KUWAIT CITY, Dec 13: Kuwait stocks sagged on Monday, extending the decline to the fourth consecutive session. The index slipped 16.8 points in choppy trade despite strong gains by some of the blue chips. Select mid-caps however retreated on buying pressure even as investors remained wary of the market direction amid political unrest following a gathering last week. The bourse closed at 6,786.80 points recovering from deeper losses earlier in the session whereas weighted index climbed 5.35 points to settle at 467.68 points. The fall in index was 0.2 percent compared to Sunday.

A total of 153.4 million shares changed hands, showing an increase of 141 percent, indicating a selling traction. Commercial Bank of Kuwait swung to profit of KD 19.64 million in the third quarter compared to a net loss of KD 2.48 million in the year earlier period. Net profit in the nine months to September came in at KD 20.5 million. Global Investment House Co has announced settlement of $ 27 million of the original loan due to creditor banks on Dec 13, 2010. With this repayment, the total amounts settled of principal loan, since signing rescheduling agreement on Dec 10, 200 has reached $ 178.3 million.
Among the sectors, three showed gains, while the rest retreated. The investment sector advanced the most or 0.9 percent, registering a climb of close to 40 points. The investment sector was also the biggest mover of volume pushing 69.3 million shares for KD 6.3 million.

KIPCO Asset Management Company (KAMCO), registered a 92.7 percent jump in the 2010 third quarter net profit. The earnings in the three month period stood at KD 1.69 million with an EPS of 7.1 fils per share. Total revenue came in at KD 8.16 million while shareholders’ equity chalked KD 87.82 million.
National Investment Company clocked in 15 fils to close 460 fils and sold 3.4 million shares. Kuwait Projects Company added 10 fils to its share price and closed 450 fils.
Global Investment House Company sold 2.4 million shares and closed 52 fils after taking in 1 fil.
The banking sector climbed 0.6 percent on the back of 12.4 million shares worth KD 7.2 million. National Bank of Kuwait posted a gain of 40 fils t oclsoe KD 1.300. The bank sold 1.7 million shares. Kuwait Finance House clocked in 20 fils to close KD 1.160. Ahli United Bank retreated 20 fils to close 730 fils.
Among the falling sectors, the services sector suffered the worst blow, slipping 1.6 percent taking out more than 200 points. The sector’s volume climbed 54 percent compared to previous trading day, pushing 33.5 million shares for KD 11.6 million. The sector accounted for 34.1 percent of the total market volume.

Agility Public Warehousing Company added 10 fils to close 510 fils on the back of 1.7 million shares. The logistics major’s chairman has stated that the company did not receive an official communication from France Telecom to buy Agility’s stake in Iraq’s Korek Telecom.
Mobile Telecommunications Company took in 40 fils and closed KD 1.460. The company sold 5.6 million shares. Combined Group Contracting Company and Mashaer Holding Company registered declines of 20 fils and 10 fils respectively. The bourse had been largely downbeat so far during the week and has sagged 35 points from Sunday’s opening level. It had dived 100 points since start of the month and is has shed 2 percent year-to-date. KSE, with 209 listed companies, is the second largest bourse in the region.

The realty sector was up 0.6 percent on the back of 25 million shares for KD 1.7 million. The volume was up 161 percent compared to last trading day, and accounted for 15 percent of the total market volume.
In the bourse related news Noor Financial Investment Co has posted a net loss of KD 24,574,600 in the nine — months period ended on September 30 and the loss per share chalked 32 fils. This compares with a net loss of KD 11,972,406 and loss per share of 16.07 fils in the same period last year.
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 Sept 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.

Among the top winners of the day, Ajwan Gulf Real Estate Company led the list at 10 percent, followed by Housing Finance Company at 8.4 percent, First Dubai for Real Estate Development at 8 percent and Kout Food Group at 6.7 percent. The top loser on the other hand was Credit Rating Company that fell 53 percent. Al Safat Real Estate Company suffered a fall of 18 percent. Kuwait Medical Services Company slipped 10 percent, followed by Noor Financial Investment at 7 percent.