KUWAIT CITY, Nov 14: Kuwait stocks trod water Monday after pulling lower in the previous session. The index edged 1.9 points up helped by select bank scrip even as blue chips closed mixed The trading floor sentiments were skittish as investors remain wary of the market direction. The bourse closed at 5870.40 points paring steeper losses earlier in the day, while weighted index inched 0.14 points up to settle at 415.04. The volume turnover tapered to hit the lowest level so far during the month. 72.242 million shares changed hands - down 21.3 percent from day earlier. Among major movers, National Bank of Kuwait rallied 40 fils on back of 4.25 million shares to end at KD 1.180. Kuwait Finance House however fell 10 fils adding to the decline in the previous session and closed at KD 0.890. Ahli United Bank gained 10 fils to close at KD 0.830.

Bourse heavyweight Zain fell 10 fils to KD 0.920 while Agility held the ground unchanged at KD 0.395 after trading lower earlier in the session. The stock had rallied 80 fils during whole of October and is up 5 fils so far during the month. Wataniya Telecom slid 40 fils to KD 1.960 with thin trading. Among other notable decliners, National Industries Group fell 5 fils to KD 0.270 after trading 4.97 million shares and Gulf Cables shed 20 fils to wind up at KD 1.500. Kuwait Packing Materials Manufacturing Co slid 25 fils and Kuwait Food Co (Americana) was down 20 fils at KD 1.500. On the upside, Gulf Glass Manufacturing Co spiked 100 fils, the maximum permitted single day gain and Combined Group Contracting Co climbed 40 fils to end at KD 1.400. Contracting and Marine Services Co rose 10 fils to KD 0.218.

Slipped
The market opened weak and slipped into red in early trade. The index continued to erode as investors exited select positions and bottomed at 5850.9 points almost half way into the session. It clawed back thereafter amid bargain buying and peaked at 5871.5 points. The bourse moved sideways in the final hour and managed to close in the positive region. Top gainer of the day, Gulf Glass Manufacturing Co soared 8.9 percent while Kuwait National Cinema was up 8 percent at KD 1.080 to stand next. Gulf Investment House slid 10.204 percent, the steepest decliner of the day, while Al Salam topped the volume with 6.76 million shares.

Despite the day’s slight gains, the market spread was skewed towards the losers. 18 stocks advanced while 55 closed lower. Of the 97 counters active on Monday, 23 closed flat. 1497 deals worth KD 14.35 million were transacted - up 6.2 percent in value over previous session. In the banking sector, Gulf Bank closed flat at KD 0.530 while Commercial Bank and Al Ahli Bank both were not traded during the session. ABK has logged a net profit of KD 39.9 million for the nine months ended on Sept 30, 2011 and the earnings per share clocked 28 fils.
Kuwait International Bank fell 5 fils to KD 0.265 after trading 1 million shares while Burgan Bank was unchanged at KD 0.475. Boubyan Bank rose 10 fils to settle at KD 0.610. The lender posted a profit of KD 6.9 million in the first nine-months of 2011 - a 53 percent jump from previous year. In the third quarter, it recorded a net profit of KD 2.5 million.
Investment major KIPCO was unchanged at KD 0.315 while National Investment Co ticked 2 fils lower. Al Maal Investment inched 1 fils up on back of 2.32 million shares and Bayan Investment eased 2.5 fils. Global Investment House fell 1 fils after trading 2.88 million shares whereas Al Safat Investment Co crept 1 fils higher.

Flat
Kuwait Pipes fell 2 fils whereas Heavy Engineering Industries and Shipbuilding Co closed flat. Refrigeration Ind. &Storage Co was not traded during the session. The company has logged a net loss ofa KD 1.901.668 and loss per share of 21.5 fils in the first nine months of the 2011. This compares with net profit of KD 397.680 and earnings per share of 4.5 fils in the same period last year.
Jazeera Airways was not traded during the session.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. The bourse had been bearish and is down 40 points from start of the 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.