KUWAIT CITY, Dec 8: Kuwait stocks eased on Wednesday after closing almost flat in the previous session. The index retreated 7.4 points in volatile trade. Select heavyweights and some of the middle level stocks in industrial and services sectors posted moderate gains even as the trading floor sentiment remained skittish.
The bourse wound up at 6,860.30 points clawing back from deeper losses earlier in the session while the weighted index rose 3.58 points to 468.7 points. The volume turnover swelled 23.3 percent to 164.59 million adding to the modest rise in previous three sessions. It had hit a multi-month low of 88.8 million on last day of November.
Bourse heavyweight Zain climbed 20 fils after stagnating in the previous session. Earlier in the week, the Securities Group Co had expressed its willingness to join the consortium of Zain shareholders who are in favor of the deal with Etisalat reversing their earlier opposition. However Al Fawares Holding, continues to oppose the sale and has filed a lawsuit to block the deal. Zain garnered a market capitalization of $ 17. 29 billion on Wednesday.

Lenders were mostly upbeat after treading water on Monday. National Bank of Kuwait gained 20 fils on back of 2.3 million shares while Gulf Bank was up 10 fils to settle at KD 0.530. Burgan Bank however fell 10 fils erasing the gains on Monday. It ended at KD 0.520 after trading 6.72 million shares.
Commercial Bank too rose 10 fils extending an identical rise in the previous session and closed at KD 0.910. The stock had risen 2.25 percent in November and is trading 20 fils lower since start of the year. Ahli United Bank added 20 fils whereas Kuwait Finance House closed flat. The counter saw 6.72 million shares change hands.
Agility climbed 20 fils on back of 4.9 million shares to wind up at KD 0.510 after closing slightly lower in the last session. The logistics service provider had logged KD 13.9 million profit in the three months to September — a 66 percent drop from last year and down 23.20 percent from the previous quarter. Wataniya Telecom was not traded during the session.
Among other movers, National Investment Co rose 10 fils adding to the rise on Monday. The counter closed at KD 0.455 and posted a volume turnover of 5.18 million. KIPCO too was up 10 fils at KD 0.450 rebounding from the moderate drop in the previous session.

Higher
The industrial major, National Industries Group edged 5 fils higher to KD 0.340 on back of 1.86 million shares while Kuwait Pipes closed flat after moving in a tight 5 fils range. Gulf Cables and Kuwait Portland Cement gained 20 fils each whereas Mena Holding slipped 2 fils to KD 0.142. The counter saw a volume turnover of 2.64 million shares.
The market opened on positive note and saw brief uptick in early trade. The index rose to touch the day’s highest level of 6880 points but failed to hold on to the gains. It eased thereafter as sentiments turned weak and hit the lowest mark of 6,854.1 points almost half way into the trading and staged a modest recovery in the final hour. It managed to climb above the red briefly but sagged again at close to end with slight losses.
The top gainer of the day, Salhiya Real Estate Co surged 7.5 percent to close at KD 0.285 while Al Deera Holding Co climbed 6.5 percent to stand next. Al Deera also topped the volume with 26.88 million shares changing hands and Pearl of Kuwait Real Estate Co plunged 55.2 percent, the steepest decliner of the day.
Despite the day’s marginal loss, the advancers outnumbered the losers. 44 stocks advanced while 30 closed flat. Of the 109 counters active on Wednesday, 34 closed flat. 2777 deals worth KD 25.92 million were transacted - a 15.1 percent rise from previous session.
The sectoral indices closed narrowly mixed. Banking sector edged 0.6 percent higher while investment rose 0.6 percent. Insurance was flat and real estate shed 2.5 percent, the worst performer of the day. Industrials and services sectors were up 0.2 percent each and food sector added 0.4 percent. Non-Kuwaiti eased 0.3 percent.
The bourse had been largely positive so far during the week and has added 42 points from Sunday’s opening level. It had slid 26 points since start of the month and is stagnant year-to-date. KSE, with 209 listed companies, is the second largest bourse in the region.
Among other stocks, United Real Estate Co inched 1 fils up to close at KD 0.100
The company has announced its plans to increase the capital with KD 40 million by 400 million shares at a nominal value of 100 fils and a premium issue of 3 fils. The shares will be issued from Dec 12, to Dec 27, 2010 to registered shareholders as on Dec 29, 2010.

Stagnant
ABK ended stagnant at KD 0.650. The lender has announced that it has won the Central Bank of Kuwait approval for its extension request to buy back or sell up to 10 percent of its issued shares over a six-month period which ended on June 12, 2010. The approval is subject to adherence of ABK to the rules and regulations of the Central Bank of Kuwait.
In the bourse related news Gulf Cement Company announced its results for first the nine months of the year. The net profit clocked KD 5,340,052 while earnings per share stood at 7 fils. In same period last year, the net profit totaled KD 8,375,803 while earnings per share worked out at 10 fils.
Kuwait Foundry Company has notched a n et profit of KD 4,359,625 and earnings per share of 36.02 fils in the first three quarters of 2010 ending Sep 30 while in the corresponding year last year, the net amounted to KD 6,773,842 and earnings per share read 55.96 fils.
Ahli United Bank has posted a net profit of KD 57,997,907 and an earning per share of 11.8 fils nine months ending Sep 30, 2010 as compared to profit of KD 52,979,859 and earnings per share of 10.9 fils during the same period last year.

Fujairah Cement Industries Company has recorded a net profit of KD 1,107,884 and earnings per share of 3 fils in the first nine months of 2010. In the same period last year it stood at KD 6,831,240 while earnings per share was 19.35 fils.
Meanwhile KSE has suspended trading in 21 companies, mostly investment firms, that failed to submit their financial results in the stipulated time. They are: International Financial Advisors Company, International Investment Company, Securities House Company, Industrial Investments Company, International Investment Group, Aref Investment Group, Al Dar Investment Company, Gulf Investment House, Aayan Leasing and Investment Company, Gulf International Investment Company, International Leasing and Investment Company, Al Madar Finance and Investment Company, Al Safat Investment Company, Noor Financial Investment Company, Al Dar National Real Estate Company, Al Safat Global Holding Company, Equipment Holding Company, National Ranges Company, Burgan Company for Well Drilling, Villa Moda Lifestyle Company and Network Holding Company.