KUWAIT CITY, July 21: Kuwait stocks gained momentum on Thursday to wind up week on an upbeat note. The index climbed 44.4 points led by heavyweights and some of the mid-priced positions. The trading floor sentiments were positive owing primarily to the decision by CMA earlier in the month to defer the implementation of new rules till March 2012.
The market wound up at 6,077.90 points while weighted index rose 5.41 points to 423.2 points. The volume turnover surged after slipping below the 100 million mark in the previous session. 167.03 million shares changed hands — a 79.5 percent surge from the day before. The trading volume has been extremely anemic since mid-June and had hit a multi-year low of 46.97 million on July 11.

Zain rallied 30 fils after stagnating in the previous session and closed at KD 1.020. It saw 1.63 million shares change hands and garnered 14.6 percent share of total market capitalization. Wataniya Telecom jumped 80 fils to KD 2.060 whereas Agility held the ground unchanged at KD 0.310. The stock was weighed by a US court ruling earlier in the month.
National Bank of Kuwait climbed 20 fils on back of 5.72 million shares while Gulf Bank was up 10 fils at KD 0.510. The counter saw a volume turnover of 1.24 million shares. The stock had dropped 20 fils during June and has shed 30 fils so far during the month.
Kuwait Finance House rebounded 20 fils paring the steep losses in the day before. The Islamic lender has reported a 43 percent fall in the second quarter profit. Net profit in the April- June period stood at KD 22.8 million as against KD 39.9 million in the same period last year.

Climbed
The market opened strong and climbed steadily in early trade as investors took up select positions across the sectors. The index gained revved up in the second half amid positive sentiments and peaked at 6,084 points before retreating slightly in the final minutes.
Top gainer of the day, Gulf Franchising Holding Co spiked 11.7 percent to 19 fils while Gulf Finance House climbed 8.1 percent to stand next. Future Communications Co dived 7.6 percent, the steepest decliner of the day. Abyaar topped the volume with 27.28 million shares.
Reflecting the day’s gain, the market spread was heavily skewed towards the gainers. 69 stocks advanced while 15 closed lower. Of the 104 counters active on Thursday, 19 closed flat. 3104 deals worth KD 31.22 million shares were transacted - a 144.5 percent surge from the day before.
Among other notable gainers, National Industries Group rose 6 fils to KD 0.222 and Kuwait Pipes followed suit to end at KD 0.222. Combined Group Contracting Co soared 60 fils and Boubyan Petrochemical Co rose 30 fils on back of 4.7 million shares.

National Investment Co gained 4 fils with a volume of 1.26 million shares and KIPCO rose 10 fils to wind up at KD 0.355. The stock had shed 25 fils during June and is trading 10 fils lower since start of the month. International Finance Co however slipped 2 fils.
Global Investment House edged 0.5 fils higher after trading 8.2 million shares while Al Maal Investment Co added 3 fils. The company has won Central Bank of Kuwait approval to extend permit to buy back or sell up to 10% of own issued shares for an additional period of 6 months ending Jan 17, 2012.
National Real Estate Co rose 3 fils and Salhiya Real Estate took in 2 fils to wind up at KD 0.210. Pearl of Kuwait Real Estate Co and Tamdeen Real Estate closed flat whereas Mabanee Co retreated 10 fils.
Kuwait Gulf Links and Aref Energy Holding gained 2 fils each whereas Burgan Well Drilling Co dived 25 fils. Future Communication Co too shed 25 fils to settle at KD 0.300. ALAFCO was down 5fils at KD 0.330 whereas Jazeera Airways gained 6 fils to wind up at KD 216. Egypt Kuwait Holding Co added 5 fils.

Fell
In the banking sector, Commercial Bank fell 10 fils to KD 0.870 with thin trading and Al Ahli Bank held the ground unchanged at KD 0.660. The bank has posted a net profit of KD 28,444,000 and earnings per share of 20 fils as compared to net profit of KD 26,235,000 and earnings per share of 20 fils.
Ahli United Bank slid 40 fils paring the gains in the previous session and Burgan Bank climbed 15 fils on back of 1.63 million shares. Boubyan Bank eased 10 fils and Kuwiat International Bank was up 10 fils at KD 0.305 with a volume of 5.3 million shares.
Fitch Ratings has assigned stable outlook for Kuwaiti banks in its latest report. The Long- and Short-term IDRs are based on Fitch’s expectation of an extremely high probability of sovereign support, if needed.
In the bourse related news, Securities Group Company Co has posted a net profit of KD 12,934 and earnings per share of 0.05 fils in the fiscal year ending March 31, 2011. The Board of Directors has recommended a cash dividend of 10 percent.
Bayan Investment Co has incurred a net loss of KD 3,792,933 and loss per share of 10.61 fils in the three-month period ending March 31, 2011 as compared to a net loss of KD 1,862,004 and loss per share of 5.23 fils in the same period last year.

Al-Safat Investment Co announced that Central Bank of Kuwait approved request to buy back up to 10% of own shares over the period of 6 months ending Jan 28, 2012 but rejected selling request as General meeting did not mention the same.
National Industries Group has registered a first quarter net profit of KD 1,941,000 and earning per share of 2 fils as compared to profit of KD 4,712,000 in same period last year.
Meanwhile Kuwait Stock Exchange has selected 15 firms for its new Kuwait 15 Index. They are: Mobile Telecommunications Co (Zain), National Mobile Telecommunications (Wataniya), National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Boubyan Bank, Ahli United Bank, Burgan Bank, Kuwait Projects Co, Mabanee Co, Kuwait International Bank, Agility Public Warehousing Co, National Industries Group Holding, Gulf Cable & Electrical Industries Co, Boubyan Petrochemical Co. The list is to be reviewed every six months.