KUWAIT CITY, Aug 10: Kuwait stocks posted modest rise on Tuesday extending the gains to the second day. The index added 7.4 points in tepid trading led by blue chips. Buying interest was also seen in select banking and industrial counters while investment stocks were largely muted. The investors refrained from taking up fresh position owing to lack of firm market direction.
The bourse wound up at 6701.2 points after hovering in the vicinity of the opening level while the weighted index gained 2.26 points to settle at 426.65 points. The volume fell 4.7 percent to 394.89 million after swelling past 400 million in the previous session. It had hit a multi-month high of 541.32 million in the last week of July .
Zain rose 20 fils on back of 6.91 million shares to wind up at KD 1.220. It was stagnant since the start of the week. Agility climbed 20 fils adding to the gains in the previous session. It closed at KD 0.475 with a volume of 5.25 million shares. The stock was buoyed by company’s statement on Monday that the US prosecutors have moved to dismiss the indictment against its subsidiary .
Wataniya Telecom too was up 20 fils at KD 1.880 while Kuwait Gulf Links climbed 6 fils on back of 9.04 million shares. The stock had rallied 14.8 percent in July and is trading 44 fils higher since the start of the year.

Other advancers include Combined Group Contracting Co which climbed 30 fils and Oula Fuel Marketing Company was up 15 fils to settle at KD 0.345. Kuwait Cement Co rose 20 fils more than recouping the drop on Monday while Kuwait Foundry Co added 10 fils .
The market opened flat but revved up in early trading as investors chased select stocks across the sectors. The index touched the day’s highest mark of 6707.7 points and slipped thereafter on profit taking. It moved sideways well past the mid-session and slipped below the red in final minutes. However a spurt in buying at close helped push the benchmark into the positive region again.
The top gainer of the day, Safwan Trading and Contracting Co spiked 14.7 percent to close at KD 0.234 while Al Enma Real Estate Co climbed 7.9 percent to stand next. Ajial Real Estate and Entertainment Co slid 7.3 percent, the steepest decliner of the day, while Investors Holding Group topped the volume with 103.44 million shares changing hands.
The market spread was biased towards the gainers. 42 stocks advanced while 38 closed lower. Of the 124 counters active on Tuesday, 43 closed unchanged. 5153 deals worth KD 49.223 million were transacted - down 8.6 percent in value over previous session. KSE, with 209 listed companies, is the second largest bourse in the region.

Rose
The sectoral indices closed mixed. Banking sector rose 0.4 percent , the top performer along with service sector which rose by same measure. Investment eased 0.2 percent and insurance inched 0.1 percent lower. Real estate was up 0.1 percent and industrials closed flat. Food sector added 0.2 percent whereas non-Kuwaiti slipped 0.1 percent.
The bourse has been upbeat so far during the week. It has gained 35 points since Sunday’s opening and has risen 47 points so far during the month. The bourse is trading 3 percent lower year-to date.
The banking stocks were largely subdued. National Bank of Kuwait held the ground unchanged at KD 1.240 and Gulf Bank followed suit to end at KD 0.465. The counter saw 5.5 million shares change hands. The stock had gained 8.6 percent in July and is trading165 fils higher year-to-date. Commercial Bank too was stagnant at KD 0.890 while Al Ahli Bank gained 10 fils to close at KD 0.520. Ahli United Bank was flat at KD 0.520 after closing higher in the previous session and Burgan Bank slipped 5 fils to end at KD 0.355. It posted a volume turnover of 4.49 million shares.
Kuwait Finance House was unchanged at KD 1.080. The Islamic lender has posted a 22 percent rise in second-quarter net profit to 39.9 million dinars, from 32.7 million dinars in the year earlier period. Boubyan Bank climbed 20 fils on back of 4.7 million shares.
In the investment sector, the International Financial Advisors took in 1 fils whereas National Investment Co and KIPCO closed flat at KD 0.350 and KD 0.360 respectively. Aref Investment Group fell 1 fils while Bayan Investment Co was down 2 fils at KD 0.063.
Kuwait Financial Centre Company too did not budge from its earlier close of 0.118 after vacillating in a 2 fils range during the session. The company has posted a second quarter loss of KD 2,273,000 and loss per share of 5 fils while the profit in the 6-month period ending June 30 came in at KD 1,448,000 with an earning per share of 3 fils.
Al Deera Holding Co crept 3 fils higher on back of 35.48 million shares while Al Safat Investment drifted 2 fils lower. Al Tamdeen Investment gained 5 fils. Global Investment House was flat at KD 0.066 with a volume of 2 million shares. The investment banker has said that it has so far made principal repayments amounting 46% of the total repayments due by Dec 10, 2010.

Lost
In the industrial sector, National Industries Group lost 10 fils erasing the gains on Monday, while Kuwait Pipes was up 5 fils at close. Gulf Cables closed steady at KD 1.880 and Kuwait Portland Cement Co was stagnant at KD 1.480.
In the bourse related news, Gulf Cables and Electrical Industries Company has chalked a net profit of KD 19,092,520 and earnings per share of 91 fils compared to a profit of KD 1,224,114 and earnings per share of 6 fils for the same period last year. In six-month period ending June 30, the net profit touched KD 22,069,735 and earnings per share worked out at 105 fils .
Pearl of Kuwait Real Estate Co. announced its results for its Fiscal Year 2009 . The company posted a net loss of KD 9,542,591 and loss per share of 37.94 fils as against last year’s net loss of KD 7,935,133 Loss per share last year 31.54 fils . The Board of Directors recommended no dividend payout for the Fiscal Year

National Industries Company for Building Materials has recorded a net profit of KD 1,958,934 and earnings per share of 5.56 fils in thr second quarter compared to a profit of KD 4,393,150 and earnings per share of 12.76 fils for the same period in 2009. In the first half of 2010, the net profit reached KD 4,172,824 and earnings per share stood at 12.11 fils.
Burgan Company for Well Drilling, Trading & Maintenance has announced its financial statements for the year ended March 31, 2010. The company has posted a profit of KD 2,874,265 and earnings per share of 13.72 fils compared to a profit of KD 6,860,647 and earnings per share of 35.03 in the year before. The Board has also recommended to retain earnings for the same year.
Kuwait Stock Exchange announced the trading suspension of the shares of the following companies due to either failed to submit their financial statements or faced losses exceeding 75% of their capitals: Al Safat Global Company Holding, Al Dar Investment Company, International Leasing & Investment Company, Villa Moda Lifestyle Company , International Investment Group, Pearl of Kuwait Real Estate Company, Securities House Company, Aayan Leasing and Investment Company, Al Abraj Holding Company, Gulf International Investment Company, Equipment Holding Company, Network Holding Company and Al Ahlia Holding Company.