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MENAFN - Arab Times - 05/09/2012

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(MENAFN - Arab Times) Kuwait stocks retreated Tuesday off 11-week high reached in the previous session.

The index slipped 16.87 points in volatile trade amid selling in some of the mid and low caps while frontline stocks closed mixed. The trading floor was skittish even as investors eye cues before taking up fresh positions.

The KSX 15 benchmark rose 1.11 points to 954.85 points while weighted index inched 0.09 points higher. The volume turnover meanwhile rebounded after slipping below the 200 million mark on Monday. 221.24 million shares changed hands - a 14 percent increase from previous session. KSE, had gained 2.49 percent August helped by strong rally by Wataniya Telecom.
Among sectors, telecom rose 0.30 percent, the top performer of the day whereas oil and gas, the biggest loser, shed 1.16 percent. Volume wise, financial services accounted for the biggest market contribution of 42.63 percent while banks stood next with 23.59 percent.

Gulf Glass Manufacturing Co dived 50 fils to KD 0.750 and Kuwait Portland Cement was down 30 fils erasing most of the gains in the previous session. Kuwait Food Co (Americana) dropped 20 fils to KD 1.360 and Gulf Cables followed suit.

Kuwait Financing and Investment Co slid 30 fils to KD 0.110 while National Investment Co eased 10 fils to KD 0.108. The company has logged a KD 2.2 million profit and earnings per share of 3 fils in the first half of 2012. Yiaco Medicals shed 20 fils to settle at KD 0.395.

Bourse heavyweight Zain held the ground unchanged at KD 0.700 off early lows and saw 0.73 million shares change hands. The stock has added 10 fils from start of the month and has wiped off 200 fils year-to-date. Wataniya Telecom climbed 20 fils to KD 2.560 after stagnating on Monday.

Agility fell 5 fils to KD 0.420 and the counter posted a volume turnover of 1.21 million shares while Kuwait Gulf Links closed flat at 97 fils. The company has posted a 55 percent year-on-year decline in losses to KD 3.85 million during the first half of 2012 while in the second-quarter, losses narrowed by 52.2 percent year-on-year to KD 1.86 million.

The market opened firm and headed higher in early trade. The index crested at 5,916.1 points and seesawing in narrow range. It slipped below the red almost half way into the session as selling weighed on select counters and hit the day's lowest level of 5878.88 points and managed to pare some of the losses at close.

Top gainer of the day, Amar For Finance and Leasing Co climbed 8.93 percent to 61 fils while National International Holding Co rose 7.94 percent to stand next. KFIC tumbled 21.83 percent, the steepest decliner of the day, while Ithmar Bank topped the volume with over 50 million shares.

The market spread was skewed towards the losers. 35 stocks advanced whereas 56 closed lower. Of the 127 counters active on Tuesday, 36 closed flat. 3718 deals worth KD 12.9 million shares were transacted - a 32.43 percent surge in value from the previous session.

On the upside, National Bank of Kuwait rose 10 fils to KD 0.990 after stagnating in the previous session and Kuwait Finance House followed suit to end at KD 0.690. The stock was unchanged during August and has slid 210 fils from start of the year.

Among other bank stocks, Commercial Bank of Kuwait slipped 10 fils and Ahli United Bank too was down by same measure. Kuwait International Bank fell 2 fils to KD 0.246 whereas Al Ahli Bank of Kuwait was not traded during the session.

Burgan Bank eased 5 fils reversing he gains on Monday, while Boubyan Bank was down 10 fils at KD 0.610. The bank has logged net profit of KD 4.8 million in the first half of 2012 - a 9.9% increase from - ago period while revenue climbed 23.7%. The lender's provisions surged 99.5% year-on-year to KD 10.5 million.

Kuwait Investment Co edged 2 fils lower on thin trading whereas International Financial Advisors was up 0.5 fils on back of 22.76 million shares. National Investment. KIPCO was not traded during the day.
International Finance Co ticked 2 fils higher to 85 fils and Bayan Investment closed flat. The company has logged H1 Net Loss of KD 3,948,426 and loss per share of 11.02 fils. Al Madina For Finance and Investment Co inched 1 fils lower after trading 6.27 million shares whereas Al Tamdeeen Investment Co added 2 fils to close at KD 0.166.

National Real Estate Co eased 2 fils to KD 0.118 and Ajial Real Estate and Entertainment Co was down 10 fils. Mazaya Holding took in 1 fils to close at 71 fils. National Industries Group closed flat at KD 0.192 whereas Kuwait Pipes slipped 2 fils to KD 0.106. RISCO crept 2 fils higher while ALAFCO and IFA Hotels and Resorts Co was down 5 fils each. The bourse has been upbeat so far during the week and has gained 29.08 points up in last three sessions. The bourse had rallied 142.20 points in August and is trading 1.72 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Securities House Co announced has chalked a net loss of KD 699,328 and loss per share of 1.1 fils in the first quarter of 2012 narrowing from net loss of KD 7,188,905 and loss per share of 11.3 fils in the same period last year. Burgan Well Drilling Co. posted a net profit of KD 359,071 and earnings per share of 1.71 fils in quarter ending June 30 as against profit of KD 253,359 and earnings per share of 1,21 fils in the same period last year.

Al-Madar Finance and Investment Co has incurred net loss of KD 527.29 and loss per share of 1.48 fils in the first quarter of 2012. This compares with KD 3.117.832 loss and 8.77 fils LPS in 2011 Q1. International Finance announced its has logged net profit of KD 432,656 and earnings per share of 0.54 fils in the first half of the year rebounding from KD 4,609,831 loss and loss per share of year 7 fils in the same period last year.

Al Madina for Finance and Investment has logged a net loss of KD 614,242 and loss per share of 1.6 fils in the first siex months of the year as compared to loss of KD 1,597,043 and 4.16 fils LPS in the same period last year.

Meanwhile, the bourse earlier in August suspended the trading of the following companies' shares for failing to announce the financial results within the stipulated time period: Al Safat Investment Company, Al-Qurain Holding Company, Kuwait Business Town Real Estate Co, Kuwait Commercial Markets Complex Co, The Securities House, Kuwait Finance & Investment Company, Industrial Investments Co, Housing Finance Company Al Madar Finance & Investment Co.


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