KUWAIT CITY, Oct 20: Kuwait stocks clawed back Thursday to end week on a firm note. The index rose 11.7 points in choppy trade helped moderate buying in select banks and some of the middle level scrips even as the heavyweights closed mixed. The investors however remained largely cautious even as they await more earnings. The bourse wound up at 5,895.80 points after fluctuating around the opening mark while the weighted index crept 1.69 points up to settle at 413.76. The volume turnover tapered 3.9 percent to 133.48 million. It had slipped below the 100 million mark on Oct 4th and has traded mostly below the 200 mark during the week. Sector bellwether National Bank of Kuwait rose 20 fils recouping the fall in the day before to end at KD 1.120 and Gulf Bank followed suit to finish at KD 0.550. The counter saw 3.42 million shares change hands.

Among other notable gainers, Kuwait Food Co (Americana) soared 40 fils to KD 1.520. The stock is up 40 fils since start of the month but is trading 120 fils lower year-to-date. Egypt Kuwait Holding Co added 15 fils to close at KD 0.290. Gulf Cables rose 20 fils to KD 1.500 and Aref Energy Holding was up 13 fils at KD 0.106. Bourse heavyweight Zain held the ground unchanged at KD 0.920 after trading lower earlier in the session and the counter saw a volume turnover of 1.26 million shares. The Kuwait based telco earlier in the week named Omar al-Omar as acting chief executive of its domestic operations.

Rise
Agility crept 5 fils higher extending an identical rise on Wednesday to wind up at KD 0.390. The stock saw volume turnover of 2.74 million shares. The logistics company earlier in the month denied reports that it had won a military contract worth up to $700 million. Wataniya Telecom was unchanged at KD 1.940 and Kuwait Gulf Links edged 2 fils lower to close at KD 0.108. The stock has added 4 fils since start of the month but is trading 48 fils lower so far during the year.

The market opened choppy and moved sideways in early trade. The index remained flat for the rest of the session as investors refrained from taking up positions in absence of positive cues. However it ticked up in the final minutes and closed with modest gains. Top gainer of the day, Aref Energy Holding Co spiked 13.97 percent to KD 0.106 while Safat Real Estate climbed 10.71 percent to stand next. Zimah Holding Co dived 8.33 percent, the biggest decliner of the day, while International Financial Advisers topped the volume with 15.76 million shares.

The market spread was almost even. 34 stocks advanced while 35 closed lower. Of the 109 counters active on Thursday, 39 closed flat. 2286 deals worth KD 133.48 million were transacted - down 12 percent in value over previous session.
In the banking sector, Commercial Bank shed 20 fils adding to the heavy loss in the previous session and wound up at KD 0.800.The lender has posted a 65 percent decline in its third-quarter net profit weighed by provisions against loan and investment portfolios.
Al Ahli Bank held the ground steady at KD 0.670 paring slight early gains and Ahli United Bank followed suit to close at KD 0.860. Kuwait International Bank eased 5 fils to settle at KD 0.270. Burgan Bank was stagnant at KD 0.460 and Kuwait Finance House too did not budge from its earlier close of KD 0.890.

Flat
Boubyan Bank was flat at KD 0.590 after trading higher earlier in the session 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 fell 5 fils to KD 0.335 reversing the gains in the previous session whereas National Investment Co was unchanged at KD 0.914. Kuwait Financial Centre Co added 2 fils whereas First Investment Co and International Finance Company both closed 2 fils lower.Bayan Investment Co ticked 0.5 fils higher on back of 3.2 million shares.
Al Maal was flat at 57 fils and Global Investment House too was unchanged at 40 fils after trading 5.52 million shares. The investment banker is seeking to defer the principal repayments on debt due in December as part of renegotiating a $1.7 billion restructuring agreement.

National Industries Group vacillated in a narrow range before stagnating at KD 0.265 and chalked a volume turnover of 3.29 million shares after trading in 10 fils range. The Kharafi Group conglomerate is in initial negotiations to sell its 20 parent stake in Mabanee Real Estate Co. Kuwait Pipes rose 2 fils whereas Kuwait Portland Cement shed 20 fils to close at KD 1.040.
The bourse had been mixed during the week. It closed higher in 2 of the 5 session and gained 28.3 points week-on-week. The index has added 62.3 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.