Kuwait- KSE index extends decline as volume turnover shrinks 

(MENAFN - Arab Times) Kuwait stocks pulled lower Wednesday, extending the decline to second consecutive day. The index retreated 28.35 points to 5,916.73 points paring deeper early losses . Select banks and mid-caps weighed whereas some of the blue chips rose on buying support. Trading floor remains negative amid ongoing political uncertainty and lack of positive cues.

KSX 15 shed 4.45 points while weighted index eased 1.89 points to 397.58 . The volume turnover receded below the 200 million mark reversing the 5-day increase. 171.52 million shares changed hands - down 31,45 percent from Tuesday.

Sectorwise, insurance was the worst performer with 1.26 percent fall whereas parallel market eked 0.12 percent rise - the top performer of the day. In terms of volume, financial services had the biggest market share of 61.32 percent and real estate came in next with 15.44 percent.
Sector bellwether National Bank of Kuwait shed 20 fils erasing the gains in the previous session and wound up at KD 1.020. Boubyan Bank eased 10 fils after trading 4.11 million shares and Burgan Bank fell 5 fils to KD 0.415 . The stock has slipped 5 fils from start of the month while year-to-date, it has slid 60 fils.

Zain however bucked the trend to gain 10 fils on back of 2.8 million shares and Agility was up 5 fils at KD 0.385. Wataniya Telecom was flat at KD 2.080 whereas Kuwait National Cinema climbed 20 fils.

Among other losers, National Industries Co retreated 25 fils with thin trading and IFA Hotels and Resorts Co followed suit to end at KD 0.275 . The company's Board of Directors earlier in the month recommended hiking the capital through issue of 181.552.800 shares .

Slipped
National Industries Group slipped 4 fils to KD 0.208 offsetting the gain on Tuesday and Combined Group Contracting Co shed 20 fils. NIG has incurred net losses of KD 28.76 million for 2011 - almost a 50% year-on-year while loss per share rose to 23 fils from 8 fils. Kuwait Gulf Links edged 1 fils lower while RISCO eased 2 fils.

ALAFCO slipped 5 fils and Jazeera Airways was down 20 fils at KD 0.380. The carrier has registered 17.8 percent jump in quarterly profit to KD 1.2 million and the company is planning to pay cash dividend of 50 percent to shareholders. The market opened slightly low and ticked up briefly before easing further in early trade. The index pulled up to hit the day's highest level of 5,948.35 points and sagged thereafter as sentiments turned negative. It bottomed at 5,896.22 points in the second half before trimming some of the losses in the final minutes.

Top gainer of the day, Pearl of Kuwait Real Estate Co climbed over 8 percent to 33.5 fils while Flex Resorts and Real Estate Co rose 7.94 percent to stand next. Arkan Real Estate Co dived 9.28 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 47.91 million shares.
Mirroring the day's decline, the losers vastly outnumbered the gainers. 27 stocks advanced whereas 61 closed lower. Of the 121 counters active on Wednesday, 33 closed flat. 3648 deals worth KD 15.93 million were transacted - down 14.7 percent in value from the day before.

In the banking sector, Commercial Bank of Kuwait stagnated at KD 0.770 and Gulf Bank too closed flat at KD 0.415 off early lows. The lender's net profit stood at KD 7.4 million in Q1. Total assets reached KD 4,907 million even as the bank hiked its general reserve by KD 14 million to KD 104 million. Kuwait International Bank was unchanged at KD 0.260 whereas Ahli United Bank was not traded during the session. Al Ahli Bank closed flat at KD 0.560. The lender has won Central Bank's approval to extend the period to buy back or sell up to 10% of own issued shares over an additional six month period.

Steady
Kuwait Finance House held the ground steady at KD 0.700 with a volume 1.23 million shares. The stock has shed 50 fils so far during the month and eroded 200 fils year-to-date.

Investment major KIPCO was flat at KD 0.325 while National Investment Co ticked 2 fils higher. The company has won the approval of Capital Market Authority to buy back or sell a maximum of 10% of its shares for 6 months. International Financial Advisers inched 0.5 fils lower after trading 3.46 million shares.

KMEFIC rose 2 fils and First Investment Co was up by same measure to close at KD 0.136. Al Maal Investment Co vacillated in a tight range before closing unchanged at 38 fils. Bayan Investment was down by slight 0.5 fils whereas KAMCO climbed 6 fils.

Mabanee Co knocked off 10 fils while National Real Estate Co closed unchanged at KD 0.126. The company has canceled its listing on Dubai Financial Market and he last date to trade its shares in Dubai market will be June 28, 2012. Mazaya Holding Co inched 1 fils lower while Salhiya Real Estate stagnated at KD 0.265.

Kuwait Pipes closed flat at KD 0.110 and Kuwait Cement Co followed suit to wind up at KD 0.395. United Industries Co took in 1 fils. Oula Fuel Marketing Co jumped 25 fils while Kuwait Food Co (Americana) held steady.
The bourse had been mixed so far during the week and is up 9 points in the last three sessions. It has dived 277.09 points from start of the month and is trading 2.16 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share same of 42 fils in the same period last year. Al Madina for Finance and Investment Co has incurred a Q1 net loss of KD 585,684 and loss per share Fils 1.52 and net loss of KD 429,972 and loss per share of 1.12 fils in 2011 first quarter.

KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time. The majority of the suspended firms where in the investment sector.

National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period - down from KD 725,806 and 13.83 fils in the year before.