Agility rose 5.8 percent to 0.455 dinar, its highest
finish since June 2.
The stock remains down 58 percent since it was first
charged with defrauding the US military in November.
Agility was subsequently banned from bidding for future
US contracts. In April, the US awarded a $2.2 billion supply deal to
Dubai-based ANHAM FZCO, replacing Agility. The Kuwaiti index rose 0.5 percent
to 6,694 points.
"I wouldn't be surprised to see a positive move in
Agility's share price if the court case is dismissed, but I doubt this will be
substantial unless Agility is able to land new big contracts," said Kareem
Murad, an analyst at SHUAA Capital.
"The market has priced in the end of Agility's prime
vendor contract with the US military in September."
Abu Dhabi National Energy Co. (TAQA) climbed 0.8 percent
after its second-quarter profit rose, but the emirate's index fell 0.6 percent,
nearing a 2010 low after Aldar Properties extended declines.
The developer dropped 3.7 percent to its lowest finish
since March 17, 2009.
The Abu Dhabi index fell 0.6 percent to 2,511 points.
"People are selling Aldar because of its debt
overhang and less confidence about government support," said Julian Bruce,
EFG-Hermes director of institutional equity sales.
On Monday, HC Research slashed its price target for Aldar
to 3.80 dirhams from 9.70 dirhams.
Dubai's benchmark climbed 0.5 percent to 1,501 points,
rising from Sunday's four-week low to trim its year-to-date losses to 16.8
percent.
Vyas Jayabhanu, head of investments, Al-Dhafra Financial
Broker, warned the index could drop to 1,200 points in 3 to 6 months unless the
government moved to support stocks.
"PE ratios are at realistic levels - the market is
not over-sold," Jayabhanu adds.
Doha's index hit a seven-week closing high as Industries
Qatar climbed 0.5 percent, extending gains since its quarterly earnings beat
estimates.
Qatar Islamic Bank rose 0.7 percent and Qatar Gas
Transport Co. (Nakilat) gained 1.1 percent.
"Foreign institutions have been buying into quality
names likes IQ, Qatar Islamic Bank and Nakilat," said Robert Pramberger,
acting head of asset management at Doha-based investment company The First
Investor.
Knowledge Economic City Co. ended at SR10.30 on its Saudi
bourse debut, but the Kingdom's index fell for a fourth day in five as volumes
dipped ahead of the likely start of Ramadan on Wednesday.
The Tadawul All-Share Index (TASI) closed slightly down
at 6,317.67 points. The sector activity for day was mixed with 7 gaining
sectors and 8 losing sectors. The sector gains for the day ranged from 0.01
percent by the retail sector to 0.74 percent by the Agriculture & Food
Industries sector. The losing sectors on the other hand ranged from 0.20
percent by the Media and Publishing to 1.02 percent by the Real Estate
Development sector. The overall market breadth for the day was negative with 34
advancers against 81 decliners giving it an AD ratio of 0.41, the Financial
Transaction House (FTH) said in its daily market commentary.
"There are mixed signals from global markets and a
lot of the action is now directed at the second-tier petrochemical names,"
said a Riyadh-based trader who asked not to be identified. "Sipchem, which
is a favorite pick of ours, and Yansab are among those to announce new capacity.
They're seeing big moves and there is still buying appetite."
Saudi International Petrochemical Co. (Sipchem) fell 1.3
percent, easing from Sunday's 12-week high. Yanbu National Petrochemical Co.'s
(Yansab) was unchanged.
The Oman index slipped 0.1 percent to 6,347 points. The
Qatar index climbed 0.1 percent to 7,117 points.
- With input from agencies
