Seen in the photo investors at Kuwait Stock Exchange. The index slipped 15.1 pts on Wednesday.
Kuwait bourse retreats 15.1 pts in volatile trade Automated Systems co climbs 25 fils; Zain gains

KUWAIT CITY, Nov 28: Kuwait stocks pulled lower Wednesday, snapping the two-day gains as investors sentiments turned shaky ahead of the elections. The index slipped 15.1 points in volatile trade to settle at 5935.89 pts as profit taking weighed on select counters. The KSX 15 benchmark eased 1.57 points to 1036.31 pts after hitting a record high on Tuesday while weighted index edged 0.34 points lower. The volume turnover meanwhile rose for the third straight session to hit the month’s highest level. 522.59 million shares changed hands — a 15.09 percent rise in value from the day before. The sectors closed mostly in red. Technology dived 3.67 percent, the biggest decliner of the day, while insurance outperformed the peers with 1.25 percent gain. Volume wise, real estate topped with 40.64 percent market share and financial services stood next with 30.46 percent.

Automated Systems Co dropped 25 fils to KD 0.430 Burgan Well Drilling Co shed 8 fils extending the losses from Tuesday. KGL Logistics slipped 10 fils to KD 0.270 and Gulf Glass Manufacturing Co followed suit. ACICO Industries Co edged 2 fils lower.
National Industries Group eased 2 fils with a volume of 4.07 million shares and Kuwait Gulf Links inched 1 fils lower to settle at 88 fils. The stock is down 1 fils from start of the month while year-to-date, it has erased 14 fils. Gulf Glass Manufacturing Co shed 10 fils extending an identical loss in the previous session.
Zain bucked the trend to gain 10 fils on back of 3.14 million shares and Agility held the ground unchanged at KD 0.520 off early lows. Wataniya Telecom rose 20 fils, paring some of the losses in the day before.
The market opened weak and pulled lower in early trade. The benchmark continued to sag in volatile trade and hit the day’s lowest level of 5915.49 pts ahead of the mid-session. It moved sideways thereafter as investors toed caution and closed with moderate losses.

Top gainer of the day, National Ranges Co (Mayadeen) spiked 15.1 percent to  20.5 fils and Kuwait Bahrain International Exchange Co climbed 10 fils to stand next. Taiba slid 8.2 percent, the steepest decliner of the day, whereas Abyaar topped the volume with 101.74 million shares.  Reflecting the day’s drop, the losers outnumbered the winners. 50 stocks advanced whereas 64 closed lower. Of the 145 counters active on Wednesday, 31 closed flat. 6788 deals worth KD 38.09 million were transacted — down 29.46 percent in value from the day before.
“As the elections approach, anticipation as well as tensions have grown on the Kuwaiti streets, with many people still leading the charge on the appeal to boycotting (the vote) on one hand,” Reuters quoted Nouf Aloqab, a trader at Global Investment House.
“While an equally great number still insist on the importance of voting, referring to the upcoming elections as a celebration of democracy,” he added.

On the positive side, IFA Hotels and Resorts Co gained 25 fils and ALAFCO was up 5 fils at KD 0.330. Boubyan Petrochemical Co rose 10 fils to KD 0.570 and Kuwait Foundry Co added 5 fils with thin trading. Kuwait Pipes took in 2 fils. The company has logged net loss of KD 3.21 million and loss per share of 14.25 fils in the January-September period.
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.980 wiping off the gains on Wednesday while Gulf Bank was up 5 fils at KD 0.440. The lender has posted a 5.6 percent increase in third-quarter net profit to KD 9.62 million compared with KD 9.11 million in the same period last year.
Al Ahli Bank was flat at KD 0.620 whereas Commercial Bank of Kuwait was not traded during the day. CBK has won the approval of central bank to extend permission to buy back or sell up to 10 percent of own issued shares over a period of six months ending May 21, 2013.

Ahli United Bank retreated 10 fils to KD 0.840 whereas Kuwait International Bank edged 5 fils higher to KD 0.295 after trading 1.35 million shares. Burgan Bank was unchanged at KD 0.540.
Kuwait Finance House shed 10 fils to end at KD 0.820 and the counter saw 2.63 million shares change hands. The stock has rallied 70 fils so far during the month and is trading 180 fils lower YTD. Boubyan Bank too was down 10 fils at KD 0.640.
Kuwait Investment Co fell 4 fils to KD 0.102 and Commercial Facilities Co took in 5 fils. National Investment Co eased 2 fils KD 0.136 with a volume of 2.67 million shares whereas KIPCO closed flat at KD 0.400. The company has obtained the Capital Market Authority approval to buy-back or sell up to 10 percent of own shares over 6 months.  Securities House Co dropped 2.5 fils to 45 fils while Securities Group Co was up 8 fils at KD 0.136. International Finance Co stagnated at 73 fils after trading 11.75 million shares and Kuwait Financial Centre Co ( Markaz) nudged 2 fils higher.

KMEFIC eased 2 fils to 42 fils and First Investment Co followed suit. Al Mal Investment Co inched 0.5 fils higher. The company has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period.  National Real Estate Co fell 2 fils to KD 0.132 reversing the gains on Tuesday. Salhiya Real Estate Co rose 20 fils to KD 0.355 and Mabanee Co followed suit. The company has earned KD 21,364,685 and earnings per share of 34.43 fils in the first nine months of 2012.
The bourse has been mixed so far during the week and has gained 68.38 pts in last four sessions. The index has rallied 168.93 points from start of the month and is up 2.49 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Global Investment House has chalked a net loss of KD 35.46 million and loss per share of 72 fils in the first nine months of 2012 as against loss of KD 54.22 million and LPS of 110 fils in the same period last year.  International Finance has logged a net profit of KD 174,952 and earnings per share of 0.22 fils in the first nine months of 2012 after chalking a net loss of KD 9.32 million and LPS of 13.71 fils in the same period last year.  Kuwait Stock Exchange has suspended shares of the following of companies for failing to submit the financial results in the stipulated time : Al-Safat Investment Co, Kwt. Commercial Markets Complex Co Industrial and Financial Inv. Co, Alimtiaz Investment Group Co, Jeeran Holding Co Meanwhile Global Investment House Co, Al-Ahleia Holding Company and Al-Safwa Group Co are barred for posting losses exceeding 75 percent of capital.


By: John Mathews

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