KUWAIT CITY, Aug 23: Kuwait stocks slipped on Monday, reversing the modest gains in the last two sessions. The index dropped 10.5 points in volatile trade weighed by moderate losses in Commercial Bank of Kuwait and some of the mid-caps. The blue chips were largely subdued and the trading floor sentiments were tepid partly owing to the Ramadan lull and weak financial results.
The market wound up at 6674.70 points after holding briefly above the red while the weighted index rose 1.21 points to 433.74 points. The volume dropped 24.8 percent to 147.79 million. After hitting the month’s high of 414.38 million on Aug 9, the volume has been thin in the last two weeks.
Commercial Bank of Kuwait shed 20 fils to close at KD 0.880 and National Industries Group eased 5 fils trimming the gains on Sunday. It ended at KD 0.350 and posted a volume of 7.43 million shares. The stock had soared 19.92 percent in July and has added 55 fils since the start of the year.

Bourse heavyweight Zain held the ground unchanged at KD 1.180 after sagging on Sunday and Agility followed suit to wind up at KD 0.455. The stock got a fillip earlier in the month following the company’s clarification that the US prosecutors have moved to dismiss the indictment against its subsidiary Agility DGS Holdings Inc Wataniya too was flat at KD 1.820.
Other decliners include Combined Group Contracting Co and United Projects Group both shedding 20 fils and Kuwait Cement Co eased 5 fils to close at KD 0.670. Ahli United Bank slipped 10 fils to settle at KD 0.530. The bank chalked a profit of KD 12.7 million in the first half of 2010 boosted income from core banking operations which amounted to KD 40.0 millions.
National Bank of Kuwait posted 20 fils gain adding to the robust uptick in the past two sessions. It ended at KD 1.380 and 2.6 million shares changed hands. The lender has booked KD 23.5 million of provisions in the second quarter and expects a tougher second half. Kuwait Food Co jumped 60 fils after stagnating in the previous session and closed at KD 1.580.
The market opened weak and slipped into red in early trading as moderate bout of profit taking hit select counters. The index eroded further amid bearish sentiments and bottomed at 6659.4 points. It traded sideways before recovering strongly and climbed briefly in the positive region past the mid-session. It touched the day’s high of 6689.1 points and moved flat thereafter. However it sagged again on renewed selling and closed with moderate losses.

Soared
The top gainer Gulf Cement Co soared 7.14 percent to close at KD 0.120 while Nafais Holding Co and Tamdeen Investment Co both stood next with 5.9 percent rise. Kuwait Packing Material Co plunged 22 percent, the steepest decliner of the day, while Investors Holding Co topped the volume with 24.88 million shares.
The market spread was skewed towards the losers. 26 stocks advanced while 44 closed lower. Of the 107 counters active on Monday, 36 closed unchanged. 2830 deals worth KD 28.415 million were transacted — down 39.3 percent in value over previous session. KSE, with 209 listed companies is the second largest bourse in the region.
The sectoral indices too swayed in a narrow range. Banking sector was flat while investment sector inched 0.1 percent higher. Insurance stagnated and real estate was up 0.1 percent. The worst performer industrial sector dropped 1.4 percent and services slipped 0.2 percent. Food sector rallied 2.1 percent, the top performer of the day while non-Kuwaiti closed flat.
The bourse has been muted so far during the week. It has gained 8 points since Sunday’s opening and has risen 20 points so far during the month. The benchmark is trading 3 percent lower year-to date.
In the banking sector, Gulf Bank was steady at KD 0.495 after trading 1.23 million shares whereas Ahli Bank was not traded during the day. Kuwait International Bank too was flat at KD 0.530 while Burgan Bank rose10 fils to close at KD 0.410. The stock had climbed 9.52 percent in July and is up 70 fils year-to-date. Kuwait Finance House and Boubyan Bank too did not budge from their earlier closes.
International Financial Advisors inched 1 fils lower whereas National Investment Co was up 5 fils at KD 0.340. KIPCO too rose 5 fils on back of 3.57 million shares to wind up at KD 0.395 whereas Kuwait Financial Centre Company and Bayan Investment Co fell 2 fils each. Global Investment House took in 1 fils to close at KD 0.061 and Al Deera Holding eased 2 fils.
KAMCO was not trade during the day. The company has won the approval of Central Bank of Kuwait for its validity renewal request to buy or sell up to 10 percent of its issued shares over a six-month period effective Sept 16, 2010. The company is committed to adhere to the central bank rules and conditions.

Gained
Al Tamdeen Investment Co gained 20 fils and wound up at KD 0.360. National Real Estate Co rose 4 fils to close at KD 0.168 and Al Tamdeen Real Estate ended 5 fils up at KD 0.360. In the industrial sector Gulf Cables climbed 20 fils while Kuwait Portland Cement closed flat.
In the bourse related news, the Securities Group Company has posted a second quarter net profit of KD 525,331 and earning per share of 2.06 fils compared to KD 1,483,124 and earning per share of 5.81 fils in the same period last year.
Alargan International Real Estate Co has announced that it is holding serious negotiations to sell 18.34 percent of the total 48.34 percent stake in the of the Saudi companies Alargan Houses Company and Alargan Company.
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
Meanwhile Kuwait Stock Exchange in its latest move has announced the suspension of shares trading of 22 companies fro failing to submit the financial statements in the stipulated time. They are:– Kuwait Investment Company, Ahlia Holding Company, International Investor Company, Securities House Company, Industrial Investments Company, Securities Group Company (M Securities), International Investment Group Company, Aref Investment Group, Al Dar Investment Company, Aayan Leasing and Investment Company, Gulf International Investment Company, Kuwait Finance and Investment Company, International Leasing and Investment Company and Al Madar Finance and Investment Company, Al Safat Investment Company, Kuwait Bahrain Exchange Company International, Pearl of Kuwait Real Estate Company, Al Safat Global Company Holding, Equipment Holding Company, Villa Moda Life Style Company, Network Holding Company and Gulf Finance House.