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MENAFN - Arab Times - 13/12/2010

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(MENAFN - Arab Times) Kuwait stocks retreated further on Sunday, adding to the loss in the previous two sessions. The index dropped 17.8 points in lackluster trade weighed by select banks and some of the mid-caps. Other heavyweights were mostly muted in absence of fresh cues to propel the market.

The bourse wound up at 6803.6 points paring deeper losses earlier in the day, while weighted index fell 2.19 points to settle at 462.33 points. The volume plunged to fresh multi-month low after hovering in the vicinity of 100 million mark since start of December. A total of 63.54 million were transacted - down 38.3 percent from the previous day, indicating investors wariness about market direction.

National Bank of Kuwait shed 20 fils adding to an identical loss on Thursday. It closed at KD 1.260 after trading 0.23 million shares. Kuwait Finance House too was down 20 fils after stagnating in the previous session and closed at KD 1.140. The counter saw 1.81 million shares change hands. Bourse heavyweights Zain closed flat at KD 1.420. The Securities Group Co last week had announced that it wants to join the consortium of Zain shareholders who are in favor of the deal with Etisalat after earlier opposing the sale. However the investors were hardly enthused by the move. Zain had a market capitalization of 17.28 billion on Sunday.

Agility too did not budge from its earlier close of KD 0.500 and Wataniya Telecom followed suit to close at KD 1.860 after vacillating in a 20 fils range. Among other notable movers, National Investment Co fell 5 fils to close at KD 0.445 after trading 1.25 million shares whereas National Industries Group held the ground unchanged at KD 0.335 after posting marginal loss on Thursday. IFA Hotels and Resorts dropped 20 fils to end at KD 0.475 and United Gulf Bank edged 5 fils lower. Jazeera Airways however was up 2 fils at KD 0.122 and Gulf Cables climbed 20 fils to wind up at KD 1.940. Kuwait Pipes and Kuwait Portland Cement closed flat at KD 0.270 and KD 1.640 respectively while Qurain Petrochemical Industries Co eased 4 fils.

The market opened weak and slipped below the red in early trading as investors exited select positions. The index continued to erode and hit the days lowest of 6795.9 points almost an hour into trading. It moved sideways thereafter as sentiments turned brittle and managed to pare the loss slightly at close.

The top gainer of the day, Housing Finance House (Iskan), spiked 9.2 percent to KD 0.118 while Kuwait Bahrain International Exchange Co climbed 8.6 percent to stand next. Pearl of Kuwait Real Exchange Co slid 11.6 percent, the biggest loser of the day, while Mubarrad Transport Co topped the volume with 5.8 million shares changing hands.

Reflecting the downbeat mood, the decliners outnumbered the losers. 15 stocks advanced while 46 closed lower. Of the 90 counters active on Sunday, 28 closed flat. 1293 deals worth KD 8.76 million were transacted - down 49.1 percent in value over previous session. The sectoral indices closed mostly in red. Banking sector fell 0.4 percent while investment inched 0.1 percent down. Real Estate dropped 1 percent and industrials closed 0.1 percent up - the only gainer of the day. Services slipped 0.1 percent and food edged 0.4 percent down. Non-Kuwaiti closed 0.4 percent lower and parallel market ended flat.

The bourse had been mixed during last week as moderate buying alternated with selling bouts. It closed higher in 2 of the holiday curtailed week 4-day week and added 3 points. The index has eroded 83 points since the start of the month and is down 1 percent from the start of the year. KSE, with 209 listed companies, is the second largest bourse in the region.

In the banking sector, Gulf Bank rose 10 fils to close at KD 0.530 whereas Commercial Bank and Al Ahli Bank was not traded during the session ABK has won the Central Bank of Kuwaits approval for its extension request to buy back or sell up to 10 percent of its issued shares over a six-month period which ended on June 12, 2010.

Ahli United Bank added 10 fils to end at KDD 0.750 whereas Kuwait International Bank slipped 5 fils to settle at KD 0.320. Burgan Bank dropped 10 fils erasing the rise in the previous session and closed at KD 0.520. The stock had gained 1.92 percent in November and is trading 220 fils higher since the start of the year. Boubyan Bank did not move in either direction and wound up at KD 0.620. Investment major KIPCO was stagnant at KD 0.440 and Al Maal Investment Co followed suit to close at KD 0.126. Bayan Investment inched 1 fils lower while Global Investment House held the ground unchanged at KD 0.051 after trading 1.84 million shares. KAMCO slipped 5 fils to wind up at KD 0.305. Al Safat Investment Co and Noor Financial Investment Co fell 5 fils each Tamdeen Investment Co followed suit to close at KD 0.250.

In real estate National Real Estate Co was flat at KD 0.168 whereas Al Enma Real Estate Co added 1 fils. Mabanee Co shed 10 fils while United Real Estate Company sagged 3 fils to wind up at KD 0.096. The company is planning a capital hike of KD 40 million through issuing 400 million shares at a nominal value of 100 fils and a premium issue of 3 fils. The increase will take place between Dec 12 - 27 to registered shareholders as on Dec 29, 2010.

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 net profit of KD 4,359,625 and earnings per share of 36.02 fils in the first three quarters of 2010 ending Sept 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 Sept 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.

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.


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