KUWAIT CITY, Dec 20: Kuwait stocks rebounded Tuesday, partly recouping the fall in the previous session. The index rose 10 points in volatile trade, driven by select blue chips even as profit taking weighed on some of the middle level scrips. The trading floor sentiments was skittish as investors eye the political developments in the run up to the February elections. The benchmark wound up at 5,822.80 points after hovering below the red for most part of the day, while weighted index rose 1.31 points to 406.73. The volume turnover was almost stagnant after receding in the last three sessions. 115.22 million shares changed hands — up 0.1 percent from Monday. The market had retreated 1.86 percent during November stemming the two-month advance.

National Bank of Kuwait rose 20 fils on back of 1.94 million shares recouping the drop in the previous session. It closed at KD 1.140. Kuwait Finance House was up 10 fils at KD 0.890. The stock has shed 10 fils from start of the month and has retreated 270 fils year-to-date. Agility added 5 fils to settle at KD 0.385 whereas Zain held the ground unchanged at KD 0.880 off early lows and the counter saw a volume of 1.35 million shares. Wataniya Telecom climbed 20 fils rebounding from the identical fall in the day before and ended at KD 1.960. Among other gainers, IFA Hotels and Resorts rose 10 fils and Kuwait Company For Process Plant Construction and Contracting climbed 15 fils. Automated Systems Co and Kuwait Gulf Links rose 2 fils each and Aref Energy Holding Co was up 4 fils at KD 0.106.

Shed
On the downside, Combined Group Contracting Co shed 20 fils to KD 1.560. United Projects Group eased 10 fils and United Gulf Bank followed suit to settle at KD 0.192.
The market opened weak and drifted lower in early trade. The index moved sideways and hit the day’s lowest of 5801.6 points almost half way into the session. It clawed back in the last hour and managed to close well above the red.
Top gainer of the day, Kuwait Business Town Real Estate Co soared 11.9 percent to 23.5 fils and Warba Insurance Co climbed 8.06 percent to stand next. Safat Real Estate Co dived 13.33 percent, the biggest decliner of the day, while Abyaar Real Estate topped the volume with 21.5 million shares.
The market spread was skewed towards the gainers. 40 stocks advanced while 26 closed lower. Of the 104 counters active on Tuesday, 37 closed flat. 1797 deals worth KD 13.25 million were transacted - down 10.1 percent in value from the previous session.

In the banking sector, Commercial Bank of Kuwait shed 20 fils to settle at KD 0.790 whereas Gulf Bank stagnated at KD 0.510. The stock has eased 20 fils from the start of the month and is down 60 fils year-to-date. Al Ahli Bank was not traded during the session.
Ahli United Bank closed flat at KD 0.810 while Burgan Bank and Kuwait International Bank slipped 5 fils each. KIB’s net earnings stood at KD 8.2 million in the third quarter and KD 4.7 million was allocated in provisions. Boubyan Bank stagnated at KD 0.590.
National Investment Co was unchanged at KD 0.192 and KIPCO too did not budge from it previous close of KD 0.305. The profit company’s net profit stood at KD 7.1 million in the three-month period while consolidated assets fell 3 per cent to KD 5.49 billion.
Kuwait Financial Centre (Markaz) fell 2 fils to KD 0.118 whereas Bayan Investment and Al Mal both closed flat. Al Madina For Finance and Investment Co inched 0.5 fils lower.

Slipped
National Real Estate Co slipped 2 fils whereas Mabanee Co closed flat at KD 0.870. Mazaya Holding ticked 1 fils up whle Tamdeen Real Estate Co was not traded during the session. The company has posted a 5.4% rise in net earnings to KD 3.9 million during the first nine months of 2011.
National Industries Group was flat at KD 0.255 whereas Kuwait Pipes rose 10 fils on back of 3.06 million shares. Kuwait Cement too was up 10 fils whereas Gulf Cables stagnated at KD 1.460.
Kuwait Portland Cement eased 10 fils whereas ACICO took in 2 fils. United Industries Co was steady at 99 fils and Boubyan Petrochemical gained 10 fils. Sultan Center was up 2 fils at KD 0.120 . The company posted net losses of KD 5.6 million or 10 fils per share, in the first nine months of 2011.
ALAFCO rose 10 fils and Jazeera Airways climbed 15 fils on back of 1.07 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 the earnings stood at KD 9.2 million.

The bourse has been range bound so far during the week and has eased a marginal 0.5 points from end of last week. It is up 10.5 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, Al Safat Real Estate Co has posted a net loss of KD 1,435,068 and l oss per share of 5.98 fils in the first nine-months of the year as compared to a net loss of KD 745,249 and loss per share of 3.11 fils in the same period last year.
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 logged 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 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.