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MENAFN - Arab Times - 04/08/2011

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(MENAFN - Arab Times) Kuwait stocks climbed Tuesday by 37.6 points to close 6,074.8 points, paced by banking scrips. The market sold a total 100.9 million shares for KD 15.9 million through 1,685 deals.
Gulf markets looked to global markets for direction amid thin news flow in the region. Concerns about the health of the global economy after sluggish US manufacturing data affected regional shares on Tuesday. An 11th-hour deal to raise the US debt ceiling cleared the House of Representatives, staving off the prospect of a US default. On Monday, most Gulf markets rose, breaking an expected trading lull on the first day of the Muslim month of fasting after the last-minute US debt deal spurred a rally in world stocks and lifted regional sentiment.

Zain gained 1 percent to close KD 1.000. Agility took out 5 fils to close 295 fils. Wataniya closed high gaining 20 fils. National Bank of Kuwait took in 20 fils to close KD 1.100, while Gulf Bank was up 15 fils to close 510 fils. Kuwait Finance House ended 900 fils adding 20 fils. Kuwait International Bank sold the highest sectoral volume of 5.7 million shares at 295 fils per share, appreciating 5 fils. NBK also sold a sizeable volume of 1.4 million shares, KFIN sold 1.8 million and Burgan Bank sold 1.2 million shares.

Meanwhile, Kuwait Airways' privatization plan seems unlikely to succeed as the implied asking price looks lofty, and bidders face many political obstacles, and the business case doesn't look compelling, agency reported.
After two decades without profit, Kuwait is seeking to off-load a 35 percent stake in its national carrier to a strategic partner. The government expects the post-privatized share capital of the airline to be around 220 million Kuwaiti Dinars. This implies that a 35 percent stake could fetch 282 million. That valuation was established by Rothschild in June 2009. Since then, shares in Kuwait's Wataniya, which ceased operations this year, and budget operator Jazeera Airways have fallen by between 87 percent and 20 percent.
Kuwait is seeking 282 million for a 35 percent stake in loss-making carrier Kuwait Airways Corp in the initial stage of the first privatisation of an airline in the oil region.
The Kuwait Investment Authority, the country's sovereign wealth fund, will own 20 percent the new airline company which will have a predetermined share capital of KD 220 million, the Privatization Committee said in a statement.

Joint-stock companies listed on the Kuwait Stock Exchange and specialised global companies can submit expressions of interest but Kuwait-based airline operators are not eligible to bid. The airlines employees are expected to own 5 percent of the final new privatized company with the remaining 40 percent of shares sold to the public. The Investment sector Tuesday climbed 0.09 percent on the back of mid level scrips. IFA fell 1.5 fils to close 41 fils. NINV gained 4 fils to close 220 fils and KPROJ was up 5 fils taking its value to 355 fils.
Al-Tamdeen Investment Company reported that the Central Bank of Kuwait approved the financial statements for the Q2 period ending June 30, 2011, dated July 31, 2011.Tamdeen reported a profit of KD 516,961 or 1.73 fils per share for the three months ending June 30, 2011 compared to a profit of KD 22,925 or 0.08 fils per share for the same period of 2010.
Bayan Investment Company slipped 2 fils to close 29. fils, while Global was down 2.5 fils to end 27.5 fils Tuesday.

US crude rebounded from a one-month low on Tuesday, after the House of Representatives passed a deal to raise the debt ceiling of top oil consumer the United States, restoring some optimism to markets battered by disappointing economic data.
The US benchmark gained 29 cents to 95.18 a barrel by 0200 GMT after trading as low as 93.42 on Monday, its lowest since late June, on news that global manufacturing expanded at its weakest pace in two years last month. Brent gained 10 cents to 116.91. An analysis of the last month's KSE performance showed both its main indices recording losses. The price index ended the month with a decrease amounted to 2.92 percent, while the weighted index retreated by 4.24 percent, compared to the closings of June. Furthermore, July turnover decreased by 12.15 percent, compared to the preceding month, reaching K.D 316.05 million, whereas trading volume was 1.79 billion shares, recording decrease of 17.02 percent.

The international economic issues negatively affected the market performance, especially near to the end of the month; as the American public debt issue had negative impact on many of the main stock markets around the world, including the GCC markets.
On the other hand, July witnessed many governmental announcements about the national economic problems, and how to resolve it, as both of the Minister of Development and the Central Bank Governor, said that the domination of the public sector is one of the main reasons of the economic problems, and the private sector must undertake much significant role in the development of the country.
Umm Al Quwain Cement Industries (QCEM) met on Aug 1, 2011, and approved the financial statements for the H1 period ending June 30, 2011. QCEM reported a loss of AED 4,371,019 equivalent to KD 330,636 for the three months ending June 30, 2011 compared to a loss of AED 13,237,865 or KD 1,031,789 for the three months ending June 30, 2010.

Kuwait National Cinema Company (Cinescape) approved the financial statements for the H1 period ending June 30, 2011, dated July 31, 2011. The company reported a profit of KD 1,836,585 or 18.38 fils per share for the three months ending June 30, 2011 compared to a profit of KD 1,640,351 or 16.42 fils per share for the same period of 2010.
United Projects Group (UPAC) reported a profit of KD 29,876 for the three months ending June 30, 2011 compared to a loss of KD 964,087 for the three months ending June 30, 2010. Total revenue from transactions with related parties is worth KD 200,543 and total expenses amounts to KD 2,646.
Meanwhile, Kuwait Financial Centre "Markaz" in a semi-annual review of its "What to expect in 2011" report has downgraded the outlook on Kuwait from Positive to Neutral for the remainder of 2011 due to poor market conditions, more muted earnings growth and continued weakness in market liquidity.
The main winners of the day are ABRAR at 10 percent, SANAM at 7.8 percent, GPI at 6.3 percent, ALMADINA at 6 percent and THURAYA at 5.5 percent.
Among the top losers, Global led the list falling 8.3 percent. Manafae was down 7.6 percent, while Bayan Investment Company slipped 6.3 percent and Arabrec fell 6.2 percent. KSHC was down 4.7 percent.


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