KUWAIT CITY, Aug 25: Kuwait stocks retreated on Wednesday, wiping the gains in the previous session. The index fell 8.8 points weighed by moderate profit taking in select heavyweights and some of the mid-caps. The trading floor sentiment remained skittish owing to lack of tangible cues and the Ramadan lull. The market wound up at 6673.30 points clawing back deeper losses earlier in the day while the weighted index eased 0.77 points to settle at 435.85 . The volume saw a slight uptick. It rose 4.2 percent to 159.68 million. It had hit the month’s high of 414.38 million on 9th Aug but ebbed thereafter. Among the prominent decliners Wataniya Telecom slid 40 fils after stagnating in the previous session. It closed at KD 1.780. Agility eased 10 fils to settle at KD 0.450. The counter saw 4.86 million shares change hands. Kuwait Food Co (Americana) shed 40 fils to end at KD 1.540. Sector major, National Industries Group closed flat at KD 0.350. Zain dropped 20 fils reversing the gains on Tuesday. It closed at KD 1.180 and posted a volume of 2.28 million. The Credit Suisse earlier in the month had raised its rating for Zain by two notches to “outperform”, citing the company’s Middle Eastern assets and the potential for substantially lower group overheads following its $9 billion African asset sale.

In the mid-cap segment, Gulf Cables dropped 20 fils with thin trading and Kuwait Packaging Materials Manufacturing Co was down 20 fils at KD 0.345 and United Project Group slipped 10 fils to end at KD 0.360. On the upside, Combined Group Contracting Co climbed 40 fils and Burgan Well Drilling Co gained 25 fils to close at KD 0.500. The market opened wobbly and slipped into red in early trade as profit booking dragged select counters . The index eroded steadily and bottomed at 6648.3 points in the final minutes as selling intensified. However, it managed to pare the losses at close helped by a spurt in bargain buying at lower levels.
Top gainer of the day, Kuwait Investment Co spiked 9.25 percent to close at KD 0.188 while Mabanee Co climbed 7.2 percent to stand next. Jazeera Airways slid 6.73 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 37.36 million shares changing hands.

Downbeat
Reflecting the downbeat mood, the losers outnumbered the gainers. 28 stocks advanced while 49 closed lower. Of the 113 counters active on Wednesday, 35 closed flat. 2962 deals worth KD 36.37 million were transacted — a 9 percent rise in value from previous session.
“The focus is on the banks and I think they will continue to outperform in the coming days,” Reuters quoted Essa al-Hasawi, assistant manager at Zumorroda Investment Co. “This plan would mean 3 billion dinars per year of bank lending divided between nine banks, which will push up sector earnings,” Hasawi added.
“Many people believe we won’t see banks trading at current prices again. This confidence is spurring buyers, with few doubting the government development plan will happen, even if there are delays,” he noted. The sectoral indices closed mixed. Banking sector edged 0.2 percent higher while investment slipped 0.1 percent. Insurance rose 0.2 percent and real estate was up 0.1 percent. Industrials lost 0.2 percent while services inched 0.1 percent lower. Services eased 0.1 percent whereas the biggest loser food declined 1.2 percent. Non-Kuwaiti shed 0.4 percent.
The bourse has notched modest gain so far during week. The index has risen 9 points from Sunday’s opening level and is up 19 points since the start of the month. However, it is trading 3 percent lower year-to date.

In the banking sector, National Bank of Kuwait rose 20 fils after stagnating on Tuesday and closed at KD 1.400. It had gained 5.17 percent in July and has added 280 fils since the start of the year. Gulf Bank rose 10 fils on back of 8.25 million shares. Commercial Bank and Al Ahli Bank was not traded during the session.
Ahli United Bank was unchanged at KD 0.540 and Kuwait International Bank followed suit to wind up at KD 0.260. The counter saw 14.2 million shares change hands. Burgan Bank was flat at KD 0.435 after trading 7.84 million shares whereas Kuwait Finance House fell 10 fils to close at KD 1.100. Boubyan Bank held the ground unchanged at KD 0.550.
The investment shares were largely subdued. International Financial Advisors was stagnant at KD 0.060 whereas National Investment Co was down 10 fils at KD 0.330. KIPCO was steady after trading 4 million shares. It closed at KD 0.400 after vacillating in a 10 fils range intra-day.

Lower
Bayan Investment Co was unchanged at KD 0.053 while Global Investment House inched 1 fils lower to KD 0.063 . KAMCO gained 10 fils adding to an identical rise in the previous session whereas Al Deera Holding did not budge from its earlier close of KD 0.051.
National Real Estate Co too was flat at KD 0.170 and Tamdeen Real Estate Co lost 10 fils. Mazaya Co eroded 5 fils and Alargan International Real Estate Co was down 4 fils at KD 0.178. The company has announced that it is holding serious negotiations to sell 18.34% of the total 48.34% stake in the of the Saudi companies Alargan Houses Company and Alargan Company.
In the bourse related news, the Securities Group Company has posted a second quarter net profit of KD 525,331 and earning per share of 2.06 fils compared to KD 1,483,124 and earning per share of 5.81 fils in the same period last year.
Gulf Cables and Electrical Industries Company has chalked a net profit of KD 19,092,520 and earnings per share of 91 fils compared to a profit of KD 1,224,114 and earnings per share of 6 fils for the same period last year. In six-month period ending June 30, the net profit touched KD 22,069,735 and earnings per share worked out at 105 fils .
Pearl of Kuwait Real Estate Co. announced its results for its fiscal year 2009 . The company posted a net loss of KD 9,542,591 and loss per share of 37.94 fils as against last year’s net loss of KD 7,935,133 and loss per share of 31.54 fils . The Board of Directors recommended no dividend payout for the fiscal year.

Meanwhile Kuwait Stock Exchange in its latest move has announced the suspension of shares trading of 22 companies fro failing to submit the financial statements in the stipulated time. They are :- Kuwait Investment Company , Ahlia Holding Company, International Investor Company, Securities House Company, Industrial Investments Company, Securities Group Company (M Securities)
International Investment Group Company , Aref Investment Group, Al Dar Investment Company, Aayan Leasing and Investment Company, Gulf International Investment Company , Kuwait Finance and Investment Company, International Leasing and Investment Company and Al Madar Finance and Investment Company, Al Safat Investment Company, Kuwait Bahrain Exchange Company International , Pearl of Kuwait Real Estate Company, Al Safat Global Company Holding , Equipment Holding Company , Villa Moda Life Style Company, Network Holding Company and Gulf Finance House.