KUWAIT CITY, Jan 29, (KUNA): Economic analysts in Kuwait, agreed on Thursday that trading in the Kuwait Stock Exchange was bound by several determiners during the week, which resulted in an increase of anxiety among traders after the announcement of 2009 profits was delayed.
On his Head of Deryal Technical Analysis Group Mohammed Al-Hajeri said that fluctuations witnessed by the stock exchange are mainly as a result of observations made of financial statements of companies last year.
News of a lower rating of one of the local industrial companies by the global Moody’s Investors Service affected the performance of this particular sector which has witnessed a period of pressure from speculators, he added.
The lack of liquidity from some investment firms was another factor affecting the mood of investors, he said.
Despite this fluctuation, the market has managed to close above the level of support as a result of a number of purchases of selected shares.
He expected the stock market to regain activity with an increase in liquidity, because of optimism which he thinks is set to be brought about by the announcements of the last year’s operations of banks.
Deputy Executive Chairman for Planning in Mina Holding Mohammad Abdulsalam predicts that a state of mistrust affected trading last week, which forced several portfolio managers to disperse their stocks in fear of losses.
The industry sector saw the most activity, due to the government’s plans to finance a number of local projects, making trade in the sector a lucrative option.
According to a financial report conducted by the Kuwait-based Gulf Invest, news of a lower rating for National Industrial Group Holdings, resulted in fears and a negative outlook on stocks in Kuwait last week.
Moody’s Investors Service’s announcement led to all of the Kuwait Stock Exchange’s indexes decreasing.
Other factors behind this decrease, was the long wait for Agility’s court hearing, after the logistics company was sued by an American firm.
The banking shares were mostly subdued. National Bank of Kuwait did not budge from its previous close of KD 1.060 recovering from loss earlier in the day. Gulf Bank too wound up flat at KD 0.290 after ending lower on Wednesday. Bank of Kuwait and Middle East too did not move in either direction while Al Ahli Bank was not traded during the day.
Burgan Bank was stagnant at KD 0.315 after moving in a narrow 5 fils range. The lender has announced that the Central Bank of Kuwait approved its request to repurchase or sell a 10% maximum of its issued shares over a six-month period, after the current approval expiry on Feb 5, 2010. Boubyan Bank edged 5 fils higher partly trimming the drop in the day earlier.
In more from the results front, Kuwait Building Materials Manufacturing Company announced its financial statements for the year ended Dec 31, 2009. It reveals a net profit of KD 563,950 and earnings per share of 21.5 fils compared to a profit of KD 549,396 and earnings per share of 20.9 for the same period in 2008.

Gains
Investment shares mostly managed to post marginal gains. International Financial Advisors added 4 fils on back of 47.5 million shares whereas National Investment Co took in 5 fils to end at KD 0.300. KIPCO closed unchanged at KD 0.475 while International Investment Group inched 2 fils higher. Aref Investment Group was flat at KD 0.118 and Aayan Leasing and Investment Co was up 2 fils at KD 0.080.
Bayan Investment Co took in 1 fils and Global Investment Co rose 2 fils on back of 4.12 million shares. Kuwait Invest Holding Company gained 10 fils. Al Deera Holding Co was flat at KD 0.104 while Al Safat Investment Co rose 6 fils. Noor Financial Investment Company eased 2 fils. The form had logged a third quarter profit of KD 253.261 and earnings per share of 0.26 fils against a loss of KD 3,746,396 and loss per share of 5.08 fils for the same period last year.
The market opened on a positive note and rose above the red in early trading. The index however slipped on short bout of profit taking and slid below the opening mark briefly. It recovered thereafter and climbed steadily as bargain buying picked mostly in industrials and select blue chips. The market plateaued in the final minutes and managed to close with strong gains.
The top gainer of the day, National Company of Consumer Industries spiked 9.8 percent to close at KD 0.112 and Abyaar Real Estate Development Co climbed 7.5 percent to stand next. Strategia slid 5.2 percent, the steepest decliner of the day, while IFA topped the volume with 47 million shares changing hands. 7482 deals worth KD 61.752 million were transacted - up a slight 0.7 percent from previous session.