KUWAIT CITY, Nov 2: Kuwait stocks trod water Wednesday after edging slightly lower in the previous session.
The index inched 0.7 points higher in almost flat trade led by select bank stocks even as some of the mid-caps sagged on selling pressure. The heavyweights closed mixed even as investors toed caution ahead of Eid al Adha holidays.
The bourse closed at 5916.80 points after swaying in tight range while weighted index rose 1.29 points to 417.08. The volume turnover receded sharply below the 100 million mark after seesawing narrowly so far during the week. 94.092 million shares changed hands — down 45.1 percent from Tuesday. National Bank of Kuwait climbed 20 fils on back of 1.17 million shares after stagnating in the previous session and wound up at KD 1.160. Commercial Bank of Kuwait gained 30 fils to end at KD 0.770 while Kuwait Finance House added 10 fils. It closed at KD 0.890 and the counter saw 1.21 million shares change hands.

Bourse heavyweight Zain eased 10 fils to settle at KD 0.930 erasing the gains on Tuesday whereas Agility added 10 fils on back of 4.1 million shares. The stock had soared 25.81 percent during October and is trading 105 fils lower year-to-date. Wataniya Telecom held the ground unchanged at KD 1.980. The telco’s Q3 net profit surged to KD 324.0 million from KD 53.7 million in the same period last year. EBITDA rose 50.8 percent to KD 234.8 million. Kuwait Gulf Links eased 4 fils to KD 0.110.
Among other notable movers, Combined Group Contracting Co rose 20 fils to KD 1.360 and Jazeera Airways gained 10 fils on back of 1.1 million shares. The stock soared 120 fils during October and has rallied 276 fils so far during the year. Independent Petroleum Group shed 20 fils to close at KD 0.350.

Lower
The market opened weak and pulled lower in early trade as investors refrained from taking up positions amid dull sentiments. The index drifted sideways and hit the day’s lowest level of 5903.3 points almost half way into the session. It clawed back gradually and peaked at 5918.4 points in the final minutes before closing slightly above the red.
Top gainer of the day, Al Dar National Real Estate Co spiked 8.8 percent to 18.5 fils while Sultan Centre climbed 8.06 percent to stand next. Al Safat Investment Co dropped 5.9 percent, the biggest decliner of the day, while Bayan Investment topped the volume with 15.28 million shares.
The market spread was skewed towards the losers. 25 stocks advanced while 36 closed lower. Of the 95 counters active on Wednesday, 33 closed flat. 2755 deals worth KD 15.016 million were transacted — down 34.09 percent from the day before. National Industries Group slipped 5 fils to KD 0.265 after trading 1.69 million shares. The company is in initial negotiations to sell its stake in Mabanee Real Estate Co. NIG owns a 20 percent stake in Mabanee through one of its subsidiaries. Kuwait Pipes closed flat at KD 0.156.
Gulf Cables was down 20 fils whereas Kuwait Portland Cement dropped 20 fils. United Industries Co was unchanged at KD 0.102 and Qurain Petrochemical Industries Co edged 2 fils lower. In the banking sector Gulf Bank stagnated at KD 0.530 off early highs in the session whereas Al Ahli Bank was not traded during the session. The lender has chalked a net profit of KD 39.9 million for the 9 months ended September 30 while earnings per share came in at 28 fils.

Flat
Ahli United Bank was flat at KD 0.830 and Kuwait International Bank followed suit to wind up at KD 0.270. Burgan Bank was steady at KD 0.475 after trading 1.8 million shares. The bank was posted KD 16.1 million net profits in the third quarter — a four-fold rise from same period last year. Boubyan Bank added 10 fils to close at KD 0.610.
Investment major KIPCO fell 5 fils extending the heavy decline in the previous session and closed at KD 0.320. The conglomerate has posted a 73-percent decline in third-quarter profit after booking a one-time gain in the same period last year. National Investment Co eased 4 fils and International Financial Advisors inched 0.5 fils higher with a volume of 2.4 million shares. Kuwait Financial Centre (Markaz) fell 2 fils whereas Al Mal closed flat. Bayan Investment was up 0.5 fils and Global Investment House flatlined at 49 fils after trading 2.56 million shares.
Al Tamdeen Investment was flat at KD 0.158 while Noor Financial Investment was not traded during the session. The company has signed an agreement to reschedule credit debts amounting to KD 11 mln with the Commercial Bank of Kuwait. The loan will be paid over 6 years ending in 2017.

The bourse has been subdued so far during the week and has gained 14.7 points from last week’s close. The index had climbed 86.5 points during the whole of October 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 earlier in October 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.