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Kuwait- Banking sector gains 0.9 pct Boubyan Bank helps limit losses  Join our daily free Newsletter

MENAFN - Arab Times - 22/08/2011

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(MENAFN - Arab Times) Kuwait's index ended 0.1 percent lower at 5,827 points, eight points away from Sunday's seven-year low. Large-cap Kuwait Finance House shed 1.1 percent, but Boubyan Bank helped limit losses and closed up 3.5 percent.

Gulf investors were looking for direction from world markets in thin local news flow, as fears of hampered global economic growth along with the European debt crisis weigh heavily on investor sentiment.

Commodities and a weak performance by US technology shares dragged Asian shares lower on Thursday as investors skimmed off some of this week's gains while worries over the US economy and Eurozone debt linger.
The market closed 5.8 points lower at 5,826.8 points after losing close to 8 points, selling 44.9 million shares for KD 7.3 million. The market volume was down 50.4 percent, and value fell 74 percent.

Most sectors closed low. Banking gained 0.9 percent, while investment sector dropped 0.2 percent, real estate 0.3 percent and services fell 0.4 percent. The industrial closed flat.

Brent crude fell 0.2 percent on Thursday, staying below 111 a barrel and US crude was down 53 cents at 87.06 a barrel, after closing up nearly a dollar in the previous session.
Most Gulf markets ended higher on Wednesday, but trading was muted as investors await a catalyst and for global uncertainty to abate.

National Bank of Kuwait traded sideways to close KD 1.020. Gulf Bank of Kuwait took out 10 fils to close 480 fils. Commercial Bank of Kuwait gained 30 fils to end 880 fils. Kuwait Finance House took out 10 fils to close 890 fils.
The banking sector sold 4.7 million shares for KD 2.9 million. The banking volume fell 80 percent, while value was down 69 percent. The realty sector sold the biggest volume in the market of 13.5 million shares, earning KD 1.5 million. The realty volume, compared to Wednesday, fell 39 percent, and accounted for 24 percent of the total market volume.
National Investment Company gained 5 fils to close 290 fils. Osoul Investment Company took in 4 fils to close 54 fils, a gain of 8 percent, and the best in the market Thursday. Al Deera Holding Company inched up 0.5 fils and ended 24 fils.
KIPCO Asset Management Company KSC (KAMCO) reported its financial results for the first half ended June 30, 2011. During the first six months, the Company recorded a net profit of KD 0.44 million with earnings-per-share (EPS) of 1.86 fils.

In the first half, KAMCO recorded a total revenue of KD 6.06 million. Total shareholders' equity reached KD 87.55 million while total assets reached KD 154.08 million by the end of the second quarter. Assets under management reached KD 2.16 billion Board of Directors of Gulf Rocks Company approved the financial statements for the H1 period ending June 30, 2011, dated Aug 16, 2011.
The company incurred a loss of KD 1,803,026 for the three months ending June 30, 2011 compared to a profit of KD 206,464 for the three months ending June 30, 2010. Total revenue from transactions with related parties is worth KD 192,880 and total expenses amounts to KD 906,733.
Investment sector fell 0.2 percent selling 11.2 million shares, 24 percent higher compared to Wednesday. It accounted for 10 percent of the total market volume. The industrial sector sold 1.3 million hares for KD 1.8 million at 69 percent fewer volume and 49 percent lesser value.
In the services sector, Zain closed flat at 950 fils, selling half a million shares. Agility and Wataniya also closed sideways. Agility closed 255 fils, and Wataniya closed KD 1.960.

Al-Safat Tech Holding Company (SAFTEC) reported a loss of KD 418,250 with loss per share of 1.04 fils for the three months ending June 30, 2011 compared to a loss of KD 1,105,084 for the same period of 2010.

Osoul Investment Company climbed 8 percent to become the day's best winner. Pearl of Kuwait Real Estate Company gained 6.9 percent, while Commercial Bank of Kuwait surged 3.6 percent. Boubyan Bank was up 3.4 percent, and Real Estate Trade Centers Company climbed 3.2 percent.
National Ranges Company fell the hardest at10 percent, followed by Inovest at 5.3 percent. Kuwait Remal real Estate Company slid 4.9 percent, drawn by Ajial Real Estate and Entertainment Company falling as much. Sokouk Holding Company fell 4.7 percent.

National Ranges Company sold the best volume in the market of 6.4 million shares. Global Investment House Company sold 6 million. Kuwait Remal Real Estate Company pushed 3.6 million shares, while Abyaar Real Estate Development Company sold 2.9 million shares. Boubyan Bank sold 2.2 million shares.

Commercial Bank made the best wins in terms of fils taking in 30 fils. Boubyan Bank gained 20 fils, while Ahli United Bank and Al Ahli Bank of Kuwait took in 10 fils apiece. Commercial Facilities Company was up 5 fils.
Among losers, Kuwait Remal Real Estae Company shed 15 fils, followed by Gulf Bank of Kuwait at 10 fils, tied by Kuwait Finance House and Boubyan Petrochemicals Company. Mashaer Holding Company fell 6 fils.


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