KUWAIT CITY, Aug 31: Kuwait stock exchange posted modest gains to wind up the month on a positive note. The index climbed 22.1 points in choppy trade led by moderate buying in select mid-cap stocks. The blue chips closed mixed even as the trading floor turned cautiously positive. The sentiments were largely skittish during the month amid slew of lackluster corporate earnings.
The benchmark closed at 6,688.60 points after ending higher in the last two sessions while the weighted index inched 0.42 points up to 435.84 points. The volume tapered further indicating the investors’ wariness in absence of positive cues. 133.47 million shares changed hands - down 8.6 percent from the previous session.
The day’s advance was paced by Commercial Bank of Kuwait and Wataniya Telecom. CBK rose 10 fils to end at KD 0.890 while telecom service provider climbed 20 fils to close at KD 1.800 after stagnating on Monday. The stock had added 50 fils during the month and has soared 260 fils higher year-to-date.
Zain held the ground unchanged after trading 3.6 million shares. It ended at KD 1.200 after vacillating in a 20 fils range during the session. Agility slipped 15 fils to settle at KD 0.435 and the counter saw 3.6 million shares change hands. The firm has won an extension of its warehousing contract with US army for a period of 6 months.

The notable gainers include Mabanee Co which rose 20 fils to close at KD 0.770 and Heavy Engineering Industrial and Shipbuilding Co climbing 15 fils. NAPESCO and ALAFCO added 10 fils each and Automated Systems Co followed suit to wind up at KD 0.285 with thin trade. United Gulf Bank was up 15 fils to end at KD 0.310. National Industries Group rose 5 fils on back of 3.6 million shares whereas Kuwait Pipes was down 5 fils at KD 0.300.
The market opened weak and slipped below the red in early trade as investors toed the sidelines. The index hit the day’s lowest level of 658.9 points and rose thereafter as market mood lightened. It moved sideways along the opening mark and revved up in the second half on modest buying interest in select counters. It peaked at 6691 points in the final minutes but eased slightly at close.
The top gainer of the day, Gulf Glass Manufacturing Co spiked 9.091 percent to close at KD 0.600 and ALAFCO climbed 5.6 percent to stand next. Kuwait Hotels slid 4.13 percent, the steepest decliner of the day, while Jeezan Real Estate Co topped the volume with 33.84 million shares changing hands.

Winners
Reflecting the day’s gain, the winners outnumbered the losers. 40 stocks advanced while 27 closed lower. Of the 113 counters active on Tuesday, 47 closed unchanged. 2254 deals worth KD 24.983 million were transacted — down 13.5 percent in value over previous day. KSE, with 209 listed companies, is the second largest bourse in the region.
“There is lots of money from high new worth players sitting on the sidelines, but they are not interested in trading at present because volumes are so low that if they tried to buy 2 million dinars of a particular stock, for example, it would drive the market berserk,” Reuters quoted a Kuwait trader who spoke on condition of anonymity.
The sectors closed mostly in the positive region. Banking stock was the only decliner ending 0.1 percent lower while investment rose 0.2 percent. Insurance jumped 1.5 percent, the top gainer of the day, while real estate edged 0.4 percent up. Industrials rose 0.6 percent and services was up 0.1 percent. Food crept 0.3 percent while non-Kuwaiti gained 0.6 percent.

The bourse has been buoyant so far during the wee and has climbed 42 points since Sunday’s opening. It has risen 34 points during the whole month after posting modest gains in July. The benchmark however is trading 3 percent lower year-to date.
The banking heavyweight National Bank of Kuwait closed flat at KD 1.380 after fluctuating in 20 fils range during the day while Gulf Bank held the ground steady at KD 0.530. The stock has added 70 fils during the month and has rallied 230 fils higher so far during the year.
Commercial Bank was up 10 fils at KD 0.890 whereas Al Ahli Bank was not traded during the day. Ahli United Bank was stagnant at KD 0.530 whereas Kuwait International Bank eased 5 fils erasing an identical rise on Monday.

Slipped
Burgan Bank slipped 15 fils to KD 0.440 after trading 4.35 million shares whereas Kuwait Finance House did not budge from its earlier close of KD 1.100. The Standard & Poor’s Ratings Services has affirmed its long-and short-term counterparty credit ratings on KFH at ‘A-/A-2’. Boubyan Bank gained 20 fils to close at KD 0.570.
The investment stocks closed mixed. International Financial Advisors inched 1 fils lower and National Investment Co slipped 5 fils to wind up at KD 0.335. KIPCO dropped 10 fils to KD 0.400 whereas Kuwait Financial Centre and Aref Investment Group closed flat.
Global Investment House too did not move in either direction and ended at KD 0.059. The investment company has posted a net loss of KD 34.4 million in the first half as against a net loss of KD 98.6 million dinars in the year-earlier period. Al Tamdeen Investment Co stagnated at KD 0.330 while Al Madina For Finance and Investment Co inched 0.5 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.