KUWAIT CITY, Dec 6: Kuwait stocks posted solid gains Tuesday. The index climbed 31.8 points in volatile trade led by select heavyweights and speculative interest in some selling the mid-caps. The trading floor sentiment was cautiously positive as investors digested the news of the dissolution of the parliament.
The bourse wound up at 5,870 points off early lows while weighted index nudged 2.4 points higher to 413.29. The volume turnover tapered 12.3 percent to 191.47 million after hitting a eight week high in the previous session. The bourse had shed 1.82 percent during November snapping the gains in the previous two months. Sector bellwether National Bank of Kuwait rose 20 fils after stagnating on Monday. It closed a KD 1.160 and saw a volume turnover of 1.12 million. Gulf Bank added 10 fils to settle at KD 0.520 and Al Ahli Bank followed suit to wind up at KD 0.810.

Agility rose 5 fils on back of 1.08 million shares after ending flat in the day before while Wataniya Telecom gained 20 fils. The stock had shed 80 fils in November and is trading unchanged from the start of the year. Zain held the ground steady at KD 0.910 after trading in red earlier in the day. Among other notable gainers, Kuwait Financial Centre (Markaz) climbed 10 fils on back of 1.32 million shares while National Investment Co ticked 2 fils higher to settle at KD 0.200. Al Mal inched 1 fils higher to 57 fils while Bayan Investment and Gulf Investment House added 1.5 fils each. National Industries Group gained 5 fils with a volume turnover of 1.29 million shares to close at KD 0.275 and Kuwait Pipes rose 6 fils. IFA Hotels and Resorts was up 5 fils at KD 0.470 and Kout Food Group climbed 25 fils. United Gulf Bank closed 10 fils higher.

Slipped
The market opened weak and slipped into a shallow trough in early trade as investors exited select counters. The index clawed back and rose above the opening mark almost half way into the session as sentiments turned positive and closed at the highest mark of 5870 points. Top gainer of the day, Al Rai Media Group rallied 9.3 percent to KD 0.116 while Al Deera climbed 8.7 percent to stand next. INOVEST shed 5.9 percent, the biggest loser of the day, and IFA topped the volume with 25.36 million shares.
Mirroring the day’s gain, the market spread was biased towards the winners. 50 stocks advanced while 13 closed lower. Of the 95 counters active on Tuesday, 31 closed flat. 2411 deals worth KD 20.12 million were transacted — a 15.9 percent rise in value over day before.

In the banking sector, Burgan Bank rose 5 fils on back of 1.94 million shares whereas Commercial Bank was not traded during the session. Al Ahli Bank held the ground unchanged at KD 0.660 after trading 1.87 million shares and Boubyan Bank eased 10 fils to KD 0.590 erasing the gains on Monday. Kuwait Finance House held the ground unchanged at KD 0.910 whereas Kuwait International Bank stagnated at KD 0.265. KIB’s operating revenue rose 11 percent to KD 26.7 million in the third quarter , from KD 24.0 million in the year earlier. Net earnings came in at KD 8.2 million and KD 4.7 million was allocated for provisions. Sokouk Holding Co ticked 1 fils higher whereas Al Madina For Finance and Investment Co closed flat. Investment major KIPCO too did not move in either direction after trading 11.17 million shares. The company’s third-quarter profit declined 73 percent from year before to KD 7.1 million while consolidated assets fell 3 per cent to KD 5.49 billion.

Traded
Global Investment House has not traded since start of the month. The Kuwait bourse authorities on Tuesday halted trading in Global saying its accumulated losses to the end of September had exceeded 75 percent of its capital, contravening market rules. National Real Estate Co climbed 10 fils with a volume of 3.22 million shares whereas Salhiya Real Estate was steady at KD 0.200. Al Enma Real Estate slipped 2 fils and Mabanee Co shed 10 fils. Kuwait Cement Co was down 10 fils at KD 0.510 while RISCO fell 2 fils to KD 0.196. Gulf Cables was flat at KD 1.460. The company has posted 44 percent climb jump in net earnings to KD 34.5 million during first nine months of 2011 with earnings per share of 164 fils per share.
Aref Energy Holding added 2 fil and Kuwait Company For Process Plant Construction and Contracting gained 20 fils.

ALAFCO was down 5 fils whereas Jazeera rallied 20 fils on back of 2.88 million shares. 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. The bourse had been positive so far during the week and has gained 34.8 points from close of last week. It has climbed 58.4 points so far during 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, Global Investment House Co has posted a net loss of KD 54,224,000 and loss per share of 44 fils in the nine-months period ending September 2011 as against net loss of KD 46,241,000 and loss per share of 38 fils in the same period last year.

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.