Kuwait City, Oct 19: Kuwait stocks pulled lower Wednesday after hovering slightly below the red in last two sessions. The index dropped 13.2 points in volatile trade as profit taking dragged select bank stocks and some of the mid-caps. The trading floor sentiment remained dull in absence of fresh cues.
The market closed at 5884.10 points after trading briefly higher while weighted index eased 2.19 points to 412.07. The volume turnover receded after surging above the 200 million mark in the day before. 138.94 million shares changed hands — down 32.2 percent from Tuesday.

National Bank of Kuwait shed 20 fils after stagnating in the previous session and wound up at KD 1.100. Gulf Bank was down 10 fils at KD 0.530 and Al Ahli Bank followed suit to close at KD 0.660. Ahli United Bank dropped 20 fils to settle at KD 0.860 extending an identical fall in the previous session.
Commercial Bank of Kuwait dived 40 fils with thin trading to settle at KD 0.820. The lender has posted a 65 percent decline in its third-quarter net profit weighed by provisions against loan and investment portfolios. Net income in the July-September period clocked KD 6.8 million . In the first nine-months of the year the lender registered a net profit of KD 8.3 million.

Bourse heavyweight Zain held the ground unchanged at KD 0.920 after closing lower on Tuesday and Wataniya Telecom too did not budge from its earlier close of KD 1.940. The stock had shed 80 fils during whole of September but rebounded 60 fils so far during the month.
Agility rose 5 fils on back of 7.22 million shares to close at KD 0.385. The logistics major earlier in the month denied reports that it had won a military contract worth up to $700 million. Kuwait Gulf Links slipped 2 fils to KD 0.110.

Climbed
Among other movers, Combined Group Contracting Co climbed 20 fils to KD 1.320 and Kuwait Food Co ( Americana) followed suit to wind up at KD 1.480. The stock is stagnant from start of the month and has retreated 160 fils year-to-date. Jazeera Airways added 5 fils on back of 1.52 million shares to close at KD 0.315.
The market opened weak and slipped into a trough in early trade. The index clawed back to hit the day’s high of 5898.3 points but failed to hold on to the gains. It eroded thereafter as profit taking dragged some of stocks and the market bottomed at 5879.1 points past the mid-session. However and uptick in buying in the final minutes helped pare the losses slightly.

“Kuwait’s market is a good hedge against adverse movement in international markets but right now, there are no positive triggers,” Reuters quoted Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. “Valuations, when compared to others in the region, are expensive. The market, in the short-to-medium term will probably continue to underperform.” Top gainer of the day, National Real Estate Co rallied 9.4 percent while Sultan Centre climbed 7.5 percent to stand next. Safat Real Estate slid 9.6 percent, the steepest decliner of the day, while International Financial Advisers topped the volume with 15.52 million shares.
Reflecting the day’s decline, the market spread was skewed towards the losers. 21 stocks advanced while 40 closed lower. Of the 95 counters active on Wednesday, 33 closed flat. 2418 deals worth KD 19.19 million were transacted - down 17.1 percent in value over previous session.
In the banking sector, Burgan Bank fell 5 fils to KD 0.460 whereas Kuwait International Bank was flat at KD 0.275. Kuwait Finance House added 10 fils on back of 0.92 million shares.

Unchanged
Boubyan Bank was unchanged at KD 0.590. The bank posted a net profit of KD 6.9 million in the nine-month period ending September 30, compared to a net profit of KD 4.5 million in the same period of last year.
Investment major KIPCO rose 10 fils with a volume turnover of 3.11 million shares and National Investment Co stagnated at KD 0.194 after trading lower earlier in the session. Kuwait Financial Centre ( Markaz) eased 2 fils to settle at KD 0.124 and First Investment Co followed suit after trading 4.3 million shares. Al Maal Investment Co closed flat at KD 0.057 while Bayan Investment Co ticked 2 fils higher.
Global Investment House fell 2.5 fils after trading 6.4 million shares while Al Safat Investment was down 3 fils at 86 fils. Al Tamdeen Investment Co edged 2 fils lower to KD 0.154. Industrial conglomerate National Industries Group eased 5 fils to KD 0.265 with a volume turnover of 5.67 million shares. The company is in initial negotiations to sell its stake in Mabanee Real Estate Co . Gulf Cables shed 20 fils whereas Kuwait Pipes was flat at KD 0.150.

Mabanee Co rose 10 fils to close at KD 0.870 while Mazaya Holding Co edged 5 fils lower. Al Enma Real Estate Co eased 2 fils whereas Salhiya Real Estate stagnated at KD 0.208.
The bourse, after a positive start, has been downbeat so far during the week and has shed 14 points from last week’s close. The index has gained 51 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.