KUWAIT CITY, Sept 6: Kuwait stock exchange posted modest rise on Monday, adding to the gains in the last two days. The index climbed 16 points in tepid trading led by National Bank of Kuwait. The banking stocks were mostly upbeat while other heavyweights closed mixed. Moderate buying were witnessed in select mid-caps too. The market sentiments were largely subdued as investors continue to toe the sidelines in absence of strong cues. The bourse wound up at 6727.50 points helped by last minute spurt in buying while the weighted index climbed 4.76 points to settle at 447.05 points. The volume meanwhile tapered after rising incrementally in the last three sessions. 137.37 million shares were traded — down 6.4 percent from Sunday’s level.

NBK rallied 80 fils on reports that the lender has received offers to sell its 10 percent stake. It ended at KD 1.500 after stagnating in the earlier session and saw 3.67 million shares change hands. Kuwait Finance House too rose 20 fils adding to an identical rise on Sunday and ended at KD 1.140. The counter posted a volume turnover of 7.55 million shares. Wataniya Telecom rose 20 fils recouping the drop in the previous session and settled at KD 1.840. Zain held the ground unchanged at KD 1.240 after fluctuating in a 20 fils range. It posted a volume of KD 1.840. The telecom service provider also was recently in middle of stake sale speculations.

“Depending on how these play out, the market should be positive and could break 7,000 points after Eid,” Reuters quoted Shahid Hameed, Global Investment House head of asset management for the Gulf region. “The Kuwait market is interconnected and so if these big three stocks have positive news, the rest of the market should follow.”
Among other notable movers, United Gulf Bank climbed 25 fils to close at KD 0.345 and Kuwait Gulf Links was up 10 fils at KD 0.200 on back of 10.94 million shares. The stock had gained 8.24 percent in September and is trading 27.78 percent higher since the start of the year.
National Industries Group added 5 fils on back of 8.14 million shares and wound up at KD 0.360 while Kuwait Cement Co climbed 20 fils. Kuwait Portland Cement however shed 20 fils and Kuwait Food Co (Americana) slid 40 fils erasing the gains on Sunday.

Slipped
The market opened wobbly and slipped below the red in early trade as investors refrained from taking up fresh positions amid weak sentiments. The index bottomed at 6703.4 points moved almost flat for the rest of the session. However a slight rise in buying in some of the banking counters helped push the market above the opening level at close.
The top gainer of the day, United Gulf Bank, jumped 7.8 percent to wind up at KD 0.345 while Shuaiba Paper climbed 6.9 percent to stand next. KMEFIC dropped 6.098 percent , the biggest loser of the day, while Kuwait International Bank topped the volume with 15.44 million shares changing hands.
Despite the day’s gain the market spread was skewed towards the losers. 26 stocks advanced while 44 closed lower. Of the 104 counters active on Monday, 33 closed flat. 3033 deals worth KD 44.56 million were transacted — up 5.9 percent in value over previous session.

The sectors closed mixed. Banking sector rallied 1.4 percent, while investment was unchanged. Insurance was the best performer of the day rising 1.5 percent whereas real estate slipped 0.4 percent. Industrials edged 0.2 percent up while services ended stagnant. Food sector slid 1.3 percent whereas non-Kuwaiti was up 1.3 percent. The bourse has been buoyant so far during the week and has risen 21 points since Sunday’s opening. It has climbed 39 points from start of the month after posting modest gains in August. The benchmark however is trading 2 percent lower year-to date.
In the banking sector, Gulf Bank closed flat at KD 0.520 after trading 3.81 million shares whereas Commercial Bank and Al Ahli Bank was not traded during the session. Ahli United Bank too did not budge from its earlier close of KD 0.420 and Kuwait International Bank eased 5 fils to settle at KD 0.260.
Burgan Bank posted a 5 fils gains after stagnating on Sunday and wound up at KD KD 0.465. The lender is planning a roadshow for a dollar-denominated bond issue soon, according to local newspaper. JP Morgan, Morgan Stanley and Standard Chartered are arranging the event. Boubyan Bank added 20 fils on back of 5.47 million shares.

Climbed
Investment stocks were mostly muted. Commercial Facilities Co climbed 15 fils on while International Financial Advisors took in1 fils and National Investment Co was flat at KD 0.345. KIPCO too was unchanged at KD 0.420 and Kuwait Financial Centre Co followed suit.
Bayan Investment Co inched 1 fils lower to KD 0.056 and Global Investment House was steady at KD 0.059. KAMCO was not traded during the session. 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.
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.