300,000 360 30,000 0.12 175.09 0.57 -1,604 -


SERVICES

Kuwait National Cinema KCIN.KW 1.0200 -22.73% 101,063 83 103,084 0.08 64.01 15.93 416.84 2.45 1,617 3.92

Kuwait Hotels Co. KHOT.KW 0.2900 9.43% 57,750 10 16,748 0.02 15.18 19.10 118.95 2.44 219 -

Agility Public Warehousing Co. AGLT.KW 0.3250 -1.52% 1,046,837 5,360 340,222 0.51 29.44 11.04 839.28 0.39 7,704 12.31

Kuwait Commercial Markets Complex Co. SHOP.KW 0.0690 -6.76% 270,037 640 18,633 0.24 178.25 0.39 -1,689 -

Mobile Telecommunications Co. (ZAIN) ZAIN.KW 0.9800 -3.92% 4,292,464 5,563 4,206,615 0.13 65.15 15.04 423.79 2.31 69,915 20.41 Safat Energy Company SENE.KW 0.0460 12.20% 603,045 85,000 27,740 14.10 0.37 124.17 97.76 0.47 56 -

Educational Holding Group (Year end Aug.) ^^ EDUK.KW 0.0990 -1.00% 245,303 200 24,285 0.08 4.04 495

Independent Petroleum Group Co. IPGK.KW 0.3650 -1.35% 152,250 120 55,571 0.08 42.54 8.58 415.34 0.88 1,619 8.22

National Cleaning Co. CLEA.KW 0.1240 -1.59% 102,968 1,540 12,768 1.50 13.45 9.22 210.78 0.59 346 -

Sultan Center Food Products Co. SCFK.KW 0.1020 -5.56% 578,829 1,440 59,041 0.25 123.99 0.82 -2,919 -

Arabi Holding Group Company AGHC.KW 0.1060 0.00% 135,828 920 14,398 0.68 5.27 20.11 146.10 0.73 179 -

City Group Co. TTGC.KW 0.5900 0.00% 113,008 - 66,675 - 7.76 75.98 235.74 2.50 219 -

National Mobile Telecommunications Co. (NMTC) NMTC.KW 1.9800 0.00% 504,033 75 997,985 0.01 68.57 28.87 1,511.77 1.31 8,641 2.53

Kuwait & Gulf Link Transport Co. KGLK.KW 0.1060 -3.64% 264,273 4,680 28,013 1.77 228.84 0.46 -4,639 -

Kuwait Cable Vision Co. KWTV.KW 0.0680 0.00% 30,000 - 2,040 - 87.00 0.78 -484 -

Automated Systems Co. ASCK.KW 0.2040 0.00% 40,040 - 8,168 - 20.03 10.19 207.12 0.98 200 12.25

National Petroleum Services Company (NAPESCO) NAPS.KW 0.3300 8.20% 54,866 10 18,106 0.02 52.91 6.24 233.85 1.41 726 6.06

Kw Co. for Process Plant Construction & Contra. KCPC.KW 0.2950 -7.81% 63,008 250 18,587 0.40 19.71 14.96 240.46 1.23 311 1.69

Kuwait Slaughter House KSHK.KW 0.2500 0.00% 31,050 - 7,763 - 26.74 9.35 126.31 1.98 208 6.20

Eyas Higher & Technical Education (Year end Aug.) ^^ EYAS.KW 0.3000 0.00% 110,000 - 33,000 - 56.44 5.32 191.06 1.57 3,104 3.33

Hits Telecom Holding HITS.KW 0.0495 -2.94% 720,917 13,040 35,685 1.81 0.82 60.46 134.65 0.37 148 - Al-Safwa Group Holding SAFK.KW 0.0170 -5.56% 1,300,000 83,520 22,100 6.42 21.89 0.78 -3,687 -

HumanSoft Holding Co. HUMN.KW 0.3000 0.00% 114,240 - 34,272 - 7.43 40.39 168.44 1.78 212 -

Privatization Holding Company KPPC.KW 0.0600 1.69% 738,280 20,040 44,297 2.71 13.71 4.38 149.17 0.40 2,530 -

Nafais Holding Company ! IPEK.KW 0.0650 0.00% 623,370 - 40,519 - 37.03 1.76 81.87 0.79 5,771 -

National Slaughter Houses Co. NSHK.KW 0.1540 0.00% 28,880 - 4,448 - 13.38 12 108.60 1.42 97 5.19

Aref Energy Holding Co. AREF.KW 0.0900 -3.23% 750,000 400 67,500 0.05 97.23 0.93 -633 -

Safwan Trading & Contacting Co. SAFW.KW 0.7500 -16.67% 50,000 35 37,500 0.07 39.43 19.02 179.27 4.18 493 2.93

Gulf Petroleum Investment GPIK.KW 0.0290 0.00% 218,710 1,440 6,343 0.66 11.50 2.52 101.37 0.29 629 -Gulf Petroleum Investment GPIK.KW 0.0290 0.00% 218,710 1,440 6,343 0.66 11.50 2.52 101.37 0.29 629

Gulf Franchising Holding Co. GFCI.KW 0.0200 -2.44% 118,650 1,280 2,373 1.08 38.71 0.52 -189 -

Credit Rating & Collection Co. TAHS.KW 0.1400 -12.50% 165,000 60 23,100 0.04 2.25 62.14 118.42 1.18 93 -

National Ranges Company ! MAYA.KW 0.0165 -8.33% 1,000,000 60,320 16,500 6.03 45.59 0.36 -5,598 -

Burgan Co. for Well Drilling Trading & Maintenance (Year end Mar.) ^ ABAR.KW 0.2950 0.00% 192,855 - 56,892 - 8.18 36.07 268.49 1.10 1,183 -

IFA Hotels & Resorts Co. (Year end Jun.) ^^ IFAH.KW 0.3700 0.00% 453,882 - 167,936 - 5.96 62.12 120.95 3.06 1,352 -

Combind Group Contracting Co. CGCK.KW 1.3800 -2.82% 96,631 278 133,350 0.29 122.56 11.26 417.11 3.31 2,961 5.07

Jeeran Holding Co. (Year end Feb.) ^ JEER.KW 0.0770 -15.38% 143,000 240 11,011 0.17 16.12 4.78 174.01 0.44 1,729 -

Palms Agro Production Co. PAPK.KW 0.0910 -2.15% 52,399 40 4,768 0.08 5.11 17.79 162.40 0.56 67 8.79

Al-Safat TEC Holding Co. SAFH.KW 0.0590 1.72% 400,000 42,640 23,600 10.66 101.86 0.58 -739 -






Weekly Volume '000

Shares


Market Cap KD'000

Weekly Shares



Mushrif Trading & Contracting Co. MTCC.KW 0.1240 -1.59% 200,000 1,580 24,800 0.79 11.05 11.22 127.56 0.97 553 -

United Projects Company For Aviation Services UPAC.KW 0.3500 6.06% 82,500 10 28,875 0.01 9.56 36.61 353.18 0.99 197 8.57

Al-Abraj Holding Co. (Year end Oct.) ! ABRAJ.KW 0.0245 0.00% 350,000 - 8,575 - 0.00 0 -

Alafco Aviation Lease & Finance Co. (Year end Sep.) ^^ ALAF.KW 0.3250 -2.99% 779,772 7,640 253,426 0.98 65.26 4.98 160.80 2.02 25,445 1.54

Al-Mowasat Healthcare Co. MHCK.KW 0.1300 0.00% 96,800 - 12,584 - 19.65 6.61 165.24 0.79 476 5.38

Mashaer Holding Co MASK.KW 0.1800 -2.17% 185,000 4,060 33,300 2.19 29.14 6.18 231.41 0.78 1,348 -

Oula Fuel Marketing Co. OULA.KW 0.3000 1.69% 329,699 320 98,910 0.10 11.60 25.87 126.54 2.37 956 -

Villa Moda Life Style Co. ! VILK.KW 0.1880 0.00% 67,500 - 12,690 - 0.00 0

Future Communications Co. Global FUTK.KW 0.2950 -6.35% 81,034 10 23,905 0.01 29.77 9.91 176.74 1.67 603 8.47

Network Holding Co. ! VEND.KW 0.0450 0.00% 150,000 - 6,750 - 0.00 0 -

Hayat Communications Co. HAYAK.KW 0.1020 0.00% 90,000 - 9,180 - 109.19 0.93 -941 9.80

Mubarrad Transport Company MBRD.KW 0.0650 -4.41% 216,879 3,240 14,097 1.49 120.25 0.54 -147 -

Kuwait Resorts Company MUNK.KW 0.0465 0.00% 187,110 - 8,701 - 13.12 3.54 82.20 0.57 614 -

Advanced Technology Co. ATCK.KW 0.5900 0.00% 150,000 - 88,500 - 24.62 23.97 230.95 2.55 923 -

Yiaco Medical Co. YIAC.KW 0.4400 -5.38% 165,000 940 72,600 0.57 40.05 10.99 159.47 2.76 1,652 2.27

Al Jazeera Airways Co. JAZK.KW 0.2800 3.70% 220,000 3,710 61,600 1.69 18.69 14.98 73.89 3.79 1,028 -

Soor Fuel Marketing Co. SOOR.KW 0.2600 -1.89% 329,813 220 85,751 0.07 12.22 21.28 121.48 2.14 1,008 -

Kuwait National Airways Company ! KNAK.KW 0.0190 0.00% 500,000 - 9,500 - 0.00 0 - Future Kid Entertainement and Real Estate Co. KIDK.KW 0.1020 0.00% 116,246 60 11,857 0.05 0.48 211.87 168.55 0.61 14 - KGL Logistics Company LOGK.KW 0.2700 1.89% 276,000 590 74,520 0.21 32.93 8.20 188.19 1.43 2,272 1.85 Al Nawadi Holding Company ALNA.KW 0.0730 0.00% 110,637 - 8,076 - 9.76 7.48 134.62 0.54 270 6.85 Alrai Media Group Company ALRA.KW 0.0690 -13.75% 233,039 1,720 16,080 0.74 10.78 6.40 108.19 0.64 628 - Zima Holding Company ZIMAH.KW 0.1100 0.00% 100,000 120 11,000 0.12 0.12 893.44 117.58 0.94 3 -


FOOD

Livestock Transport & Trading Co. CATT.KW 0.2080 -10.34% 216,508 220 45,034 0.10 211.47 0.98 -1,423 -

Danah Al-Safat Foodstuff Co. DANK.KW 0.0750 0.00% 288,750 26,480 21,656 9.17 143.65 0.52 -1,202 6.67

Kuwait United Poultry Co. POUL.KW 0.1260 0.00% 115,404 - 14,541 - 22.12 5.70 107.35 1.17 638 -

Kuwait Food Company (Americana) FOOD.KW 1.5000 -1.32% 402,002 130 603,003 0.032 158.66 9.45 712.52 2.11 15,945 4.33

United Foodstuff Industrial Group UFIG .KW 0.3050 0.00% 35,018 - 10,681 - 24.87 12.27 147.22 2.07 218 1.64

Kout Food Group KOUT.KW 0.3900 6.85% 73,170 20 28,536 0.03 58.49 6.67 357.38 1.09 1,070 5.13

Sector Total/ Weighted Average 1,130,852 26,850 723,451 2.37 9.19 369.09 1.73 15,246 4.14

NON KUWAITI

Sharjah Cement & Industrial Development Co. SCEM.KW 0.0495 -1.00% 552,958 1,680 27,371 0.30 3.77 13.13 187.56 0.26 521 10.10

Gulf Cement Co. GCEM.KW 0.0760 -6.17% 821,097 3,080 62,403 0.38 123.13 0.62 -1,372 13.16

Umm Al-Qaiwain Cement Industries Co. QCEM.KW 0.0440 -5.38% 363,000 240 15,972 0.07 1.91 23.01 112.48 0.39 174 -

Fujairah Cement Industries Co. FCEM.KW 0.0570 -3.39% 355,865 560 20,284 0.16 205.83 0.28 -202 -

Ras Al-Khaimah Co. for White Cement & Construction Materials RKWC.KW 0.1180 1.72% 466,856 580 55,089 0.12 12.96 9.11 111.87 1.05 1,512 8.47

Arab Insurance Group (ARIG) ARIG.KW 0.1320 0.00% 220,000 - 29,040 - 3.25 40.56 309.75 0.43 179 5.68

United Gulf Bank UGBK.KW 0.2440 -4.31% 800,000 1,300 195,200 0.16 6.69 36.48 192.89 1.26 1,338 -

Egypt Kuwait Holding Co. EKHK.KW 0.3000 -1.64% 839,295 100 251,788 0.01 39.91 7.52 255.42 1.17 8,374 10.00

Bahrain Kuwait Insurance Co. BKIK.KW 0.4550 0.00% 60,638 - 27,590 - 55.21 8.24 314.20 1.45 837 7.69

Gulf Finance House GFHK.KW 0.0390 -2.50% 1,002,521 12,160 39,098 3,330 -

Inovest Company TAMR.KW 0.0450 -5.26% 286,511 240 12,893 0.08 195.08 0.23 -300 -

Ahli United Bank AUBK.KW 0.1980 -2.94% 4,731,640 1,580 936,865 0.03 18.12 10.93 136.81 1.45 21,431 5.05

Ithmaar Bank ITMR.KW 0.0210 5.00% 3,189,267 14,320 66,975 0.45 1.18 17.80 57.08 0.37 940 -


Market Total/ Weighted Average 107,061,489 1,058,417.5 29,823,475 0.99 14.06 214.54 1.40 315,291 7.54

Parallel Market

Al-Bareeq Holding Co. 0.1440 0.00% 120,000 - 17,280 - 62.78 2.29 -84 -

Afaq Educational Services Co. (Year end 31 Aug.) ^^ 0.1100 0.00% 53,500 - 5,885 - 19.29 5.70 120.35 0.91 516 -

Al-Shamel International Holding Co. ! 0.2500 0.00% 67,200 - 16,800 - 0 3.20

Al- Safat Real Estate Co. (Year end 31 Jan) ! 0.0160 -11.11% 240,000 80 3,840 0.03 51.25 0.31 -519 -

Ajwan Gulf Real Estate Co. 0.0510 0.00% 100,000 - 5,100 - 80.65 0.63 -24 -

Specialities Group Holding Co. 0.2500 0.00% 150,000 - 37,500 - 17.05 14.66 231.03 1.08 639 2.80

Al- Masaken International Real Estate Development Co. 0.0465 0.00% 200,000 - 9,300 - 119.05 0.39 -151 -

Dulaqan Real Estate Co. 0.3450 0.00% 30,000 - 10,350 - 7.41 46.56 146.04 2.36 56 -

Al Eid Food Company. 0.1060 0.00% 57,529 - 6,098 - 11.79 8.99 131.80 0.80 170 -

Al-Maidan Dental Clinic Co. 0.7900 0.00% 150,000 - 118,500 - 64.35 12.28 -641 -

Flex Resorts & Real Estate Co. 0.0360 0.00% 60,000 - 2,160 - 1.71 21.08 119.72 0.30 26 -

Dar Al-Thuraya Real Estate Co. 0.0870 0.00% 146,500 - 12,746 - 1.87 46.51 108.31 0.80 69 -

Kuwait Medical Services 0.0650 0.00% 76,323 - 4,961 - 2.09 31.07 154.71 0.42 40 -

Amar For Finance & Leasing Co. 0.0700 0.00% 200,000 - 14,000 - 110.66 0.63 -641.31 7.14

Market Total/ Weighted Average 1,651,052 80 264,520 0.00 15.86 108.22 1.45 -544 0.98

!! Diluted (P/Es in Negative or above 60 are excluded from the total) ** Full Year Results ending in March 2011 ^ Annuallized 9 Months Results ^^ Annuallized 6 Months Results ! Suspended

* Total Net profit includes only the companies' profit of the period of the calculation. Companies with different year end are excluded from thesectors' total

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Kuwait Weekly Market Report

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