Aug. 3--GLOBAL INVESTMENT HOUSE -- Kuwait -- The Kuwait Stock Exchange (KSE) lost 2.92% during the month of July 2009 as "Global" General Index ended the month at 211.36 points. This followed a gain of 1.84% in June-2009 while on an YTD basis the index return is still positive with a gain of 2.39%. During the first half of July, the market declined significantly; however it did well to recover part of it during the second half of the month. The market capitalization reached KD34.3bn at the end of the month, registering a decrease of 2.92% as compared to the previous month.

The volume of shares traded on the bourse, declined sharply by 53.7% during July on an m-o-m basis, aggregating to 7.14bn shares. Likewise, the value of shares traded on the bourse decreased 51.4%, aggregating to KD1.8bn in July. Zain was the top value leader for the month with 428.6mn shares changing hands at a value KD503.0mn. Investors Holding Group Company was the top volume leader for the month with 574.4mn shares changing hands at a value KD34.4mn.

The major gainers during the month were Mushrif Trading and Contracting Co. (41.8%), Osoul Leasing & Financing (28.1%), and Future Communications Company Global (25.9%), whereas major losers during the month were Gulfinvest International (-43.9%), National Company for Consumer Industries (-29.5%), National Cleaning Company (-26.8%).

All sector indices ended the month in the negative territory except Services sector. Highest decline was registered by the Investment Index which declined by 8.06%. Gulfinvest International, which was the top loser, lost 43.9% during the month. The company's shareholders have approved reducing the company's capital by 62% to KD18.5mn from KD49.2mn to partly write off accumulated losses. After decreasing its capital, Gulfinvest plans to increase it again and it is currently in talks with some banks to convert its debts to these banks into shares and thus the banks will become partners in the company's capital.

Global Banking Index lost 2.04% during the month of June. National Bank of Kuwait (NBK) lost 4.7% during the month to reach KD1.220. NBK said that its share in the local market ranges between 35 and 40 percent. NBK Chief Executive Officer, Isam Al-Saqer, said that the bank was not affected by the world economic crisis due to its conservative policy and the kinds of its clients.