KUWAIT CITY, Oct 31: Kuwait stocks nudged higher Monday, extending the gains from the previous session. The index rose 11.1 points in choppy trade led by select banks and some of the mid-caps even as blue chips closed narrowly mixed. The trading floor mood was cautious even as investors await new catalysts to buoy the market. The bourse wound up the month at 5,919.6 points while the weighted index climbed 1.3 points to settle at 415.34 . The volume turnover ticked marginally up even as investors refrain from taking up fresh positions. 156.39 million shares changed hands — up 1.8 percent from the day before.

Among prominent gainers, National Bank of Kuwait climbed 20 fils on back of 5.3 million shares to end at KD 1.140 while Commercial Bank of Kuwait rose 10 fils to KD 0.740. The stock has shed 100 fils during the month and is trading 180 fils lower year-to-date. Bourse heavyweight Zain held the ground unchanged at KD 0.930 trimming early gains and Wataniya Telecom too did not budge from its earlier close of KD 1.980. Agility added 5 fils on back of 2.16 million shares to close at KD 0.390. Jazeera Airways rallied 20 fils extending the gains for the sixth consecutive session on strong earnings optimism. It wound up at KD 0.400 after trading 4.2 million shares. The low cost carrier has secured $200 million of financing to buy four Airbus A320 aircraft. “We find this move strange given the company’s recent cancellation of its previous plane order,” EFG-Hermes said in a note.

Climbed
Automated Systems Co climbed 18 fils to settle at KD 0.222 and Safwan Trading and Contracting Co rose 10 fils with thin trading. On the downside, IFA Hotels and Resorts Co slid 25 fils and Burgan Well Drilling Co eased 10 fils to KD 0.270. The market opened flat and drifted sideways in early trade. The index slipped slightly below the red to bottom at 5905.1 points almost half way into session. It seesawed thereafter and managed to close well above the opening level. Top gainer of the day, Automated Systems Co spiked 8.8 percent while National Real Estate Co climbed 7.5 percent to stand next. IFA Hotels and Resorts slid 6.7 percent, the steepest decliner of the day, while Global Investment House topped the volume with 24.88 million shares.

The market spread was biased towards the gainers. 33 stocks advanced while 28 closed lower. Of the 106 counters active on Monday, 44 closed flat. 2624 deals worth KD 23.67 million were transacted — up 16.4 percent in value from the previous session. In the banking sector, Ahli United Bank dropped 10 fils to KD 0.830 whereas Kuwait International Bank added 5 fils . Burgan Bank stagnated at KD 0.480 and Kuwait Finance House was down 10 fils at KD 0.880. The stock has eased 20 fils during the month and has slid 140 fils so far during the year.

Al Ahli Bank was flat at KD 0.670. The lender has logged a net profits of KD 39.9 million for the 9 months ended on Sept 30, 2011 and the earnings per share clocked 28 fils . Operating profits before provisions was up 6 percent at KD 58.8 million as against KD 55.3 million in the same period last year. Boubyan Bank gained 10 fils to close at KD 0.610. Investment major KIPCO rose 10 fils on back of 2.84 million shares while National Investment Co was unchanged at KD 0.200. International Financial Advisors inched 1 fils lower after trading 2 million shares and Kuwait Financial Centre (Markaz) stagnated at KD 0.128.

Higher
Bayan Investment Co edged 1.5 fils higher while Global Investment House ticked 1 fils lower to 48 fils after trading 2.48 million shares. Al Safat Investment Co was steady at 85 fils and Tamdeen Investment Co followed suit. Noor Financial Investment Co was not traded during the session.
The company has announced signing an agreement to reschedule credit debts amounted to KD 11 mln with the Commercial Bank of Kuwait. The loan will be paid over 6 years ending in 2017.
National Industries Group eased 5 fils to KD 0.265 while Kuwait Pipes and Gulf Cables stagnated at KD 0.156 and KD 1.500 respectively. Boubyan Petrochemicals Co added 10 fils whereas Qurain Petrochemical Industries Co was unchanged at KD 0.224. The company has posted a net profit of KD 20,453,242 and earnings per share of 18.67 fils in the first nine months of the year.

The bourse has been positive so far during the week and has gained 17.5 points from last week’s close. The benchmark has climbed 86.5 points during the whole month but 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.
Aref Investment Group ( AIG) announced that Developmental Projects Holding Company, fully owned by Kuwait Finance House, has made an offer to acquire AIG’s 72 percent share in Aref Energy Company for a total value of KD 73,090,697.

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.