KUWAIT CITY, April 12: Kuwait stocks trod water on Tuesday after posting modest gains in the previous session. The benchmark inched 0.6 points lower amid profit taking in some of the bank stocks and select heavyweights. The market mood was largely guarded on absence of positive indicators.
The bourse wound up at 6,364.60 points after vacillating in moderate range while the weighted index slipped 2.43 points to 447.2. The volume receded slightly after swelling in the previous session. 124.17 million shares were transacted — down 9 percent from the day before.
National Bank of Kuwait dropped 20 fils to KD 1.160 after stagnating in the previous session. The counter saw 3.23 million shares change hands. Gulf Bank was down 10 fils at KD 0.510. The stock fell 10 fils during whole of March and is trading 60 fils lower year-to-date.
Zain dived 40 fils reversing the modest gains in the day before. It wound up at KD 1.340 and posted a volume turnover of 5.68 million. The telecom major saw its net profit soar 445% to KD 1.063 bn in 2010 . The profit is inclusive of the capital gain of KD 770.3 million from the sale of Zain Africa to Bharati Telecom.

Wataniya Telecom was flat at KD 1.800 recovering from earlier losses, while Agility eased 5 fils to settle at KD 0.375. The stock got a boost towards close of March after the company said that a US court has overturned a charge against one of its subsidiaries. Kuwait Gulf Links edged 2 fils lower to settle at KD 0.132 erasing the gains in the day before.
Investment major KIPCO held the ground steady at KD 0.400 after trading 1.65 million shares . The company has repaid a $350 million bond in full at maturity on Tuesday after the ratings agency Moody’s placed the company on review for a potential downgrade. The bond was the first issue under a $2 billion programme.
National Investment Co rose 10 fils recouping the fall in the day before and ended at KD 0.290 while Kuwait Financial Centre (Markaz) added 2 fils to settle at KD 0.128. First Investment Co rose 6 fils on back of 4.3 million shares while Bayan Investment Co edged 1 fils lower.
Global Investment House slipped 1 fils to wind up at KD 0.035. Global has registered fourth quarter net loss of KD 27 million — narrowing it from KD 148.8 million in the year before. The investment major has paid back $178.3 million in debt to banks in the 2010.

Slipped
The market opened weak and slipped into red in early trading. The index hit the day’s lowest of 6342.8 points amid profit taking in some of the banking and blue chips. It clawed back thereafter as buying resumed in select counters and closed almost at the opening mark.
The top gainer of the day, Zima Holding Co spiked 9.2 percent to wind up at KD 0.118 while Hits Telecom climbed 8.7 percent to stand next. United Gulf Bank slid 7.1 percent while Mayadeen topped the volume with 13.76 million shares changing hands.
The market spread was biased towards the losers. 28 stocks advanced while 37 closed lower. Of the 102 counters active on Tuesday, 30 closed flat. 2357 deals worth KD 25.68 million were transacted — down 40.7 percent from the previous session.
The sectoral indices swung marginally in both direction. Banking sector inched 0.1 percent lower while investment outshined with 0.6 percent gain. Real estate ad services added 0.3 percent each whereas industrials eased 0.3 percent. Food sector fell 0.2 percent and non-Kuwaiti were the worst performer dropping 2.1 percent.
Kuwait Finance House gained 20 fils to settle at KD 1.080 while Boubyan Bank eased 10 fils. Ahli United Bank rose 10 fils to wind up at KD 0.760. The bank’s operating income for 2010 stood at KD 77.4 million. The total assets clocked KD 2.454 billion by end of 2010 while total equity stood at KD 265.3 million.

Salhiya Real Estate fell 2 fils to KD 0.218 and National Real Estate was unchanged at KD 0.102.Mabanee Co dropped 10 fils. 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.
National Industries Group and Kuwait Pipes were stagnant at KD 0.260 and KD 0.650 whereas Gulf Cables slid 40 fils to wind up at KD 1.660. Combined Group and Contracting Co too rose 40 fils and Kuwait Cement Co was up 10 fils at KD 0.650.
The bourse had been mixed so far during the week and has gained 16 points from last week’s closing mark. It had climbed 69 points since start of the month and is trading 8 percent lower year-to-date. KSE, with 215 listed companies, is the second largest bourse in the region.

Support
The market got a support in last week of March as state funds intervened to boost buying amid weakness in the regional markets. The buying was however restricted to banks and blue chips, according to market experts
Meanwhile the KSE has announced the trading suspension of 31 companies with effect from April 3, 2011 for not announcing their financial statements ending December 31, 2010. They are as follows: Kuwait Investment Company, International Investor Company, Securities House Company , Industrial Investments Company, International Investment Group, Aref Investment Group, Al Dar Investment Company, First Investment Company, Gulf Investment House Aayan Leasing and Investment Company, Gulf International Investment Company, Kuwait Finance and Investment Company, International Leasing and Investment Company and Housing Finance Company.

Al Madar Finance and Investment Company, Al Safat Investment Company, Sokouk Holding Company, Nour Financial Investment Company, Amwal International Investment Company, Al Masar Leasing and Investment Company, Al Dar National Real Estate Company, Grand Real Estate Projects Company, Al Safat Global Company Holding, Munshaat Real Estate Projects Company , Mena Holding Company, Nafaes Holding Company, National Ranges Company, Villa Moda Life Style Company, Network Holding Company, Gulf Finance House and Al Shamil International Holding Company.
In the bourse related news, Coast Investment and Development Co has logged a net profit of KD 5,799,505 and earnings per share of 10 fils in whole year 2010 rebounding from a net loss last year of KD 13,699,997 and loss per share of 24 fils.

Kuwait China Investment Co has posted a net profit of KD 4,619,031 and earnings per share of 5.8 fils as against last year’s profit of KD 8,683,587 and earnings per share last year 10.9 fils. The Board of Directors recommended no dividends.
Combined Group Contracting Co. has announced its results for its fiscal year 2010 ended 31/12/2010. The company posted a net profit of KD 8,893,965 and earnings per share of 101.52 fils as against net profit of KD 8,194,745 and earnings per share of 94.15 fils in the previous year. The Board of Directors recommended a cash dividend of 70 percent and 10 percent bonus shares.