KUWAIT CITY, June 22: Kuwait stocks covered more ground on Tuesday, extending the gains to the fifth consecutive day. The index climbed 29 points in volatile trade led by modest gains in select blue chips. However the banking and investment stocks remained largely subdued. The trading floor sentiments were cautious even as investors look for tangible cues to boost the market confidence.
The benchmark wound up at 6672 points clawing back from losses earlier in the session. The weighted index rose 2.57 points to settle at 407.77 points while the volume turnover posted a modest rise. It expanded 12.8 percent to 143.64 million shares. The volume had fallen below the 200 million mark on June 17 indicating the reluctance of the investors to take up fresh positions amid bearish sentiments.
The sectoral indices closed mostly in the positive territory. Investment sector inched 0.1 percent higher while the top performer real estate rallied 1 percent. Banking sector was stagnant whereas insurance was up 0.3 percent. Industrial sector was unmoved while services added 0.8 percent. Food sector was up 0.3 percent while non-Kuwaitis gained 0.4 percent.
Among the notable movers, Zain rose 20 fils on back of 2.87 million shares. It settled at KD 1.140 after trading in a 40 fils range. The stock had resumed trading in the bourse on June 9 after the company announced that it has successfully completed its Africa stake to India’s Bharti.
Wataniya Telecom too was up 20 fils after stagnating on Monday. It winded up at KD 1.720. The stock had slipped 3.49 percent in May and is trading 180 fils higher since the start of the year. Agility held the ground unchanged at KD 0.385 after eking modest gains in the previous session. The counter saw a volume turnover of 2.2 million shares.
The market opened weak and slid below the red in early trade as profit booking weighed on select positions. The index hit the day’s lowest of 6616.8 points and rebounded thereafter. It climbed steadily as buying returned to the trading floor . The market managed to climb above the opening mark in the final hour and posted a modest gain at close. The bourse had slipped below the 7000 points on May 23 and has been drifting in a narrow range ever since.

Gainer
The top gainer of the day, Al Themar International Holding Group surged 10 percent to close at KD 0.110 while Aref Investment Group climbed 9.61 percent to stand next. Kuwait Financing and Investment Company slid 5.15 percent — the worst performer of the day, while Investors Holding Co continued to top the volume turnover.
The bourse has upbeat so far during the week and has soared 88 points from last week’s close. The index has added 27 points since the start of the month but is trading 3 percent lower year-to date. KSE had retreated 8.22 percent during May battered by anemic volume and lack of buying interest.
Banking sector bellwether National Bank of Kuwait continued to stagnate at KD 1.200 after trading in 20 fils range while Gulf Bank added 5 fils to settle at KD 0.450. It posted a volume turnover of 1.93 million shares. Commercial Bank was flat at KD 0.890 while Al Ahli Bank was not traded during the day. Ahli United Bank was held the ground unchanged at KD 0.520
Burgan Bank fell 5 fils to close at KD 0.320 after trading over 2 million shares. The lender is planning to issue bonds worth up to KD 140 million, and may sell some the issue to foreign investors. Kuwait Finance House was flat at KD 0.990 and Boubyan Bank too followed suit to end at KD 0.530.
The investment closed mixed. International Financial Advisors inched 1 fils higher while National Investment House was up 5 fils at KD 0.340. KIPCO shed 10 fils to end at KD 0.340 The stock had slid 16.47 percent in May and is trading 45 fils higher since the start of the year.
Securities Group fell 5 fils to settle at KD 0.250. The company has announced its annual financial statements for the year ended December 31, 2009 as net loss reached KD 57,667,306 and loss per share of 89.9 fils compared to a net loss of KD 25,612,130 and loss per share of 3.9 for the same period in 2008. Global Investment House took in 1 fils while Bayan Investment closed unchanged.
Al Deera Holding Co took in 1 fils while Al Tamdeen Investment Co climbed 15 fils.
In the real estate sector, NREC closed flat at KD 0.138 whereas Tamdeen Real Estate Co added 15 fils to close at KD 0.310. Mabanee too did not budge from its previous close of KD 0.600 after closing lower on Monday.
Rose
National Industries Group rose 5 fils on back of 3.27 million shares while Kuwait Pipes was unchanged at KD 0.300. Gulf Cables dropped 20 fils while Kuwait Portland Cement gained 20 fils on thin trading.
In the bourse related news, Future Communications Company Global announced that its fully owned subsidiaries Future Communications Company International and Future Communications Company Global have established Future Communications Company International WLL in Oman with a fully paid up capital of RO 250,000 . The new company’s 99 percent capital is owned by Future Communications Company International and 1 percent by Future Communication Company.
Coast Investment and Development Co has logged a net profit of KD 5.414 million and earnings per share of 10 fils in the 3 months ending on 31/03/2010 as compared to net loss of KD 12.81 million and loss per share of 23 fils in the same period last year.
Manafae Investment Company announced its Q1 results as follows: Net Profit amounted to KD 24,255 with earnings per share of 0.12 fils. It had logged a net profit of KD 93,996 in the same period last year while earnings per share worked out at 0.47 fils.
Advanced Technology Company’s has posted a net profit of KD 1,112,132 in the 3 months ending on 31/3/2010 while earnings per share read 9.27 fils. This compared with a net profit same period last year of KD 900,693 and earnings per share of 7.51 fils.
Meanwhile Kuwait Stock Exchange in its latest move has suspended the following companies for failing to submit their financial results in stipulated time. They are Safat Global Holding, Investment Dar Company, International Leasing and Investment Co, Villa Moda Life Style, Al-Ahleia Holding Company, Securities House Company, International Investment Group, Aayan Leasing and Investment Company, Pearl of Kuwait Real Estate Co, Grand Real Estate Projects Co, International Investor Company, GulfInvest International Co, Investors Holding Group Co, Network Holding Co, Al-Abraj Holding Co.