KUWAIT CITY, Aug 30: Kuwait stocks closed almost flat on Monday after trading in red for most part of the session. The index inched 0.9 points up helped by last minute buying in select mid-caps. The market undercurrent however was subdued partly due to weak earnings besides the Ramadan lull. The bourse had moved in narrow range so far during the month after staging a modest rebound in July.
The benchmark wound up at 6,666.50 points after posting modest gains in the previous session while the weighted index eased 0.75 points to settle at 435.42 points. The volume too was almost stagnant after tapering in the last two days. 145.99 million shares changed hands during the session — 0.5 percent lower from Sunday.
Among the advancers, National Investment Co climbed 15 fils on back of 1.75 million shares to close at KD 0.340 and Kuwait Pipes too followed suit to wind up at KD 0.305. The counter saw 6.87 million shares change hands. Kuwait Co For Process Plant Construction and Contracting rose 15 fils to end at KD 0.415 and Mabanee Co added 10 fils to KD 0.750. The blue chips were largely muted. Zain was unchanged after closing higher on Sunday. It fluctuated in a 40 fils range intra-day and ended at KD 1.200. Agility too held the ground steady at KD 0.450 with a volume turnover of 1.89 million.
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 vacillated in 20 fils range before closing flat at KD 1.780.

The market opened weak and fell sharply below the red in early trade as investors exited select counters. The index bottomed at 6,634.40 points and moved sideways for more than an hour as sentiments turned brittle. It revved up in the final minutes on bargain buying and managed to end above the opening mark.
The top gainer Heavy Engineering Industrial and Shipbuilding Co jumped 7.2 percent to close at KD 0.370 while Grand Real Estate Projects Co climbed 6.9 percent to stand next. International Finance Co slid 8.9 percent, the biggest loser of the day, while Jeezan Real Estate topped the volume with 11.68 million shares changing hands.
The market spread was skewed towards gainers. 35 stocks advanced while 27 closed lower. Of the 97 counters active on Monday, 34 closed flat. 2725 transactions worth KD 28.88 million were transacted — up 15.56 percent in value over previous session.
“There’s some profit-taking in the medium caps after the recent bank rally,” Reuters quoted a Kuwait trader. “This is healthy after double digit gains because it weeds out the speculators and day traders and I would be more worried about a next rally if there wasn’t a slight correction on the way up.”

Fell
The sectoral indices closed mixed. Banking sector fell 0.4 percent while investment inched 0.1 percent up. Insurance, the top performer, gained 1.2 percent and real estate rose 0.2 percent. Industrial closed flat while services eased 0.1 percent. Food sector was stagnant and non-Kuwaiti slipped 0.1 percent.
The bourse has notched modest gain so far during week. The index has risen 20 points from Sunday’s opening level and is up 12 points since the start of the month. However, it is trading 3 percent lower year-to date. The banking stocks moved in narrow range. National Bank of Kuwiat was flat at KD 1.380 after trading 1.43 million shares. The lender has booked KD 23.5 million of provisions in the second quarter and is expecting a tougher second half Gulf Bank fell 10 fils to end at KD 0.530 while Commercial Bank and Al Ahli Bank were not traded during the day.
Ahli United Bank did not budge from its earlier close of KD 0.530 with thin trading whereas Kuwait International Bank added 5 fils on back of 8.53 million shares. Burgan Bank eased 5 fils to settle at KD 0.455 partly offsetting the gains on Sunday and Kuwait Finance House stagnated at KD 1.100. The stock had gained 6.12 percent in July and is unchanged since the start of the year. Boubyan Bank slipped 10 fils to KD 0.550.

Bank stocks had gained momentum last week on reports of govermnet approval to the local lenders to finance the multi-billion projects. The government would also provide guarantees amounting to KD 10 billion to back these loans. The investment stocks moved in both directions. Sector major KIPCO fell 5 fils retreating after the strong gains in the previous session while International Financial Advisors was unchanged at KD 0.060. Kuwait Financial Centre Co rose 2 fils whereas Bayan Investment Co was steady at KD 0.051.
Global Investment House edged 2 fils lower to KD 0.059 while Al Deera Holding Co was flat at KD 0.052 after trading 6.4 million shares. Al Madina For Finance and Investment Co too was unchanged at KD 0.041 while Noor Financial Investment Co closed 1 fils higher at KD 0.045.
National Real Estate Co eased 2 fils to KD 0.166 whereas Mazaya Holding Co added 3 fils. National Industries Group stagnated at KD 0.340 after fluctuating in a narrow range intra-day whereas Kuwait Cement Co dropped 20 fils to wind up at KD 0.660. Kuwait Foundry Co eroded 10 fils and Mena Holding edged 2 fils lower.

In the bourse related news, Al Safat Real Estate Company has incurred a net loss of KD 682,750 in the second quarter and loss per share of 2.84 fils compared to a profit of KD 267,706 and earnings per share of 1.12 fils for the same period last year. In the first half, loss amounted to KD 474,438 and loss per share worked out at 1.98 fils.
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.
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.

Kuwait Stock Exchange announced suspension of shares trading of the following companies for failing to submit their financial results in the stipulated time: Safat Global Holding, Investment Dar Company, International Leasing and Investment Co, Villa Moda Life Style, Securities House Company, International Investment Group, Aayan Leasing and Investment Company, Network Holding Co, Al-Ahleia Holding Company, Pearl of Kwt. Real Est Co, Kuwait Investment Company, International Investor Company, Industrial and Financial Inv Co, Securities Group Company, Aref Investment Group, Gulfinvest International Co, Kuwait Financing and Investment Co, Al Madar Finance and Investment Co, Al-Safat Investment Co, Kuwait Bahrain International Exchange Co, Equipment Holding Co, Gulf Finance House, Al-Abraj Holding Co.