KUWAIT CITY, Aug 24: Kuwait stocks pulled slightly higher on Tuesday, helped by last minute buying in select blue chips. The index rose 7.4 points after trading below the red for most part of the session. Investors also chased some of the mid-caps across the sectors even as the overall sentiments remained tepid. The index closed at 6,682.10 points while the weighted index rose 2.88 points to 436.62 points. The volume meanwhile was up slightly after tapering in the last two sessions. A total of 153.32 million shares changed hands — up 3.7 percent from day before. The volume has been anemic for most part of the second quarter.

The notable advancers include Gulf Bank which climbed 35 fils on back of 6.53 million shares after stagnating in the previous session. It ended at KD 0.530. Burgan Bank rallied 25 fils to wind up at KD 0.435 and the counter saw 7.6 million shares change hands. The stock had risen 9.52 percent in July and has gained 105 fils from the year’s opening level.
Zain revved up 20 fils after closing flat on Monday and settled at KD 1.200. Agility held the ground unchanged at KD 0.460 . The company auditors had warned earlier in the month that the prolonged suspension of US contracts could have a material impact on its government-related businesses. Wataniya Telecom too did not budge from its earlier close of KD 1.820 with thin trading volume.

Among other movers, Kuwait Portland Co climbed 20 fils to finish at KD 1.460 while Kuwait Gulf Links rose 5 fils to close at KD 0.188. The counter saw 3.56 million shares change hands. IFA Hotels and Resorts Co slid 25 fils and Kuwait Packaging Materials Manufacturing Co followed suit to end at KD 0.365.
The market opened on dull note and slipped below the red in early trade. The index moved almost flat and eroded further in the second half as selling weighed on select counters across the sectors. It bottomed at 6656.3 points and clawed back in the final minutes on modest buying to close well above the opening level.
The top gainer of the day, National International Holding Co spiked 29.412 percent to close at KD 0.066 while Gulf Bank stood next. Kuwait Packaging Materials Manufacturing Co was the biggest loser and Gulf Finance House topped the volume with 20.24 million shares changing hands.
Reflecting the mixed trend, the number of gainers equaled the losers . 37 stocks advanced and an identical number ended lower. Of the 110 counters active on Tuesday, 35 closed unchanged. 2,788 deals worth KD 33.35 million were transacted — a 17.4 percent rise in value from previous session.

Swayed
The sectors meanwhile swayed marginally in both directions. Banking sector was the top performer gaining 1.4 percent while investment was up 0.4 percent. Insurance sector slipped 0.2 percent whereas real estate ended flat. Industrials eroded 0.8 percent and services inched 0.1 percent higher. Food sector sagged 0.2 percent.
The bourse has been tame so far during the week and is almost stagnant since Sunday’s opening. It has gained 28 points from start of the month and is trading 3 percent lower year-to date. The index had rallied 115 points in whole of July stemming a three-month decline.
The banking stocks were mostly upbeat. However National Bank of Kuwait was unchanged at KD 1.380 pausing after the robust gains in the previous sessions and Commercial Bank followed suit to wind up at KD 0.880. The stock had dropped 3.23 percent in July and has shed 50 fils year-to-date.
Al Ahli Bank fell 10 fils to KD 0.550 with thin trade while Ahli United Bank climbed 10 fils to finish at KD 0.540. Kuwait International Bank added 12 fils on back of 13.54 million shares and Kuwait Finance House was steady at KD 1.100 after trading 4.14 million shares. Boubyan Bank too did not budge from the previous close of KD 0.560.

The IMF in a recent 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 Advisors inched 1 fils lower whereas National Investment Co was stagnant at KD 0.340. KIPCO rose 5 fils with a volume of 3.16 million and Kuwait Financial Centre ended flat.
Bayan Investment Co was up 1 fils at KD 0.053 and Global Investment House rose 3 fils after posting marginal gain in the previous session. KAMCO climbed 10 fils to end at KD 0.325. 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 September 16, 2010. The company is committed to adhere to the central bank rules and conditions.

Higher
National Real Estate Co edged 2 fils higher to KD 0.170 whereas Salhiya Real Estate Co pulled 10 fils lower. Mabanee Co did not move in either direction. Sector major National Industries Group was unchanged at KD 0.350 and Kuwait Cement Co added 10 fils.
Gulf Cables was stagnant at KD 1.860 and Kuwait Foundry Co dropped 25 fils.
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 and loss per share of 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 for 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. 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.