KUWAIT CITY, Sep 22: Kuwait market gained momentum on Wednesday after closing flat in the day before. The index climbed 24.5 points in volatile trade led by middle level stocks in the services and industrial sectors. The blue chips were mostly subdued even as investors looked for new fillips to boost the sentiments.
The bourse wound up at 6845.30 points pulling up from moderate losses in the first half while the weighted index edged 1.75 points higher to settle at 455.25 points. The volume turnover surged 42 percent to 385.58 million extending the swell in the previous session. The volume has been anemic for most part of the second quarter and remains weak so far in the third quarter.
The day’s advance was led by Kuwait Finance House which rallied 40 fils on back of 2.2 million shares to close at KD 1.160. Other banks’ shares were mostly muted after gaining spree witnessed earlier in the month.

“We were used to seeing big moves on the banks, but I think it’s time for profit taking,” Reuters quoted Essa al-Hasawi, assistant manager at Zumorroda Investment Co “There is I think still room for 10 to 20 percent gains in banks until the end of the year.”
Agility rose 10 fils after stagnating on Tuesday. It closed at KD 0.500 with a volume turnover of 5.92 million shares.
The firm earlier in the month got a boost after winning an extension of its warehousing contract with US army for a period of 6 months. Zain held the ground unchanged at KD 1.300 after vacillating in a 20 fils range. The scrip has been lately swayed by speculations that a major share holder is planning to sell a part of its stake.
Wataniya Telecom too did not budge from its earlier close of KD 1.860. The stock had slipped 2.17 percent during August and has rallied 340 fils since the start of the year. Industrial major National Industries Group closed flat at KD 0.395 after trading 5.36 million shares and Kuwait Food Co (Americana) dropped 20 fils adding to an identical loss in the earlier session.
Among other gainers, Kuwait Company For Process Plant Construction and Contracting climbed 25 fils and Combined Group Co was up 20 fils at KD 1.740. Kuwait Building Materials Manufacturing rose 20 fils while Contracting and Marine Services Co gained 20 fils . Qurain Petrochemical Industries Co climbed 10 fils to settle at KD 0.224.

Slid
The market opened weak and slid lower in early session as selling dominated the trading floor. The index hit the day’s lowest level of 6802.5 points and saw modest recovery thereafter. It rose steadily above the red as bargain buying picked up in some of the middle level stocks and wound up with modest gains.
The top gainer of the day, United Industries Co spiked 8.4 percent to end at KD 0.128 while KBMMC stood next climbing 8 percent. Kuwait Cable Vision Co slid 7.35 percent, the steepest decliner of the day, while International Financial Advisors topped the volume with 47.48 million shares changing hands.
Mirroring the day’s gain, the winners outnumbered the losers. 42 stocks advanced while 35 closed lower. Of the 118 counters active on Wednesday, 40 closed unchanged. 5503 deals worth KD 48.72 million were transacted - a 10.1 percent rise in value from previous session. The sectors closed mostly higher. Banking sector rose 0.3 percent and investment followed suit. Insurance sector slipped 0.6 percent and real estate ended flat. Industrials climbed 0.9 percent, the top performer of the day, while services gained 0.5 percent. Food sector edged 0.2 percent up and so did non-Kuwaiti.
The bourse has been mixed during the week and has eked 9 points gain week -on-week. It has climbed 157 points from start of the month after posting modest gains in August but is trading 1 percent lower year-to date.
In the banking sector, National Bank of Kuwait closed flat at KD 1.480 and Gulf Bank too was unchanged at KD 0.495 after slipping lower in the earlier session. The counter saw 3.36 million shares change hands. The lender had jumped 20.45 percent in August and has added 295 fils year-to-date.
Commercial Bank eased 10 fils extending the drop on Tuesday while Al Ahli Bank was not traded during the session. Ahli United Bank was unchanged at KD 0.280 and Kuwait International Bank followed suit to close at KD 0.280 after fluctuating in a narrow range. The scrip posted a volume turnover of 4.2 million shares. Burgan Bank fell 5 fils to KD 1.160 with a volume of 2.2 million shares and Boubyan Bank added 10 fils to settle at KD 0.620.
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.

In the investment sector, National Investment Co dropped 10 fils to KD 0.350 while KIPCO was unchanged at KD 0.470. Kuwait Financial Centre Co too was stagnant at KD 0.126 whereas Aref Investment Group inched 1 fils lower.
The company has sustained a loss of KD 21.4 million in the first half of this year and a loss of 20 fils per share, compared to KD 38 million in losses in the same period last year.
In the bourse related news, 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 .
Al-Enmaa Real Estate Company has posted a profit of KD 99,862 and earnings per share of 0.22 fils in the second quarter as compared to a loss of KD 1,508,451 and loss per share 3.35 fils for the same period last year. In the six-month period ending June 30, the company recorded a profit of KD 596,487 and earnings per share of 1.32 fils .

The Industrial and Financial Inv. Co announced the financial results for the second quarter and the six months ending June 30, 2010. In the 2nd quarter loss amounted to KD 2,800,493 while loss per share clocked 6.89 fils against profit of KD 552,852 and earnings per share of 1.36 fils for same period in 2009. In the first half of 2010, the loss totaled KD 2,961,684 and loss per share worked out at 7.28 fils.
Kuwait Stock Exchange has suspended the trading of shares of the following companies for failing to submit the financial results in stipulated time. They are: Safat Global Holding, Investment Dar Company, International Leasing and Investment Co, Villa Moda Life Style, Securities House Company, International Investment Group, Network Holding Co, Al-Ahleia Holding Company, Pearl of Kuwait Real Est Co, Gulfinvest International Co, Kuwait Financing and Investment Co, Al Madar Finance and Investment Co, Al-Safat Investment Co, Aayan Leasing and Investment Company, Equipment Holding Co and Al-Abraj Holding Co.

The following companies were suspended for carrying forward losses exceeding 75% of capital: Gulfinvest International Co, Equipment Holding Co, Network Holding Co While the companies failing to pay annual fees of 2010-2011 were as follows: International Investment Group, Pearl of Kwt. Real Est Co, Safat Global Holding, Al-Abraj Holding Co and Network Holding Co.