(MENAFN - Arab Times) Kuwait stocks edged higher on Monday after the hefty rise in the previous session. The index rose 9 points in volatile trade led by some of the large and mid-caps while the banks mostly retreated on profit taking.
The heavyweights were largely muted even as investors toed caution. The benchmark had slipped below the 6000 mark on Aug 7 and hit a severn- year low on Aug 21 amid weak regional and global cues. The market wound up at 5,852.90 points after trading in red for most part of the second half while weighted index eased 0.79 points. The volume turnover swelled further after surging sharply in the previous session. 137.14 million shares changed hands - a 29.6 percent rise from Sunday.
Among prominent gainers, Wataniya Telecom climbed 20 fils after stagnating in the previous session and ended at KD 1.980. Investment major KIPCO rose 10 fils on back of 0.49 million shares to KD 0.335.
The stock had shed 9.86 percent during whole of August and is trading 100 fils lower since start of the year. Global Investment House ticked 2.5 fils higher to wind up at 33 fils.
Kuwait Food Co (Americana) was up 20 fils at KD 0.1.500 recouping the loss in the previous session and Combined Group Contracting Co jumped 60 fils to close at KD 1.460. Kuwait Company For Process Plant Construction and Contracting climbed 25 fils.
National Industries Group crept 2 fils higher to KD 0.204. The stock had eroded 7.41 percent during Aug and retreated 141 points year-to-date.
Gulf Cables soared 40 fils to close at KD 1.540 and Kuwait Pipes followed suit to wind up at KD 0.152. The firm has recorded a first half net loss of KD 4,591,910 and loss per share of 20.39 fils.
Bourse heavyweight Zain stagnated at KD 0.940 after trading lower earlier in the session and Agility eased 5 fils to close at KD 0.265 .The company has posted a 57 percent drop in second-quarter net profit and has attributed the drop to fall in defense and government business.
The bourse opened positive and crept higher in early trade. The index peaked at 5,856.3 points and moved narrowly lower as investors locked in profits in select counters. It hit the day's low of 5,837.2 points and clawed back briefly before sagging again. However it managed to end in green helped by an uptick in buying.
"Kuwait volumes are thin and the market has been hit hard for the past two months - there's now a little pick up after August's low," Reuters quoted a Kuwait trader who asked not to be identified.
" The economy is at a standstill, with little major government or private sector projects, so banks are unlikely to achieve much loan growth, but they remain the best assets on the stock market, " he added.
Top gainer of the day, Ajial Real Estate and Entertainment Co spiked 17.52 percent to KD 0.114 while Gulf Finance Co climbed 13.33 percent to stand next. Gulf Petroleum Investment Co slid 6.25 percent, the steepest decliner of the day, while Al Safwa topped the volume with 23.84 million shares.
The market spread was almost evenly poised. 31 stocks advanced while 30 closed lower. Of the 88 counters active on Monday, 28 closed flat. 1853 deals worth KD 11.39 million were transacted - a 24.6 percent rise in value from previous session.
In the banking sector, Al Ahli Bank dropped 20 fils with thin trading while Ahli United Bank slid 30 fils to wind up at KD 0.890. Gulf Bank eased 5 fils to KD 0.495 after closing higher on Sunday. Noor Financial Investment has inked a deal with Gulf Bank to reschedule its credit debts amounting to KD 62.5 million for 6 years ending June 30, 2017.
National Bank of Kuwait continued to stagnate at KD 1.060 whereas Commercial Bank was not traded during the session. CBK has reported a 91 percent drop in the second-quarter net profit which came in at KD 198,000 .
Burgan Bank rose 5 fils on back of 1.17 million shares whereas Kuwait International Bank slipped 5 fils. Kuwait Finance House shed 10 fils reversing the gain on Sunday while Boubyan Bank closed flat. Boubyan The bank has announced holding a General meeting on Sept 15, 2011 to elect a complementary Board Member to replace the resigned one.
In the investment sector, National Investment Co edged 2 fils lower after trading 4.54 million shares while Kuwiat Financial Centre and Al Maal eased 2 fils and 1 fils respectively. Al Maal has incurred loss of KD 8,919,361 and loss per share of 16.88 fils in the first six months of 2011 as against net loss of KD 3,932,791 and loss per share of 7.44 fils in the year before.
Al Tamdeen Investment Co ticked 2 fils lower and Al Madina For Finance and Investment Co slipped 1.5 fils. Bayan Investment was not traded during the session. Central Bank of Kuwait earlier in August had rejected Bayan's request to renew its offer to buyback up to 10 percent of own shares.
The bourse has been positive so far during the week and has climbed 61 points from last week's close. The benchmark had shed 239 points in August and is s trading 16 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Finance House has posted KD 193,670 net profit in the first half of 2011 while earnings per share chalked 1 fil. This compares with a net loss of 13,115,943 and loss per share of 29 fils in the same period.
Jeeran Holding Co. has logged KD 754.365 earning in the for the 3 Months ended 31 May 2011 and earning per share stood at 5.51 fils as against net profit of KD 469,187 and earnings per share of 3.43 fils in the same period in 2010.
Meanwhile KSE has announced the suspension of shares of 38 companies with effect from Aug 16, 2011 for failing to submit the financial results in the stipulated time. They include, International Financial Advisors, Coast Investment and Development Company, International Investor Company, Securities House Company Industrial and Financial Inv Co, Securities Group Company, International Finance Company, Kuwait and Middle East Fin Inv Company, International Investment Group, Aref Investment Group, Investment Dar Company, Al Aman Investment Co, First Investment Co, Aayan Leasing and Investment Company, GulfInvest International Co., Kuwait Financing and Investment Co, International Leasing and Investment Co, Al Madar Finance and Investment Co, Al-Safat Investment Co, Noor Financial Investment, Al-Qurain Holding Co, Strategia Investment Co. Al-Masar Leasing and Investment Co, Al Dar National Real Estate Co, Grand Real Estate Projects Co and Safat Global Holding besides other cos.