KUWAIT CITY, Aug 10: Kuwait stocks climbed 0.3 percent Wednesday, tracking a comeback in global and Asian stocks, after the US Federal Reserve made a pledge to keep interest rates near zero for at least two years, stemming a global equity rout. The market opened flat and saw a sudden surge, almost taking in 50 points, before losing steam to close 5,900.8 points. The main index added 18.6 points, while the weighed index was up 1.8 points. The market sold a total volume of 119.6 million shares for KD 16.6 million. Only the food sector retreated Wednesday, and all others climbed. The banking led with a 0.7 percent surge, while the real estate sector moved 0.4 percent up. The industrial sector also saw an equal amount of increase. World stock markets had been tumbling since the start of August on fears of a slide back into recession for the United States, reinforced by a downgrade of the US credit rating.

Middle East stocks were battered this week as the US rating cut weighed across all bourses. The Kuwaiti bourse had ended the month of July on losses mainly due to poor market conditions, fears surrounding the European sovereign debt, deteriorating US fiscal and growth prospects, muted 1H-11 earnings, lack of new market catalysts and tight liquidity conditions along with continued unrest in the MENA region weighing down on investors’ sentiments as the KSE Weighted and KAMCO TRW Indices continued their losing trend to shed 4.24 per cent and 3.23 per cent, respectively.
National Bank of Kuwait traded sideways on the back of 2 million shares at KD 1.040 per share. Gulf Bank of Kuwait fell more than 2 percent to close 490 fils. The loss was 10 fils. Kuwait Finance House added more than 1 percent, gaining 10 fils to close 900 fils. Kuwait International Bank kept its record high volumes, selling in excess of 4 million shares, showing a buying bias with an increase of 5 fils, about 2 percent.

The investment sector was up 0.1 percent led by madcap stocks. Kuwait Investment Company was up 2 percent closing 102 fils. FACIL fell 1.2 percent taking out 5 fils to close 300 fils.
NINV was down almost 3 percent to close 198 fils. Almal sold the sector’s best volume of 9.2 million shares. IFA sold 4.8 million shares, next to Global which sold 6.8 million shares. Global shed 1 fil to close 21 fils. Sokouk sold 4.6 million shares climbing close to 5 percent, taking its stock price up to 20.5 fils.
In the services sector Wataniya climbed more than 1 percent to end KD 1.980 after taking in 20 fils.
Wataniya Telecom had announced its financial results for the first half 2011. The company has achieved KD 308.5 million. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented on the results saying: “The first half of 2011 was another successful period for Wataniya Telecom showing continuous growth in customers, revenue and profitability.
During the first half of 2011, Wataniya Telecom has seen an increase in revenue of 35.2 percent and EBITDA by 54.6 percent compared with the same period of 2010. Earnings per share have increased by 19.8 percent after excluding the effects of the revaluation gain for Tunisiana”.

Wataniya’s total customer base increased to 16.9 million at the close of Q2 2011, versus 15.8 million at the same period in 2010, amounting to growth of 6.8 percent. Revenues for H1 2011 amounted to KD 352.1 million, compared with KD 260.5million ($951.4 million) for the same period in 2010, amounting to growth of 35.2 percent.
The consolidated Net Profit of Wataniya was at KD 308.5 million ($1.13 billion), compared to Net Profit for the same period in 2010 of KD 35.9 million ($131.0 million). Net Profit for H1 2011 includes a fair value gain of KD 265.5 million ($969.9 million) recorded due to revaluation of existing held interest in Tunisiana following the increase in the shareholding from 50 percent to 75 percent.
Logistics provider Agility sold 2.2 million shares closing flat at 260 fils. Zain gained more than 1 percent, ending 960 fils pushing 2 million shres.

Kuwait Portland Cement Company (Portland) generated a profit of KD 1,781,391 with earning per share of 19.6 fils for the three months ending June 30, 2011 compared to a profit of KD 4,749,963 or 52.3 fils per share for the same period of 2010.
Yiaco Medical Company (Yiaco) posted a profit of KD 1,174,046 or 7.12 fils per share for the three months ending June 30, 2011 compared to a profit of KD 760,295 or 4.61 fils per share for the same period of 2010.
Sanam Real Estate Company (Sanam) sustained a loss of KD 4,060 for the three months ending June 30, 2011 compared to a loss of KD 134,737 for the same period of 2010. Total revenue from transactions with related parties is worth KD 96,757 and total expenses amounts to KD 20,489.
The best winner in the market was Investors which moved 9 percent up, followed by Danah at 7.8 percent. Alsafwa climbed 7.6 percent, while Firstdubai went 7.1 percent up. Thuraya gained 5.6 percent.
SHIP was the worst loser at 9.7 percent. GIH fell 8.3 percent, followed by IFA at 7.6 percent. Arkan was down 7.2 percent, while GFH fell 7.1 percent.