KUWAIT CITY, Dec 12: Kuwait stocks pulled lower Monday, extending the decline to third day in a row. The index slipped 17 points in slightly volatile trade weighed by selling in some of the mid and low priced scrips even as the heavyweight remained largely subdued.
The trading floor sentiment was guarded as investors await the announcement of date for the parliament election.
The bourse ended at 5836.30 points paring steeper loss earlier in the day, while weighted index inched 0.3 points higher to 410.21. The volume turnover soared to the month’s high of 264.15 million — a 62 percent surge from the day before. KSE had retreated 1.82 percent during November snapping the gains in the previous two months.
Among the prime movers, Commercial Bank of Kuwait rose 20 fils to KD 0.790 recouping the fall in Sunday while Kuwait Finance House climbed 10 fils to KD 0.900. The counter saw 0.57 million shares change hands during the session.
National Industries Group fell 5 fils to KD 0.255 after trading 1.29 million shares and RISCO was down 4 fils at KD 0.190. Kuwait Portland Cement shed 20 fils to settle at KD 0.900 whereas United Industries Co added 2 fils to end at KD 0.102.
Agility held the ground unchanged at KD 0.395 off early lows and Zain too did not budge from its earlier close of KD 0.900. The stock has retreated 10 fils from start of the month and has plunged 610 fils year-to-date. Wataniya Telecom was unchanged at KD 1.940 after trading in red earlier in the day.
Kuwait Co For Process Plant Construction and Contracting dropped 25 fils to KD 0.300 and Combined Group Contracting Co was down 20 fils with thin trading. Kuwait Gulf Links edged 2 fils higher on back of 2.36 million shares.

Flat
The market opened flat and moved sideways in early trade before heading lower. The index continued to sag amid weak sentiments. It saw a feeble rebound past the mid-session but slipped again to hit the day’s lowest of 5830.6 points. However it trimmed the losses slightly in the final minutes and closed well below the red.
Top gainer of the day, Gulf Franchising Holding Co spiked 12,5 points while Sanam Real Estate Co climbed 8.19 percent to stand next. Ajwan Gulf Real Estate slid 10.78 percent, the steepest decliner of the day, and Abyaar Real Estate Co topped the volume with 49.84 million shares.
Mirroring the day’s fall, the market spread was biased towards the losers. 26 stocks advanced while 38 closed lower. Of the 99 counters active on Monday, 34 closed flat. 2487 deals worth KD 34.48 million were transacted — a 34.48 percent rise in value from the day before.

In the banking sector, National Bank of Kuwait was flat at KD 1.140 paring early gains and Gulf Bank too did not move in either direction. It closed at KD 0.510 and saw volume turnover of 24.2 million shares. Al Ahli Bank and Ahli United Bank both were not traded during the session.
Burgan Bank added 5 fils to wind up at KD 0.470 and Kuwait International Bank held the ground unchanged at KD 0.260. KIB’s operating revenue rose 11% to KD 26.7 million in the third quarter . Net earnings stood at KD 8.2 million and KD 4.7 million was allocated in provisions. Boubyan Bank continued to stagnate at KD 0.600.
Kuwait Investment Co rose 2 fils to KD 0.108 and International Financial Advisers ticked 0.5 fils higher on back of 23.2 million shares. Kuwait Financial Centre fell 2 fils to KD 0.122 and Al Mal inched 1 fils lower to 55 fils.
KIPCO was unchanged at KD 0.310 after trading 17.98 million shares . The company has chalked a 73 percent decline in third-quarter profit. The profit stood at KD 7.1 million in the three-month period while consolidated assets fell 3 per cent to KD 5.49 billion.

Slipped
National Real Estate Co slipped 4 fils to KD 0.148 with a volume turnover of 12.2 million shares whereas Salhiya Real Estate closed flat at KD 0.204. Tamdeen Real Estate Co rose 4 fils to KD 0.230. The company has posted a 5.4% rise in net earnings to KD 3.9 million during the first nine months of 2011 while In the third-quarter profit surged a whopping 3640 percent.
ALAFCO climbed 10 fils on back of 6.2 million shares whereas Jazeera Airways shed 15 fils to settle at KD 0.440. 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.
Sultan Center Food Products Company slipped 4 fils to KD 0.122 after trading 1.62 million shares. The company posted net losses of KD 5.6 million or 10 fils per share, in the first nine months of 2011.
The bourse has been trending lower so far during the week and has shed 30.7 points from close of last week. It has gained 24.7 points 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, Al Aman Investment Co has posted a net loss of KD 1,581,185 and loss per share 3.3 fils in the nine-month period ending Sep 30. This compares with net profit of KD 738,187 and earnings per share of 1.5 fils in the same period last year.
Kuwait bourse authorities have halted trading in Global Investment House saying its accumulated losses to the end of September had exceeded 75 percent of its capital, contravening market rules.
Global 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.