KUWAIT CITY, Sept 5: Kuwait stocks eked modest gains on Sunday, adding to rise in the previous session. The index climbed 8.3 points in volatile trade led by Agility while other blue chips were largely subdued. Speculative buying were seen in some of the mid-caps during the session. The trading floor trend was mixed even as investors await new indicators to lend direction to the market.
The benchmark ended at 6,711.50 points after trading below the red earlier in the session while the weighted index was up 1.08 points at 442.29 points. The volume nudged 8.8 percent to 146.75 million after posting modest rise in the last two days. The volume has been anemic for most part of the second quarter.
Agility jumped 25 fils on news that US judge said prosecutors had failed to follow the correct procedures when they indicted the logistics firm on fraud charges. It winded up at KD 0.470 with a volume of 5.19 million shares.

Kuwait Finance House rose 20 fils to end at KD 1.120. The counter saw 2.69 million shares change hands during the session. The stock had gained 5.77 percent in August and is unchanged from its start of the year level.
Zain ended flat after vacillating in a 20 fils range. It closed at KD 1.240 and posted a volume of 2.56 million shares. Wataniya Telecom shed 20 fils trimming the robust gains on Thursday. Industrial major National Industries Group was up 5 fils at KD 0.355 on back of 4.47 million shares while Kuwait Gulf Links added 4 fils. It ended at KD 0.190.
Among other notable gainers, Kuwait Food Co ( Americana) rose 20 fils recouping an identical loss in the previous session and wound up at KD 1.580. United Projects Group was up 10 fils at KDD 0.375 and Mashaer Holding Co followed suit to close at KD 0.280.
The market started off on a flat note and moved sideways in early trade. The index spiked briefly on spurt in buying in select counters and hit the day’s high of 6713 points. It continued to move in a narrow range amid brittle sentiments and slid below the red to bottom at 6689.1 points. However renewed buying in the final minutes helped push the market above the opening mark.

Gainer
The top gainer of the day, Bayan Investment Co soared 9.6 percent to close at KD 0.057 while Gulf Glass Manufacturing Co climbed 8.33 percent to stand next. Gulf Bank shed 3.7 percent, the steepest decliner of the day while Gulf Finance House topped the volume with 8.89 million shares changing hands. International credit rating agency Capital Intelligence has affirmed Gulf Bank’s Foreign Currency Long-Term and Short-Term ratings of BBB+ and A2, respectively with a ‘Stable’ Outlook.
Mirroring the mixed mood, the number of losers and winners were almost evenly poised. 34 stocks advanced while 35 closed lower. Of the 102 counters active on Sunday, 32 closed flat. 2994 deals worth KD 42.063 million were transacted - up 9.8 percent in value over previous session. KSE, with 209 listed companies, is the second largest bourse in the region.
The sectoral indices closed mostly in the positive region. Banking sector edged 0.4 percent higher while investment was unchanged. Insurance eased 0.8 percent, the biggest loser of the day, while real estate ended flat. Industrials rose 0.4 percent and services added 0.2 percent. Non-Kuwaiti slipped 0.4 percent.
The bourse saw modest rise during last week. It closed higher in 4 of the 5 sessions and rallied 57 points week-on-week. The index has added 23 points since the start of the month but is trading 3 percent lower year-to date. It had climbed 33.7 points during whole of August.

The banking stocks swayed in both directions. National Bank of Kuwait held the ground unchanged at KD 1.420 trimming moderate gains earlier in the session. The counter saw 4.73 million shares change hands. The stock had rallied 13.11 percent in August and added 330 fils year-to-date. Al Ahli Bank rose 20 fils with thin trading to close at KD 0.540 while Commercial Bank was not traded during the day.
Ahli United Bank did not budge from its earlier close of KD 0.520 and Kuwait International Bank eased 5 fils. Burgan Bank stagnated at KD 0.460 after posting modest gains on Thursday. The counter saw a trading volume of 7.22 million shares. Boubyan Bank gained 20 fils to close at KD 0.580.
Bank stocks had gained momentum in the second half of August on reports of government 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.

Flat
In the investment sector, International Financial Advisors were flat at KD 0.059 while National Investment Co fell 5 fils erasing the gains in the previous session. KIPCO added 5 fils on back of 11.84 million shares whereas Aref Investment Co was unchanged at KD 0.054.
Bayan Investment rose 5 fils and Global Investment House inched 1 fils lower. Global earlier in the year had reached a deal with creditors to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks.
National Real Estate Co rose 10 fils on a volume turnover of 2.14 million adding to the gains on Thursday. Tamdeen Real Estate Co closed flat Mabanee Co followed suit.
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.