KUWAIT CITY, Aug 11: Kuwait stocks closed down Thursday falling 50.2 points or 0.9 percent, selling 90.8 million shares for KD 18.3 million. The market volume fell 24.1 percent, while value climbed 10.3 percent. Kuwait Finance House (KFH) limited losses on the bourse after saying it expects to gain $40 million from a stake sale by one of its units. The unit is expected to get regulatory approval for the stake sale by the end of this month and the gain will be added to fourth-quarter results, the company said in a statement.
Accounting for the highest turnover, KFH’s shares rise 2.2 percent against the benchmark that closed 5,850.6 points, down for six of last seven sessions.
Most large caps ended lower down in a regional downbeat mood, in reaction to Wednesday’s a steep sell-off in world shares triggered by concerns about the US economic slowdown and the euro zone banking system.

Telecoms operator Zain slipped 1 percent, Gulf Bank fell 2 percent and Boubyan Bank shed 1.7 percent.
Most Gulf markets edged higher Wednesday as sentiment improved following a pledge from the Federal Reserve that interest rates would be kept near zero for at least two years.
Brent slipped on Thursday, reversing the previous session’s gain of 4 percent, on worries over demand as the European debt crisis spilled in to France amid a weaker economic outlook for the United States.
Brent crude fell as low as $105.00 a barrel and traded 40 cents lower at $106.28 by 0228 GMT, after gaining $4.11 to settle at $106.68 a barrel. U.S. oil slumped as low as $81.14 and traded down 17 cents at $82.72.
Although they were denied, rumors of an impending downgrade of France’s credit rating and the financial health of a key bank in the country rattled markets, sending U.S. stocks tumbling more than 4 percent and pushing gold to a fresh record.
All sectors except food sector fell on Wednesday. The banking sector retreated 0.7 percent, investment sector 1.5 percent, real estate 0.9 percent.
National Bank of Kuwait closed flat again at Kd 1.040 selling less than half a million shares. Gulf Bank of Kuwait took out 10 fils, while Kuwait Finance House sold 6.1 million shares for KD 5.5 million after taking in 20 fils. KFH closed 920 fils.

Kuwait International Bank sold the biggest volume in the sector of 8.1 million shares, shedding 5 fils to close 465 fils.
Moody’s Investors Service has today affirmed the D+ standalone bank financial strength rating (BFSR) and A2/Prime-1 local and foreign-currency deposit ratings of Commercial Bank of Kuwait (CBK). At the same time, Moody’s maintains the negative outlook on CBK’s local and foreign-currency deposit ratings, assigned in May 2010.
Meanwhile, Global Investment House released a study of the impact of the downgrading of the US rating by S&P on GCC indices. It said that all the GCC indices retreated as the markets opened after their respective weekend.

While TASI had a 5.5 percent fall on Saturday, a similar story was repeated for other GCC indices on Sunday when they opened with DFMGI falling by 3.7 percent, ADSMI and DSM falling by 2.5 percent each, Oman 1.9 percent, Kuwait 1.6 percent and Bahrain 0.3 percent.
In the investment sector FACIL slid more than 5 percent to close 290 fils, after shedding 10 fils. IFA sold 2 million shares, falling close to 10 percent. NINV was down 5 percent to close 190 fils. Global sold the sector’s biggest bulk of 10.8 million shares, losing 1.5 fils to close 19.5 fils. Aldeera climbed 7 percent.
The investment sector sold a total of 24.3 million shares for KD 1.3 million, slipping 1.5 percent. The total volume was down 39.1 percent, while the value fell 44 percent.

The real estate sector sold 19.3 million shares for KD 1.2 million and slipped 0.9 percent. The volume was down 26 percent, and value 35.4 percent.
In the services sector, logistics provider Agility fell close to 2 percent, taking out 5 fils to close 255 fils. Agility sold 2 million shares for half a million KD. Zain lost a little more than 1 percent to close 950 fils, selling 2.7 million shares for KD 2.5 million.
Wataniya gained 1 percent taking in 20 fils to close KD 2.000. The services sector lost 0.7 percent and sold 0.7 percent lesser volume compared to Wednesday of 16 million shares. The value dropped 2 percent to KD 4.1 million.

Al Deera Holding Company was the biggest winner in the market pushing 7.1 percent, followed by ACICO Industries Company at 4.1 percent. At 3.1 percent, Dar Al Thuraya Real Estate Company ranked third on the list of winner. Bayan Investment Company was up 2.9 percent, while Kuwait Finance House was up 2.2 percent.
National Rangers Company was the worst loser in the day at 14.7 percent. First Dubai for Real Estate Development fell 11.1 percent, followed by Pearl of Kuwait Real Estate Company at 10.5 percent. International Financial Advisors was down 8.3 percent, tied by Investors Holding Group Company.
Global Investment Company’s volume of 10.8 million shares was the best in the market.
Kuwait International Bank sold 8.1 million shares and came in second. Kuwait Finance House sold 6.1 million, while Gulf Finance House sold 6 million and Abyaar Real Estate Development Company sold 4.7 percent.