KUWAIT CITY, Oct 18: Kuwait stocks eased marginally Tuesday after closing almost flat in the previous session. The index fell 1.1 points in choppy trade weighed by selling in select large caps and some of the middle level stocks. The heavyweights closed narrowly mixed even as investors await strong cues. The bourse closed at 5,897.3 points recovering from steeper losses earlier in the day, while the weighted index edged 1.57 points lower to 414.26.

The volume turnover rebounded 27.4 percent to 205.36 million. It had slipped below the 100 million mark on Oct 4th and has been hovering below the 200 mark since start of the week. Among the notable movers, Kuwait Finance House dropped 20 fils after stagnating in the previous session. It closed at KD 0.880 and saw 2.76 million shares change hands. Investment major KIPCO shed 10 fils with a volume turnover of 3.9 million and wound up at KD 0.330 while National Investment Co eased 2 fils to settle at KD 0.194.

Bourse heavyweight Zain was down 10 fils at KD 0.920 extending the loss in the previous session. The stock had retreated 10 fils during whole of September and has shed 20 fils so far during the month. Wataniya Telecom held the ground unchanged at KD 1.940 after trading lower earlier in the session.
Agility crept 5 fils higher on back of 2.7 million shares to wind up at KD 0.380. The logistics company earlier in the month denied reports that it had won a military contract worth up to $700 million.

Slid
Combined Group Contracting Co slid 40 fils to KD 1.300 while Safwan Trading and Contracting Co dropped 30 fils with thin trading. Gulf Glass Manufacturing Co spiked 100 fils, the maximum permitted single day gain, while Burgan Well Drilling Co eased 5 fils to settle at KD 0.280. National Industries Group rallied 15 fils rebounding from the fall in the day before. It ended at KD 0.270 and the counter saw 5.3 million shares change hands. The Kharafi Group conglomerate is in initial negotiations to sell its 20 parent stake in Mabanee Real Estate Co.

The market opened weak and slipped briefly into red in early trade. The index hovered below the opening mark as investors toed caution and pulled lower past the mid-session on selling in select counters. It hit the lowest level of 5882.5 points but managed to claw back in the final minutes to close slightly below the red. Top gainer of the day, Gulf Glass Manufacturing Co soared 9.8 percent to KD 1.120 while Zimah Holding Co climbed over 9.09 percent to stand next. Pearl of Kuwait Real Estate Co shed 5.5 percent, the biggest loser of the day, while International Finance House topped the volume with 28.32 million shares.

Mirroring the trading floor sentiment, the losers outnumbered the winners. 31 stocks advanced while 41 closed lower. Of the 105 counters active on Tuesday, 32 closed flat. 2903 deals worth KD 24.907 million were transacted - down 7 percent in value over previous session.
Sector bellwether National Bank of Kuwait closed flat at KD 1.120 after trading 5.9 million shares. The lender earlier in the month kicked off the earnings season posting a third-quarter net profit of KD 78.9 million. Net profit for the nine-month period was up 0.5 percent at KD 225.6 million.
Gulf Bank added 10 fils to close at KD 0.540 whereas Al Ahli Bank and Commercial Bank of Kuwait were not traded during the day. Ahli United Bank shed 20 fils to end at KD 0.880 and Burgan Bank fell 5 fils to KD 0.465 after trading 1.4 million shares. The stock had gained 20 fils during September and is trading 35 fils lower so far during the month.

Unchanged
Boubyan Bank fell 10 fils to KD 0.590 whereas Kuwait International Bank was unchanged at KD 0.275. KIB has obtained Central Bank of Kuwait approval to buyback up to 10% of own issued shares over 6 month period ending April 23, 2012.
International Financial Advisors rose 1.5 fils on back of 28.32 million shares while Kuwait Financial Centre Company edged 2 fils lower. First Investment Co rose 4 fils on back of 2.48 million shares whereas Al Maal ticked 1 fils lower to KD 0.057.
Bayan Investment Co took in 1 fils to settle at 35 fils and Global Investment House closed flat at 42.5 fils. Al Safat Investment gained 5 fils with a volume of 19.9 million shares and Al Tamdeen Investment stagnated at KD 0.156.

National Real Estate Co climbed 4 fils on back of 9.54 million shares to wind up at KD 0.106 while Salhiya Real Estate fell 2 fils. Tamdeen Real Estate added 4 fils and Mazaya Holding Co followed suit to close at 71 fils. Mabanee Co shed 10 fils and the counter saw 1.08 million shares change hands.
The bourse has been mixed so far during the week and has added 29.8 points from last week’s close. The index has climbed 64 points from start of the month and is trading 15 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, International Finance Co announced has posted net loss of KD 4,609,831 and loss per share of 7.42 fils in the first six months of the year as against net loss of KD 3,654,802 and loss per share of 7.86 fils in the same period last year.

Refrigeration Ind and Storage Co has posted a net loss of KD 1,825,879 and loss per share of 20.62 fils as compared to net profit of KD 339,396 earnings per share of 3.8 fils in the same period last year.
Meanwhile KSE’s Money Markets Authority has sent correspondences to the following companies requesting them to provide steps taken to resume trade on shares. The companies are: International Investor Company, Securities House Company, Industrial and Financial Inv Co, International Investment Group, Aref Investment Group, Investment Dar Company, Aayan Leasing and Investment Company, GulfInvest International Co, Kuwait Financing and Investment Co, International Leasing and Investment Co, Al Madar Finance and Investment Co, Noor Financial Investment, Al-Masar Leasing and Investment Co, Safat Global Holding, Mena Holding Co, Al-Abraj Holding Co, Villa Moda Life Style, Services and Network Holding Co.