KUWAIT CITY, Nov 13: Kuwait stocks saw a broad decline Sunday as it reopened after the week-long holiday. The index dived 41.07 points weighed by banks and other heavyweights even as investors toed caution. The trading floor sentiments were markedly negative on absence of positive indicators.
The bourse wound up at 5,910.20 points while the weighted index dropped 3.41 points to 414.9. The volume turnover slipped below the 100 million mark. 91.84 million shares changed hands - down 20.2 percent from the previous session. Among the prominent decliners, National Bank of Kuwait shed 20 fils after stagnating in the previous session and closed at KD 1.140. Kuwait Finance House eased 10 fils to KD 0.900 and saw a volume turnover of 0.72 million.

Agility was down 10 fils at KD 0.395 after trading 3.56 million shares and Zain followed suit to settle at KD 0.930. Wataniya Telecom held the ground unchanged off early lows at KD 2.000 with thin trading. The stock has added 20 fils so far during the month and has gained 100 fils year-to-date.
On the upside, Combined Group Contracting Co rose 20 fils to KD 1.360 recouping the fall in the previous session and United Foodstuff Industries Group Co followed suit to wind up at KD 0.335. Safwan Trading and Contracting Co rose 10 fils.
NIG, the Kharafi Group flagship company, added 5 fils on back of 13.33 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.

Slipped
The market opened weak and slipped into red in early trade. The index continued to erode amid weak sentiments and hit the day’s lowest level of 5,857.1 points in the final minutes. However it managed to pare the losses slightly at close.
Top gainer of the day, United Food Industries Group climbed 6.3 percent to KD 0.335 while Al Salam Group Holding Co rose 4.7 percent to stand next. Munshaat Real Estate Co slid 10.41 percent, the biggest decliner of the day, while National Industries Group topped the volume.
Reflecting the day’s decline, the losers widely outnumbered the gainers. 15 stocks advanced while 62 closed unchanged. Of the 101 counters active on Sunday, 23 closed flat. 1693 deals worth KD 13.51 million were transacted - down 42.8 percent in value from the previous session.

In the banking sector, Ahli United Bank fell 10 fils while Gulf Bank and Commercial Bank were not traded during the session. CBK has won the approval of the Central Bank to extend request to buy back a maximum of 10% of its issued shares for a period of 6 months. Kuwait International Bank was unchanged at KD 0.270 and Burgan Bank too did not budge from its earlier close of KD 0.475.
Al Ahli Bank was not traded during the session. 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. Boubyan Bank was flat at KD 0.600.
Investment major KIPCO fell 10 fils to KD 0.315 and National Investment Co shed 4 fils to close at KD 0.202. International Financial Advisors inched 0.5 fils lower after trading 10.16 million shares. Kuwait Financial Center (Markaz) eased 2 fils to KD 0.124 and Al Maal Investment Co was down 3 fils at KD 0.059.
Bayan Investment fell 2.5 fils to 34 fils while Global Investment House ticked 0.5 fils lower after trading 5.44 million shares. The stock is up 1.5 fils since start of the month but has shed 2.5 fils year-to-date. Al Safat Investment Co dropped 5 fils.

Shed
Kuwait Pipes fell 2 fils and Contracting and Marine Services Co shed 10 fils to KD 0.208. Kuwait Portland Cement Co slid 30 fils. The company has posted a net profit of KD 510.517 in the first nine-months of the year while the earnings per share clocked 5.6 fils.
Contracting and Marine Services Co fell 10 fils and ACICO Industries Co shed 20 fils to close at KD 0.250. United Industries Co was unchanged at KD 0.102 whereas Boubyan Petrochemicals Co closed 10 fils lower. Jazeera Airways edged 5 fils lower .The company has posted a net profit of KD 6.1 million in third quarter, up 36 percent from last year while in the first nine-months it posted a net profit of KD 9.2 million.
“These results have come in above our expectations and demonstrate an airline business that is moving from stability to full recovery,” EFG-Hermes said in a note. “Jazeera Airways is well-positioned to sustain its profitability now that it has right sized its capacity within its single hub and has gained further market share,” it added. The bourse had been mixed during the previous week. The benchmark however is almost unchanged from start of the month and is trading 16 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.