Kuwait City, Aug 18: Kuwait market trod water on Wednesday after eking modest gains in the previous session. The index inched 1.2 points lower trading sideways. National Bank of Kuwait lead the decliners as profit taking kicked in after the robust gains on Tuesday. Selling was witnessed in some of the banking stocks and industrials while the blue chips remained largely subdued. The bourse wound up at 6653.70 points after trading in the positive region in the first half . The weighted index fell 2 points to 423.89 points while the volume shrank after the surge in the previous session. 131.50 million shares were transacted — down one-third of the level posted in the day before. It had hit a multi-month high of 541.32 million in the last week of July.

NBK slid 40 fils, erasing most of the gains on Tuesday. It closed at KD 1.280 and saw a volume turnover of 9.9 million shares. Commercial Bank of Kuwait dropped 20 fils frittering an identical rise in the earlier session. It ended at KD 0.880. The stock had slipped 3.23 percent in July and is down 50 fils since the start of the year.
Zain held the ground unchanged at KD 1.180 after vacillating in a 20 fils range intra-day. It posted a volume of 0.705 million shares. The telecom major is eying investment in Mideast after selling a major part of its Africa assets to India’s Bharti Airtel earlier in the year. Agility added 5 fils on back of 1.35 million shares and ended at KD 0.450. Wataniya Telecom ended flat at KD 1.820 after in moving 40 fils range.

Among other notable movers, NAPESCO shed 10 fils and Boubyan Petrochemical Co followed suit. Kuwait Cement Co eroded 10 fils to close at KD 0.690 and Kuwait Portland Cement Co shed 20 fils partly trimming the gains on Tuesday.
The market started off flat and moved in a narrow range above the opening level. The trading floor sentiment was brittle owing to absence of tangible cues to propel the market. The index slipped below the red past the mid-session as profit taking weighed on select counters. It hit the day’s lowest of 6640.20 points and however managed to pare the losses at close helped by a buying uptick.
About 90 percent of Kuwait companies have declared their results and combined profits have fallen 7 percent in the first half of 2010 compared to the year-earlier period, Reuters quoted Naser al-Nafisi, general manager for Al Joman Center for Economic Consultancy in Kuwait. “This is acceptable in the current situation,” he added.

Jumped
The top gainer United Gulf Bank jumped 8.9 percent to close at KD 0.305 while United Projects Co climbed 6.94 percent to stand next. Kuwait Building Manufacturing Materials Co slid 8.19 percent, the steepest decliner of the day, while Investors Holding Group topped the volume with 11.52 million shares changing hands.
The market spread was skewed towards the gainers. 50 stocks advanced while 21 closed lower. Of the 101 counters active on Wednesday, 29 closed flat. 2238 deals worth KD 29.651 million were transacted - down 62 percent in value over previous session. KSE, with 209 listed companies, is the second largest bourse in the region.
The sectors swayed in both directions. Banking sector dropped 1 percent, the biggest loser of the day, while investment inched 0.1 percent up. Insurance rose 0.6 percent whereas real estate fell 0.3 percent. Industrials shed 0.7 percent and services rose 0.1 percent. Food was stagnant whereas top gainer non-Kuwaiti rallied 1.4 percent.

The bourse has been mixed so far during the week. It has fallen 17 points since Sunday’s opening and has slipped 1 point so far during the month . The bourse is trading 3 percent lower year-to date .
The banking stocks closed mixed. Gulf Bank fell 5 fils to wind up at KD 0.470 after trading 1.17 million shares. The lender swung to a second-quarter net profit of KD 1.48 million from a loss of KD 9.1 million a year earlier. In the first half, the net profit stood at KD 2 million buoyed by disposal of part of the international investment portfolio worth KD 22 million.

Al Ahli Bank fell 10 fils to end at KD 0.530 with thin trade after stagnating in the previous session. Ahli United Bank too was down 10 fils at KD 0.520 whereas Burgan Bank rose 5 fils on back of 1.55 million shares. It closed at KD 0.365. The lender had rallied 9.52 percent in July and has added 15 fils year-to-date. Kuwait Finance House was unchanged at KD 1.080 whereas Boubyan Bank gained 10 fils adding to an identical rise on Tuesday.
The IMF in a study on Kuwaiti banks has said that, although the sector is heavily exposed to the real estate sector, they have sufficient financial resources to withstand a new crisis despite a sharp rise in their non-performing loans.
In the investment sector, International Financial Advisers was steady at KDD 0.061 with a volume turnover of 3.6 million shares and National Investment Co climbed 10 fils to settle at KD 0.335. KIPCO did not budge from its earlier close of KD 0.360 while Bayan Investment Co added 2 fils.

Global Investment House flunked 2 fils after stagnating in the previous session and KAMCO was unchanged at KD 0.315. Al Deera Holding slipped 1 fils Al Tamdeen Investment Co shed 5 fils.
In the bourse related news, International Finance Company has announced its financial statements for the periods ended June 30, 2010. In the Three-month period the net loss mounted to KD 2,706,823 and loss per share chalked 5.8 fils compared to a loss of KD 5,552,402 and LPS of 11.9 fils in the same period last year. In the first half, net loss reached KD 3,654,802 and loss per share stood at 7.9 fils.
Kuwait and Middle East Financial Investment Company has incurred a second quarter net loss of KD 1,815,992 and loss per share of 6.95 fils compared to KD 3,679,346 and LPS of 14.09 fils in the same period 2009. In the six-month period the net loss came in at KD 3,533,770 while Loss per share worked out at 13.53 fils

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

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.