KUWAIT CITY, Nov 22: Kuwait stocks staged modest rebound Tuesday, stemming the four-day decline. The index rose 12.3 points in volatile trade led by select heavyweights and mid-caps. The investor sentiments remained wobbly amid the political unrest following the protest last week. After nudging 1.48 percent higher in October, KSE has been drifting lower in anemic trade since start of the month.
The bourse wound up at 5,796.70 points off early lows, while the weighted index rose 1.91 points to 407.34. The volume turnover soared 86.3 percent to 191.143 million adding to the surge in the previous session. It had plunged to a multi-month low of 38.66 million on Sunday as investors turned wary of the market direction.

Among prime movers, sector bellwether National Bank of Kuwait climbed 20 fils on back of 1.21 million shares after stagnating in the previous session. Kuwait International Bank added 7 fils to settle at KD 0.255 and the counter saw 9.39 million shares change hands. Wataniya Telecom gained 20 fils to close at KD 1.940 whereas Zain held the ground unchanged at KD 0.910 off early lows. Agiity rose 15 fils to KD 0.375 with a volume turnover of 1.09 million shares. The logistics major has posted a net profit of KD 23,584,000 and earnings per share of 23.47 fils in the first nine months of the year. Among other advancers, IFA Hotels and Resorts Co climbed 20 fils to wind up at KD 0.305 and Kuwait Gulf Links rose 4 fils to settle at KD 0.104. The stock has eased 6 fils from start of the month and is trading 52 fils lower year-to-date. Aref Energy Holding Co was up 3 fils at KD 0.100.

Gained
National Investment Co gained 6 fils on back of 1.3 million shares. NIC earlier in the month logged a net profit of KD 1.256.237 and earnings per share of 1 fils in the nine-month period ending Sep 30, 2011. Tamdeen Investment Co rose 8 fils recouping the fall in the previous session.
The market opened weak and slipped into a shallow trough in early trade as investors continued to exit some of the positions amid weak sentiments. The index plunged to the day’s lowest level of 5762 points almost half way into the session. It clawed back thereafter and managed to end in the positive territory at close.
Top gainer of the day, Al Safwa soared 17.85 percent to 16.5 fils while Ekttitab climbed 10.52 percent to stand next. Qurain Holding Co dived 11.9 percent, the biggest decliner of the day, while Al Ahleia Holding topped the volume with 48.24 million shares.
The market spread was biased towards the gainers. 41 stocks advanced while 16 closed lower. Of the 86 counters active on Tuesday, 28 closed flat. 2927 deals worth KD 23.42 million were transacted - a 23.6 percent rise in value from the previous session.

In the banking sector Gulf Bank fell 10 fils to KD 0.500 after trading 2.7 million shares whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Burgan Bank closed flat at KD 0.455. The lender has posted KD 16.1 million in net profits for the third quarter - a four-fold rise from same period last year.
Kuwait Finance House held the ground unchanged at KD 0.890 with a volume of 1.93 million shares and Ahli United Bank followed suit. Boubyan Bank was unchanged at KD 0.600. The lender posted a net profit of KD 6.9 million in the first nine-months of 2011 - a 53 percent jump from previous year.
Kuwait Financial Centre (Markaz) was flat at KD 0.118 and KAMCO too did not budge from its earlier close of KD 0.246. KIPCO eased 10 fils after trading 5.89 million shares. The investment conglomerate has posted a profit of KD 7.1 million in the third quarter - a 73-per cent decline from the same period last year.
National Real Estate Co stagnated at KD 0.128 while Salhiya Real Estate Co and Tamdeen Real Estate Co both closed 2 fils higher. Mabanee Co gained 10 fils to wind up at KD 0.880.

Rose
National Industries Group rose 19 fils to KD 0.265 on back of 8.4 million shares while Kuwait Pipes climbed 10 fils. Gulf Cables gained 20 fils to close at KD 1.48. The company has posted a net profit of KD 34,472,107 and earnings per share 164 fils in the first nine-months of 2011. Jazeera Airways dropped 10 fils. 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 trending lower so far during the week and has slid 61.1 points from close of last week. The index has shed 122.9 points from start of the month and is trading 17 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.