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MENAFN - Arab Times - 10/12/2010

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The photo shows a wide view of KSE trading floor. The bourse closed almost flat on Monday.
(MENAFN - Arab Times) Kuwait stocks trod water on Monday after posting strong gains in the previous session. The index inched 2.3 points higher at close helped by last minute spurt in buying. The heavyweights were largely muted and the other scrips too followed suit. The market sentiment was sluggish even as investors gave a short shrift to the developments in the Zain stake sale front. The bourse wound up at 6867.40 points after swaying in narrow band while the weighted index rose 0.9 points to close at 465.12 points. The volume was almost stagnant as investors remained wary of taking up fresh positions. The session saw 133.47 million shares change hands, down 0.9 percent from Sunday.

Among the notable advancers, National Investment Co rose 10 fils extending the robust gains in the day before. It wound up at KD 0.445 and posted a volume turnover of 3.67 million. Kuwait Food Co (Americana), a Kharafi Group owned company, surged 60 fils to end at KD 1.600. Meanwhile Zain held the ground unchanged at KD 1.420 after vacillating 20 fils intra-day. The counter saw 1.53 million shares change hands. The investors were hardly enthused by Securities Group Co announcement that it wants to join the consortium of Zain shareholders who are in favor of the deal with Etisalat. It had earlier opposed the sale. However Al Fawares Holding, which owns less the 5 percent stake, continues to oppose the sale. Zain had a market capitalization of 17.18 billion on Monday.

Agility fell 5 fils to settle at KD 0.490 after stagnating on Sunday. The logistics service provider had logged KD 13.9 million profit in the three months to September " a 66 percent drop from last year and down 23.20 percent from the previous quarter. Wataniya Telecom shed 20 fils to close at KD 1.880 and Kuwait Gulf Links was down 4 fils at KD 0.166. National Industries Group, the Kharafi Groups flagship company, was unchanged at KD 0.335 after trading 1.53 million shares. The stock had dropped 10.53 percent in November and is trading 30 fils higher since start of the year. Kuwait Pipes and Gulf Cables too were stagnant at KD 0.275 and KD 1.920 respectively and Kuwait Portland Cement followed suit. Qurain Petrochemical Industries Co climbed 6 fils to end at KD 0.196.

The market opened higher as buying in select stocks continued, drawing momentum from previous session. The index eased gradually trading narrowly and slipped below the red almost half way into trading. It continued to erode amid bearish sentiments and hit the days lowest level of 6854.8 points. However a slight increase in buying helped push the market above the opening mark at close.
Were not seeing a Qatar effect in Kuwait, theres little trading, with just a bit of profit taking, Reuters quoted a Kuwait trader who asked not to be identified. So much capital is locked up in the Zain deal. Ultimately people just want to know if the deal will be done or not, says the trader.

The top gainer of the day, Dar Al Thuraya Real Estate Co spiked 10.41 percent to close at 26.5 fils whereas Tamdeen Investment Co climbed 6.8 percent to stand next. United Real Estate Co slid 8.33 percent, the biggest decliner of the day, while whereas Mayadeen topped the volume with 12.58 million shares changing hands.
The market spread was slightly biased towards the losers. 28 stocks advanced while 30 closed lower. Of the 105 counters active on Monday, 46 closed unchanged. 2563 deals worth KD 22.513 million was transacted, down 11 percent in value over previous session.
The sectoral indices were mostly subdued. Banking sector edged 0.6 percent higher while investment ended flat. Insurance too did not budge while real estate inched 0.2 percent lower. Industrials closed flat and services eased 0.1 percent. Top performer food sector climbed 1.7 percent whereas non-Kuwaiti was down 0.3 percent.

The bourse had been positive so far during the week and has gained 45 points from Sundays opening level. It had slid 27 points since start of the month and stagnant year-to-date. KSE, with 209 listed companies, is the second largest bourse in the region
The bank stocks closed mixed. National Bank of Kuwait was unchanged at KD 1.300 after posting modest gains on Sunday and Gulf Bank followed suit to wind up at KD 0.520. Commercial Bank however rose 10 fils to settle at KD 0.900. The stock had climbed 2.25 percent in November and has shed 30 fils since start of the year.
Al Ahli Bank climbed 10 fils whereas Kuwait International Bank held the ground steady at KD 0.325. The counter saw 5.4 million shares change hands during the session. Kuwait Finance House too was stagnant at KD 1.160 after trading 1.2 million shares. The stock has eased 1.67 percent during whole of November.

Boubyan Bank closed flat at KD 0.630 whereas Burgan Bank rose 10 fils to end at KD 0.530. The lender has logged a net profit of KD 3.8 million in the third quarter and has lowered its provisions charges by KD 13 million, or 46.7 percent compared to the previous quarter.
Investment major KIPCO slipped 5 fils to KD 0.440 and Securities Group dropped 15 fils. Al Maal Investment was down 2 fils at KD 0.124 while Global Investment House closed flat. Global has paid 72.5 million out of principal loan to creditor banks last month taking the total principal mount of loan settled so far to 151.4 million representing 8.8 percent of total loans due.
KAMCO added 5 fils to settle at KD 0.315.

Meanwhile, KSE has suspended trading in 21 companies, mostly investment firms, that failed to submit their financial results in the stipulated time. They are : International Financial Advisors Company, International Investment Company, Securities House Company, Industrial Investments Company, International Investment Group, Aref Investment Group, Al Dar Investment Company, Gulf Investment House, Aayan Leasing and Investment Company, Gulf International Investment Company, International Leasing and Investment Company, Al Madar Finance and Investment Company, Al Safat Investment Company, Noor Financial Investment Company, Al Dar National Real Estate Company, Al Safat Global Holding Company, Equipment Holding Company, National Ranges Company, Burgan Company for Well Drilling, Villa Moda Lifestyle Company and Network Holding Company.

In the bourse related news Gulf Cement Company announced its results for first the nine months of the year. The net profit clocked KD 5,340,052 while earnings per share stood at 7 fils. In same period last year, the net profit totaled KD 8,375,803 while earnings per share worked out at 10 fils.
Kuwait Foundry Company has notched a n et profit of KD 4,359,625 and earnings per share of 36.02 fils in the first three quarters of 2010 ending Sep 30 while in the corresponding year last year, the net amounted to KD 6,773,842 and earnings per share read 55.96 fils.
Ahli United Bank has posted a net profit of KD 57,997,907 and an earning per share of 11.8 fils nine months ending Sep 30, 2010 as compared to profit of KD 52,979,859 and earnings per share of 10.9 fils during the same period last year. Fujairah Cement Industries Company has recorded a net profit of KD 1,107,884 and earnings per share of 3 fils in the first nine months of 2010. In the same period last year it stood at KD 6,831,240 while earnings per share was 19.35 fils.

By John Mathews


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