(MENAFN - Arab Times) Kuwait stocks saw modest rise Sunday, adding to the 8-day long gaining streak.
The index climbed 17.7 points in volatile trade led by Agility and some of the mid-caps. The banks closed mixed while other heavyweights remained subdued. The market has soared 215 points in last 9 - sessions.
The bourse wound up at 5980.2 points after trading in red in the first half while the weighted index inched 0.11 points up to 416.7 points. The volume turn over receded during the session. 194.14 million shares changed hands - down 27.3 percent from Thursday. The benchmark had slipped below the 6000 mark on Aug 7 and hit a 7-year low on Aug 21 amid weak regional and global cues.
Agility jumped 25 fils on back of 2.46 million shares to KD 0.295 following media report that the company has formed an alliance to compete in a bid for a Kuwait Airway's 280 million stake sale.
Among other notable gainers, Kuwait Finance House rose 10 fils recouping the fall in the day before. The counter saw 1.15 million shares change hands. Burgan Bank was up 5 fils at KD 0.490 with a volume of 1.9 million shares and Kuwait International Bank too followed suit . Burgan Bank had shed 9.09 percent during August and is trading 40 fils higher since start of the month.
Safwan Trading and Contracting Co climbed 40 fils and Combined Group Contracting Co gained 20 fils to wind up at KD 1.440. United Gulf Bank rose 14 fils to settle at KD 0.260.
The market opened flat and moved sideways in early trade. The index however slipped into red on profit taking and hit the day's low of 5937 points almost an hour into the session. It recovered thereafter as buying picked up in select counters and managed to close with modest gains.
Top gainer of the day, Metal and Recycling Co spiked 9.8 percent to KD 0.112 while Agility rose 9.2 percent to stand next. Equipment Holding Co slid 8.4 percent, the steepest decliner of the day, while Abyaar topped the volume with 19.92 million shares
Reflecting the day's gains, the winners outled the losers. 45 stocks gained while 27 closed lower. Of the 104 counters active on Sunday, 32 closed flat. 3160 deals worth KD 22.7 million were transacted - down 22.7 percent in value from the day before.
In the banking sector, National Bank of Kuwait retreated 20 fils, erasing the gains on Thursday and wound up at KD 1.08.The stock was pressured earlier last week after Goldman Sachs slashed its price target on the bank's stock to 1.39 dinars from 1.53 dinars.
Gulf Bank held the ground unchanged at KD 0.510 while Al Ahli Bank and Commercial Bank eased 10 fils each. Moody's earlier in August had affirmed the D standalone bank financial strength rating (BFSR) and A2/Prime-1 local and foreign-currency deposit ratings to Commercial Bank.
Ahli United Bank was unchanged at KD 0.970 and Boubyan Bank followed suit to close at KD 0.600. Boubyan Bank is planning to hold its General meeting on September 15, 2011 to elect a complementary Board Member to replace the resigned one
National Investment Co added 4 fils to close at KD 0.204 on back of 7.64 million shares whereas Investment major KIPCO was stagnant at KD 0. 350 after closing higher in the day before. The stock had slid 9.8 percent in August and is trading 30 fils higher so far during the month.
Kuwait Financial Centre ticked 2 fils higher and International Financial Advisors followed suit to end at KD 0.037. IFA has posted a first half net loss of KD 3,822,539 and loss per share of 5.70 fils as against net loss of KD 11,688,074 and loss per share of 17.86 fils in the same period last year
Al Maal rose 3 fils and Bayan Investment was up 2.5 fils at KD 0.030. Global Investment House eased 1.5 fils after trading 7.6 million shares and wound up at 34.5 fils. Al Deera Holding edged 1.5 fils higher and Al Tamdeen Investment Co fell 2 fils to KD 0.162.
National Industries Group was steady at KD 0.212 with volume of 3.58 million shares whereas Kuwait Pipes took in 2 fils. Gulf Cables closed flat after trading lower earlier in the session.
National Real Estate Co climbed 5 fils to KD 0.076 while Salhiya Real Estate dropped 4 fils to KD 0.208. Tamdeen Real Estate shed 10 fils whereas Mabanee Co eroded 10 fils to settle at KD 0.820.
More on the downside, IFA Hotels and Resorts slid 25 fils to KD 0.340 and Automated Systems Co eased 6 fils. Egypt Kuwait Holding Co slipped 10 fils.
The bourse had been upbeat during last week. It closed higher in all five sessions and has soared 171 points week-on-week. The benchmark has climbed 189 points so far during the month and is 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.
Strategia Investment Co. has posted a net profit of KD 441,289 and earnings per share 2.94 fils in the first half of 2011 as against net loss of KD 122,613 and loss per share of 8.2 fils in same period last year.
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 August 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.