KUWAIT CITY, May 03: Kuwait stocks reversed on Monday, snapping the four-day gains. The index slid 43.3 points in slightly choppy trade as profit taking weighed on select heavyweights and some of middle level stocks in the industrial and services sectors. The trading floor sentiments were cautious even as investors wait for positive cues to buoy the market sentiments.
The market wound up at 7266.40 points, trimming steeper losses intra-day while the weighted index fell 1.04 points to close at 437.08 points. The volume dropped 8.5 percent to hit a fresh year’s low of 147.72 million. The market liquidity has been anemic since the start of April after the conclusion of Zain deal.
Most of the sectors ended in red. Banking sector fell 0.6 percent while investment was down 0.7 percent. Real estate edged 0.3 percent up, the top performer of the day, whereas services slid 0.8 percent. Industrials shed 1.1 percent and the biggest loser food sector slid 1.2 percent.
“There is no support from institutions. The market looks like it is on a trading halt,” Reuters quoted a Kuwait trader who asked not to be identified. “Any news that Agility has settled on a decent amount will help drive markets higher but its very tough to take a bet on that,” says the trader.

The market has been largely mixed so during the week. It has shed 30 points from close of last week and had lost 233 points during whole of April. It had rallied 155  points in March primarily on the Zain stake sale impetus. The bourse is trading 5 percent up year-to-date.
Among the heavyweight losers, Agility dropped 20 fils, reversing the modest gain in the previous session. It closed at KD 0.620 after trading 1.55 million shares. Wataniya Telecom too was down 20 fils after stagnating on Sunday. It wound up at KD 1.700. The telecom service provider has logged a profit of $56.2 million in the first three months of the current year- a rise 5.9 percent year-on-year. Zain bucked the trend to add 20 fils extending an identical rise in the previous session. It closed at KD 1.360 and posted a volume turnover of 1.86 million.  The top gainer, Mazaya Holding Co jumped 9.4 percent to close at KD 0.116 and Arkan Al Kuwait Real Estate Co climbed 8.6 percent to stand next. Educational Holding Co tumbled over 9 percent – the steepest decliner of the day, while Jazeera Airways topped the volume with 10.26 million shares changing hands.
Reflecting the downbeat mood, the market spread was biased towards the losers. 19 stocks advanced while 62 closed lower. Of the 120 counters active on Monday, 39 closed unchanged. 3803 deals worth KD 30.669 million were transacted – down 21 percent in value over previous session.
Weak
The market opened weak and pulled lower in early trading as profit taking weighed on the trading floor. The index eroded gradually amid negative sentiments and bottomed at 7249.1 points. However a spurt in buying at low levels in the final minutes helped pare the loses marginally.
Banking sector bellwether NBK held the ground unchanged at KD 1.240 and Gulf Bank followed suit to wind up at KD 0.380. The lender had gained 6.8 percent in April and is trading 80 fils higher year-to-date.  Commercial Bank and Al Ahli Bank added 10 fils each to settle at KD 0.910 and KD 0.470 respectively. ABK has logged a net profit of KD 15.3 million in Q1 while operating income grew by 13 percent to KD 27.5 million. The earning per share clocked 13 fils and shareholders’ equity amounted to KD 330 million.  Ahli United Bank dropped 15 fils whereas Burgan Bank was up 5 fils at KD 0.350 after fluctuating in a 10 fils range during the session. Kuwait Finance House was stagnant at KD 1.080 after posting strong gains on Sunday. It wound up at KD 1.080 and saw a volume turnover of 1.09 million shares. Boubyan Bank too did not budge from its earlier close of KD 0.540.  Investment major KIPCO fell 5 fils to close at KD 0.415 while National Investment Co closed flat at KD 0.380. The counter saw a volume turnover of 3.16 million shares. Global Investment House inched 1 fils lower while KAMCO climbed 10 fils on thin low volume. The stock had shed 11.25 percent in April and is trading 40 fils higher since the start of the year. Bayan Investment Co flunked 1 fils to end at KD 0.074.
National Industries Group slipped 10 fils while Kuwait Pipes and Kuwait Cement Co both closed unchanged at KD 0.380 and KD 0.680 respectively. RISCO slid 25 fils while Gulf Cables closed 20 fils lower at KD 1.680 after stagnating on Sunday. Kuwait Portland Cement dived 40 fils to close at KD 1.520 while Kuwait Foundry Co eased 10 fils.

Volume
Kuwait Gulf Links dropped 15 fils after posting a volume turnover of 9.52 million whereas Combined Group Contracting Co climbed 20 fils to wind up at KD 1.740. Hayat Communications Co was up 10 fils at KD 0.240 while Jazeera Airways fell 10 fils. Kuwait Logistics Company eroded 15 fils after eking modest gain on Monday.
In the bourse related news, Ahli United Bank has posted a first quarter profit of KD 18,696,993 and earning per share 3.9 Fils against KD 24,813,115 and earning per share 5.2 fils for same period 2009. Ras Al Khayma for White Cement first quarter profit amounted to KD 1,690,410 and earning per share of 3.6 Fils against KD 1,033,797 and earning per share 2.2 Fils for same period 2009
INOVEST announced financial results for the 3 months ending March 31, 2010. Net loss amounted to KD 1,441,934 and loss per share clocked 5.08 fils against net profit KD 3,158,364 and earning per share 11.34 Fils for same period 2009.

Qurain Petrochemical Industries Co has announced the adoption of its interim statements for the first quarter ending 31/3/2010. The company logged a profit of KD 3,251,537 and earnings per share of 2.97 fils, compared to KD 8,788,639 and earnings per share 8.0 fils for the same period in previous year.
Meanwhile, Kuwait Stock Exchange has suspended the following companies from trading for failing to submit the financial statements in the stipulated time. They are: - Pearl of Kuwait Real Estate Company, Al Safat Global Holding Company Network Holding Company, Al Dar Investment Company, International Leasing and Investment Company, Villa Moda Lifestyle Company, Al Ahlia Holding Company, Securities Group Company, International Investment Group, Aayan Leasing and Investment Co, Gulf International Investment Group, Investors Holding Group, Grand Real Estate Projects Company, and: Al Abraj Holding Company.