KUWAIT CITY, March 16: Kuwait stocks pulled lower on Wednesday, extending the decline from the previous session. The index slid 73.4 points amid mounting concerns over Bahrain unrest. Blue chips led the day’s slide and some of the mid-caps too buckled under selling pressure. The trading floor was markedly bearish even as investor toed the sidelines. The bourse wound up at 6,250.90 points while weighted index dropped 11.04 points to settle at 434.45. The volume turnover tapered further after receding in the last two sessions. 145.79 million shares changed hands - down 3.9 percent from the previous session. After falling below the 100 million mark on 7th, it had peaked to the month’s high of 295.03 million on Sunday amid renewed hopes of the Zain-Etisalat deal.

Zain plunged 100 fils as it resumed trading after 2-day suspension pending the confirmation of the Saudi assets sale. Earlier in the week Zain had accepted a joint bid from Bahrain Telecom and Kingdom Holding for a 25 percent stake in Zain Saudi thereby removing a regulatory hurdle for the Zain - Etisalat deal.
National Bank of Kuwait dropped 20 fils adding to an identical loss in the previous session. It closed at KD 1.140 and saw 3.06 million shares change hands. The Moody’s had stated earlier in the week that that the lender’s asset quality will be under pressure because of its regional operations.
Burgan Bank slid 35 fils to KD 0.450 and posted a volume turnover of 1.39 million. The stock had eased 60 fils during whole of February and is down 40 fils since start of the year. Gulf Bank fell 10 fils to close at KD 0.490.
Ahli United Bank dived 40 fils after posting losses in the day before and ended at KD 0.800. Kuwait Finance House however was unchanged at KD 1.040 paring moderate loss earlier in the day. The lender has logged a net profit of KD 106 million in whole of 2010 and the board has recommended a 20 percent dividend and bonus of 8 free shares for every 100 held.

National Investment Co eroded 20 fils, extending the decline from the previous session. It wound up at KD 0.275 and posted a volume turnover of 4.98 million shares while KIPCO eased 10 fils to settle at KD 0.395. The stock had dropped 60 fils during last month and is trading 45 fils lower year-to-date.
Agility was down 20 fils at KD 0.370 after edging lower on Tuesday. It saw 1.93 million shares change hands. The company and France Telecom is eying a 44 percent stake in Iraqi mobile operator Korek Telecom. “The Iraqi market still has high growth potential and it only has three players,” Reuters quoted a research note by Nomura analyst Scott Darling.
Wataniya Telecom dropped 20 fils after stagnating on Tuesday. It closed at KD 1.660 while Kuwait Gulf Links inched 2 fils lower. IFA Hotels and Resorts fell 10 fils and Aviation Lease and Finance Co followed suit to close at KD 0.330. Kuwait Food Co (Americana) dived 40 fils adding to the losses on Tuesday. National Industries Group fell 7 fils to KD 0.248 after trading 2.63 million shares while Kuwait Pipes was down 4 fils at KD 0.176. The counter saw 1.38 million shares change hands. Kuwait Cement Co dropped 20 fils while Gulf Cables slid 60 fils after posting steep loss in the day before.

The market opened weak and eroded steadily in early trade. The index continued to slide till the final minutes as investors exited positions amid bearish sentiments. A slight rise in bargain buying at close helped pare the losses slightly.
“When overall sentiment turns negative, there is no country that can support its system - the market will tell the truth at the end of the day,” Reuters quoted Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
The top gainer of the day, Arkan Al Kuwait Real Estate Co jumped 6.5 percent to KD 0.065 while Noor Financial Investment Co climbed 3.1 percent to stand next. Manafae Investment Co dived 13.51 percent, the steepest decliner of the day, while Al Deera topped the volume with 13.68 million shares changing hands.

Reflecting the day’s loss, the market spread was skewed towards the decliners. 11 stocks advanced while 66 closed lower. Of the 105 counters active on Wednesday, 21 closed flat. 3173 deals worth KD 37.03 million were transacted - a 64.9 percent surge in value over previous session.
The bourse had been mixed so far during the week and has shed 36 points from last week’s closing mark. It has slid 231 points from the start of the month and is down over 11 percent year-to-date. KSE, with 215 listed companies, is the second largest bourse in the region.
The market got a fillip last week as state funds were intervened to boost buying amid weakness in the regional markets. The buying was however restricted to banks and blue chips, according to market experts.

National Real Estate Co flunked 2 fils while Tamdeen Real Estate and Mabanee Co closed flat. Mabanee has logged KD 18.6 million net profits in 2010, up from KD 15.3 million in the year before. The Board of Directors has decided to distribute a dividend of 10 percent of the profit.
The assets had reached KD 256.4 million by end of 2010 while liabilities amounted to KD 129.4 million.
Aref Investment Group fell 4 fils to KD 0.052 and Al Mal eased 5 fils after trading 1.32 million shares. Safat Investment Co edged 5 fils lower while Global Investment House was not traded during the session.
Al Tamdeen Investment Co eroded 10 fils to close at KD 0.180 while Kuwait Financial Centre (Markaz) eased 5 fils. The company has posted a net profit of KD 8,123,000 and earnings per share of 18 fils in 2010.
In the bankings sector Kuwait International Bank slipped 5 fils while Commercial Bank and Al-Ahli Bank of Kuwait was not traded during the session. ABK has logged KD 53.2 million profit in 2010 - a 36 percent rise from year before. The board has approved a dividend of 20 fils per share, up 33 percent increase from 2009.

In the bourse related news, Abyaar Real Estate Development Co incurred a net loss of KD 4,996,913 and loss per share of 4.77 fils in full year 2010 as against net loss of KD 29,247,558 and loss per share of 37.26 fils in the year before. The Board of Directors recommended no dividend payout for the fiscal Year.
Salhiya Real Estate Co has posted a net profit of KD 10,203,837 and earnings per share of 26 fils as against a net profit of KD 7,248,686 and earnings per share of 9 fils during last year. The Board of Directors has recommended a cash dividend payout of 20 percent.
Meanwhile, Kuwait Stock Exchange has suspended the following companies from trading for failing to publish the financial results within the stipulated time period: Al Safat Global Holding Company, Al Dar Investment Company, International Leasing and Investment Company, Villa Moda Lifestyle Company, International Investment Group, Network Holding Company, Securities House Company, Gulf International Investment Company, International Investor Company, Aayan Leasing and Investment Company, Al Dar National Real Estate Company and Educational Group Holding Company.