KUWAIT CITY, Jan 11: Kuwait stocks saw feeble claw back on Tuesday stemming the three day decline. The index edged 3.7 points up in volatile trade led by Agility and select mid-caps . The heavyweights closed narrowly mixed whereas selling weighed on some of the industrial and service sector counters. The trading floor sentiments were skittish owing lack of solid cues .
The bourse wound up at 6950.6 points after trading in red earlier in the session while the weighted index inched 0.63 points up to settle at 487.18 points. The volume turnover surged 62.7 percent to 481.97 million - highest level so far during the month. The market has plunged to multi-month low of 63.54 million on 12th December has been anemic in the past weeks.
Agility rose 10 fils adding to the modest rise in the previous session to settle at KD 0.495. The counter saw 2.26 million shares change hands. The scrip was weighed earlier in the week by the US prosecutors’ move to file a lawsuit against the logistics major. However the company has said in a statement on the Kuwaiti bourse website that the new civil case is “ just a procedural amendment” to the case that was announced in November 2009,”.

Bourse heavyweight Zain held the ground unchanged at KD 1.460 with a volume of 0.76 million shares. The investors appears to have gone weary waiting for fresh developments in the stake sale deal with Etisalat after a Kuwait court squashed the Al Faweres lawsuit in third week of December. Wataniya Telecom too was flat at KD 1.920 after vacillating in a 20 fils range.
Among other prominent gainers, Kuwait Food Co, a Kharafi Group entity, climbed 20 fils to KD 1.620 recouping partly the drop in the previous session while National Industries Group rose 5 fils to settle at KD 0.365. NIG has risen 1.47 percent during December and gained 40 fils during whole of 2010. Kuwait Cement Co added 10 fils whereas Gulf Cables slipped 20 fils to wind up at KD 1.940.
On the downside, National Investment Co dropped 10 fils to close at KD 0.445 with a volume turnover of 1.76 million. The company has won the Central Bank’s approval to buy back or sell up to 10% of issued shares for an extended period of 6 months till June 13, 2011. IFA Hotels and Resorts shed 20 fils and Future Communication Co Global followed suit to wind up at KD 0.320.

Gained
The market opened on positive note and gained modest ground in early trade. The index moved range bound above the opening mark and peaked at 6958.4 points amid skittish sentiments. However, it slipped below the red in the second half and bottomed at 6934.3 points . It rebounded in the final minutes on a surge in buying in select counters and managed to close with slight gains
The top gainer of the day, Global Investment House spiked 9.09 percent to KD 0.060 while Jeeran Holding Co climbed 8.7 percent to stand next. Injazzat Real Estate slid 7.5 percent, the steepest decliner of the day, while IFA topped the volume with 120.72 million shares changing hands.
The market spread was skewed towards the gainers. 47 stocks advanced while 33 closed lower. Of the 117 counters active on Tuesday, 37 closed flat. 5343 deals worth KD 44.77 million were transacted - a 18.9 percent rise in value over previous session.

The sectoral indices closed mostly higher. Banking sector rose 0.2 percent while investment was up 0.1 percent. Insurance fell 0.3 percent whereas real estate edged 0.3 percent higher. Industrials gained 0.4 percent and services closed flat. Food sector outshined the peers with 1.7 percent jump whereas non-Kuwaiti slid 1.9 percent, the worst performer of the day.
The bourse had been weak so far during the week and has shed 26 points from Sunday’s opening level. It had slipped 5 points so far during the month after gaining 88 points during December. KSE, with 209 listed companies, is the second largest bourse in the region
In the banking sector, National Bank of Kuwait held the ground unchanged at KD 1.460 after see-sawing in 20 fils range while Gulf Bank added 10 fils to settle at KD 0.580.
The scrip had climbed 9.6 percent in December and had added 270 fils during whole of 2010.
Ahi United Bank gained 20 fils whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Kuwait International Bank edged 5 fils lower to KD 0.375 after trading 6.2 million shares and Burgan Bank dropped 10 fils. Kuwait Finance House and Boubyan Bank were stagnant at KD 1.220 and KD 0.660.

In the investment sector, KIPCO rose 10 fils on back of 1.29 million shares while Al Maal eased 4 fils to KD 0.116. KAMCO was down 10 fils KD 0.300 whereas Bayan Investment inched 1 fils higher. Al Safat Investment added 5 fils on back of 28.8 million shares while Noor Financial Investment Co closed flat.
Meanwhile Kuwait Stock Exchange announced blocking shares of following companies for failing to furnish financial results in stipulated time. Safat Global Holding, Investment Dar Company, International Leasing and Investment Co, Villa Moda Life Style, International Investment Group, Network Holding Co, Securities House Company and Gulfinvest International Co, International Investor Company, Aayan Leasing and Investment Company, Al Dar National Real Estate Co, Al-Abraj Holding Co and Educational Holding Group Co. Gulfinvest International Co and Network Holding Co was suspended for carrying forward losses exceeding 75 percent of capital:
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 Sept 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 net 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.

Al Safat Real Estate Co has logged a net loss of KD 745,249 and loss per share of 3.11 fils for the nine months ended on Sept 30. This compares with net loss of KD 3,101,186 and loss per share of 12.92 fils in the same period last year.
International Financial Advisors Co has posted a net loss of KD 14,977,818 and loss per share of 22.89 fils in the nine months ended on Sept 30 as against net loss of KD 14,977,818 and loss per share of 22.89 fils in the same period last year.
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 Sept 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.
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.