Kuwait- KSE benchmark retreats 9.8 pts on profit taking 

(MENAFN - Arab Times) Kuwait stocks pulled lower Tuesday partly erasing the gains in the previous session. The index eased 9.8 points as profit taking weighed by select heavyweights and mid-caps even as some of the low-priced shares shined on speculative buying. The trading floor sentiment was negative as investors eye fresh indicators.

The bourse has closed lower in 6 of the last 8 trading sessions. The benchmark wound up at 6,179.2 points paring deeper losses earlier in the day, while weighted index edged 1.84 points lower to 416.03. The volume turnover rose further after the rebound on Monday. 386.30 million shares changed hands - up 13.5 percent. The bourse posted modest 38.1 points gain in March even as volume turnover receded towards the end of the month.

Zain dropped 20 fils to KD 0.750 extending an identical fall in the day before and the counter saw 4.66 million shares change hands. The telecom service provider's board last week approved a 65 fils per share dividend. Wataniya Telecom too was down 20 fils at KD 2.200 whereas Agility held the ground unchanged at KD 0.405.

Gulf Cables eroded 20 fils to KD 1.340 while Contracting and Marine Services Co eased 10 fils. National Industries Group was flat at KD 0.238 after trading 2.56 million shares and Kuwait Pipes too did not budge from its earlier close of KD 0.122.

Among other decliners, Jazeera Airways fell 10 fils to KD 0.460 and IFA Hotels and Resorts was down by same measure extending the sharp decline on Monday. Aref Energy Holding Co fell 2 fils to KD 0.108.

Slipped
The market opened weak and slipped into red in early trade. The index continued to erode as some of the counters sagged under selling pressure. It traded sideways in the second half and slipped to day's lowest level in the final minutes. However it ticked higher to slightly trim the losses at close.

Top gainer of the day, Tijara Real Estate Co climbed 6.5 percent to 40.5 fils whereas Mazaya Holding was up over 6 percent to stand next. Gulf Finance House slid 7.5 percent, the steepest decliner of the day, and the counter also topped the volume with 79.08 million shares.

The market spread was almost evenly poised. 33 stocks adavnced whereas 34 closed lower. Of the 91 counters active on Tuesday, 24 closed flat. 5172 deals worth KD 39.06 million were transacted - a 21.1 percent surge in value from the previous session.

In the banking sector, bellwether National Bank of Kuwait was unchanged at KD 1.080 whereas Gulf Bank slipped 5 fils to KD 0.450. The stock had shed 25 fils during whole of March and has retreated 60 fils from start of the year. Commercial Bank of Kuwait was not traded during the session.

A Ahli Bank rallied 30 fils partly recouping the drop in the day before and closed at KD 0.630 while Burgan Bank eased 5 fils after trading 1.43 million shares and closed at KD 0.415. The bank has recorded KD 50.6 million net profit in 2011, a ten-fold increase from the same period last year and the Board of Directors has recommended a cash dividend of 10 fils and 5 percent as bonus shares.

Kuwait International Bank was up 5 fils on back of 6.07 million shares and Ahli United Bank fell 10 fils at KD 0.810. Boubyan Bank held the ground unchanged at KD 0.415.

Kuwait Finance House was flat at KD 0.780. The Saudi unit of KFH has realized SR360 million profit from the sale of a real estate project in Saudi Arabia and the proceeds will be reflected in the bank's first quarter financial results of 2012.

Flat
In the investment sector, KIPCO was flat at KD 0.340 after trading 1.94 million shares whereas National Investment Co slipped 2 fils to KD 0.164. Kuwait Stock Exchange's Capital Market Authority (CMA) has approved the request of National Investment Co's to buy back 10 percent of its shares for six months till July.

First Investment Co rose 2 fils while Al Mal Investment inched 1 fils lower to 52 fils after trading 3.88 million shares. Al Deera Holding flunked 0.5 points whereas Al Madina For Finance and Investment Co climbed 4 fils on back of 1.73 million shares.

ACICO Industries Co slipped 4 fils to KD 0.212 while United Industries Co closed flat.. UIC has posted annual net profit of KD 1,210,449 for 2011. The earnings per share clocked 2.46 fils and the Board of Directors have recommended no dividend payout.

The bourse has been upbeat so far during the week and has gained 33.8 points in last three session. It had notched a modest 38.1 pts in whole of March and is trading 7 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, United Real Estate Co has logged a net profit of KD 3,619,442 and earnings per share of 24.13 fils in 2011 as compared to net earning of KD 4,627,596 30.85 fils EPS in 2010. The Board of Directors has recommended cash dividend of 15 percent.

Aref Energy Holding Company has incurred net loss of KD 5,113,572 and loss per share 6.8 fils in 2011 as compared to net profit of KD 10,798,282 and earnings per share of 14.4 fils in the previous year. The Board of Directors recommended no dividend payout for the fiscal year.

Kuwait National Cinema Co has posted a annual net profit of KD 5,385,373 and earnings per share of 53.89 fils as against KD 5,016,833 net profit and earnings per share of 50.21 fils in 2010. The Board of Directors recommended a cash dividend payout of 42 percent.

Mazaya holding Co has incurred a net loss of KD 15,842,218 and loss per share of 28.24 fils in 2011. This compares with net loss of KD 9,629,112 and l oss per share of 20.64 fils in 2010. The Board of Directors recommended no dividend payout for the year.

Al-Tamdeen Investment Co. has posted a 2011 net profit of KD 3,124,247 and earnings per share of 10.45 fils as against KD 3,440,249 net profit and 11.36 fils EPS in the year before.