KUWAIT CITY, Aug 1: Kuwait’s index rose 6.6 points to 6,037.2 points in muted buying interest on Monday, selling 78 million shares for KD 8 million.
Kuwait Finance House and National Bank of Kuwait closed flat after clocking gains in excess of 1 percent in the first session of trading. Zain also traded flat as it posted a 21-percent drop in second-quarter net profit, missing analyst forecasts.
For the first half of 2011, the Zain Group recorded consolidated revenues of KD 659.4 million, reflecting a positive 2 percent increase on the same period last year. The period witnessed net income increasing to KD 140.2 million, an impressive 17 percent increase on the same period in 2010.
The company’s consolidated EBITDA reached KD 293.1 million up 6 percent on the first half of 2010, reflecting an EBITDA Margin of 44 percent with EBIT of KD 210 million, a 6 percent increase on 2010 first half. The earnings per share reached 36 fils.

The mobile operator may see selling pressure after posting a 21-percent drop in second-quarter net profit.
The market started off flat and buying in select mid caps spurred the index before the first hour of trading. The moment held on till the end, when minor dip stole a few valuable points leaving the index to gain 2.2 points.
Weighted index fell 0.4 points to close 415.2 points. The market volume moved through 1,137 deals.
Gulf markets rose Monday, tracking gains in global stocks which rallied after the United States reached a last-minute deal to escape default. US leaders reached a deal to cut the budget deficit by $1 trillion over 10 years, with additional savings of $1.4 trillion possible. The news sent global equities higher, although the top US credit rating could still be downgraded.

Monday was the first day of Ramadan, which started with a traditional lull in volumes. Any news-driven upside is expected to be limited due to low investor participation.
Four sectors fell on Monday, with food slipping 0.4 percent, the worst sectoral decline of the day.
Banking sector retreated 0.17 percent and services fell 0.10 percent. National Bank of Kuwait closed KD 1.100. Gulf Bank took out 5 fils to close 495 fils. Kuwait Finance House traded sideways to close 880 fils.
Commercial Bank of Kuwait made a gain of 20 fils to end 850 fils. Burgan Bank closed 490 fils after losing 5 fils. Kuwait International Bank turned up the biggest seller in the sector pushing in excess of 2 million shares, while Burgan Bank pushed 1.5 million shares.
Oil prices climbed on Monday, with Brent crude up more than $1 near $118, as lawmakers in the United Sates moved closer to raising the nation’s borrowing limit and averting default by the world’s top oil consumer.

The realty sector was up 0.11 percent, while the industrial sector surged 0.34 percent. Food and non-Kuwaitis fell 0.4 and 0.2 percent in the same order.
Meanwhile, the privatization committee of Kuwait Airways asked potential investors to submit their interest in buying a stake in the Gulf Arab state’s carrier, the first step towards privatizing the state-owned carrier.
“Interested parties will have an opportunity to subscribe to 35 percent of the predetermined share capital of 220 million dinars,” the committee said in a statement, setting Aug 25 as the deadline for submission. A potential stake sale would be the first privatization of a Gulf-owned carrier.
The investment sector gained 0.4 percent adding 15 points to its index. Kuwait Investment Company moved to 106 fils after gaining 2 fils. Kuwait Projects Company fell by 5 fils to close 350 fils.
Ektittab rose to 27 fils after gaining 2.5 fils. Tamdeen Investment Company traded sideways to close 170 fils.

Meanwhile, Kuwait Stock Exchange announced that the Board of Directors of Kuwait Insurance Company (KIC) approved the financial statements for the H1 period ending June 30, 2011, dated July 31, 2011.
KIC reported a profit of KD 238,161 for the three months ending June 30, 2011 compared to a profit of KD 389,171 or 2.02 fils per share for the same period of 2010.
Agility in the service sector stayed flat maintaining previous day’s price of 295 fils. Zain closed 990 fils unmoved. Wataniya took in 20 fils to close KD 2.020.
Last week, Dar Al Thuraya Real Estate Company was the best winner on a weekly analysis, gaining 16.6 percent. First Takaful Insurance Company came in second at 15.3 percent, while Bayan Investment Company climbed 12.5 percent. Kuwait Educational Services Company was up 11.5 percent, while Heavy Engineering Industries and Shipbuilding Company climbed 8 percent.
Real Estate Trade Centers Company fell the hardest last week of 23.8 percent. Burgan Well Drilling Company fell 20.6 percent, while Kuwait Commercial Markets Complex slid 18 percent. Gulf Finance House was down 16 percent, while Housing Finance Company fell 14.2 percent.

Gulf Finance House was the week’s top seller accounting for 44.9 million shares. Abyaar Real Estate Development Company pushed 31.2 million shares, while Sokouk Holding Company sold 26.2 million shares. Aviation Lease and Finance Company sold 26 million shares and Al Safat Energy Holding Company sold 12.6 million shares.
On Monday, the top gainer was Ektittab at 10.2 percent, followed by Abyaar at 6.3 percent. IFC was close behind at 6 percent, while Thuraya moved 5.8 percent up. KGL was up by 4.8 percent.
Investors was the worst loser of the day with a fall of 6.8 percent. GFH fell 5.9 percent, while SHOP fell 4.4 percent. KCPC was down on par with SHOP at 4.4 percent, while EDU slipped 3.7 percent.
The biggest seller of the day was GFH selling 16.8 million shares. Abyaar sold 14.1 million shares, while IFA sold 6.8 million shares. Sokouk sold 5.1 million and KRE sold 3.1 million shares.