KUWAIT CITY, Aug 3: Kuwait stocks fell 7.2 points Wednesday to close 6,067.6 points in dull trading that opened flat and slumped gradually to a low close.
There was a hint of resurgence towards noon but the index slackened soon afterwards.
The index shed 0.2 points selling 68 million shares for KD 10.2 million. Weighted index climbed 0.32 points to close 422.08 points. The total market volume dropped 32 percent, while value was down 36 percent.
Only banking and services sectors ended in green and the rest closed down or flat. The banking sector moved 0.8 percent selling 4.7 million shares for KD 2.9 million. The volume was down 59 percent.
National Bank of Kuwait moved sideways closing KD 1.100. Gulf Bank of Kuwait was down 10 fils, closing 500 fils. Commercial Bank of Kuwait and Kuwait Finance House were the sole gainers, adding 50 and 30 fils to their value in the same order. CBK closed 920 fils, and KFIN closed 930 fils. KFIN was the biggest seller in the banking sector pushing 2.2 million shares, while Kuwait International Bank sold 1.9 million shares, the second best figures.

Kuwait International Bank (KIB) reported that the Central Bank of Kuwait approved its financial statements for the H1 period ending June 30, 2011, dated Aug 1, 2011. KIB reported a profit of KD 2,475,631 for the three months ending June 30, 2011 compared to a profit of KD 4,735,131 for the three months ending June 30, 2010.
Brent crude fell more than $1 towards $115 on Wednesday after ratings agency Moody’s assigned a negative outlook to the United States, stoking concern that demand may fall as the world’s top oil user faces longer-term fiscal and economic challenges. Worries are growing that major economies may slip back into recession as Europe’s debt crisis deepens and after global manufacturing data proved disappointing this week. The slowdown is having a direct impact on US oil demand as consumer spending and gasoline use crumble.
Kuwait National Cinema Company was the best winner in the market adding 9 percent. The company took in 100 fils to close KD 1.200. Agility closed flat at 290 fils selling 2.4 million shares. Zain was down 10 fils to close 990 fils.

The investment sector slipped 0.2 percent on the back of 8.6 million shares worth less than KD 1 million. The sectoral volume declined 54 percent compared to Tuesday’s trading.
Kuwait Investment Company closed flat at 106 fils. KIC reported a loss of KD 514,051 for the three months ending June 30, 2011 compared to a profit of KD 675,356 for the same period of 2010.
FACIL closed 335 fils after shedding 5 fils. KPROJ was up 5 fils closing 360 fils. IFC closed 6 fils low. Markaz closed 108 fils without making a move.
Kuwait Projects Company, KIPCO, has announced a net profit of KD 16.6 million, or 14.04 fils per share for the first six months of 2011, an increase of 295 per cent compared to the KD 4.2 million profit, or 3.58 fils per share, for the same period last year.
KIPCO’s second quarter profit for the three months ended 30 June, 2011 of KD 8.5 million was an increase of 5 per cent on the KD 8.1 million reported for the first three months of 2011.
KIPCO’s total revenues for the first six months of 2011 increased by 9 per cent to KD 178.8 million compared to the KD 163.7 million reported for the first half of 2010. The company also saw a rise in operating profit to KD 34.4 million for the first half of 2011, an increase of 59 per cent from the KD 21.6 million reported in the first half of 2010. Global sold 3.2 million shares for 26.5 fils per share after losing 1 fil. IFC pushing 1.6 million shares was the second largest volume mover in the investment sector.
Meanwhile, Gulf Investment Corporation (GIC) has issued 750 million ringgit ($253.5 million) of five-year sukuk at 4.90 percent, the deal’s sole lead manager AmInvestment Bank said on Wednesday.
The announcement on Wednesday confirmed an earlier Reuters report that GIC had sold the five-year Islamic bonds under an existing 3.5 billion ringgit funding programme. The sukuk is the second tranche to be issued under the programme in 2011, with the first tranche of 600 million ringgit in 5-year paper sold at a yield of 5.25 percent.

“We anticipate more issuers from the GCC region following suit in tapping into non-traditional sources to obtain long term funds,” Hisham Al-Razzuqi, the chief executive officer of GIC, said in a statement.
The sukuk programme has been assigned a long-term rating of AAA by Malaysia’s RAM Rating Services, and would enable GIC to tap the Malaysian market for long-dated funding, AmInvestment said.
United Real Estate Company (URC) announced a net profit of KD 5 million in the first six months of 2001 compared to KD 2.5 million for the same period the previous year. Commenting on the results, URC Chairman Tareq Abdulsalam said, “The first half of the year witnessed positive growth due to the fact that the company increased its position in many of its real estate investments thereby consolidating these positions which resulted in changing these classifications from Associates to Subsidies.”
Aqar Real Estate Investment Company reported that the Board of Directors approved the financial statements for the Q2 period ending June 30, 2011, dated Aug 2, 2011. Aqar reported a loss of KD 696,386 or 3.01 fils per share for the three months ending June 30, 2011 compared to a loss of KD 5,323 or 0.02 fils per share for the same period of 2010.
The top winner of the day was Kuwait National Cinema Company at 9 .09 percent, tied by Burgan Well Drilling Company. Bayan Investment Company gained 8.4 percent. Dar Al Thuraya Real Estate Company climbed 6.5 percent, while Gulf Glass Manufacturing Company swung 6.2 percent up.
Heavy Engineering Industries and Shipbuilding Company fell the hardest at 6.9 percent. Egypt Kuwait Holding Company fell as much. Fujairah Cement Industries slipped 6.3 percent, followed by Al Madina for Finance and Investment Company at 5.7 percent. International Finance Company fell 5.5 percent.