KUWAIT CITY, Feb 6: Kuwait stocks retreated on Wednesday, snapping the five-day rally which lifted the main index to a nine-month high in the previous session.  The benchmark dropped 46.43 points in volatile trade to 6291.62 points amid profit taking in select counters.  The KSX 15 gauge rose 0.28 pts to 1038.81 points while the weighted index eased 1.27 pts. The volume turnover meanwhile swelled past the 700 million mark to touch a fresh multi-month high. 745.42 million shares changed hands — a 9.17 percent rise from the day before. KSE had rallied 310 points during whole of January.

The sectors closed mostly in the red. Oil and gas outpaced the rest with 1.90 percent upswing whereas real estate shed 1.83, the worst performer of the day. In terms of volume, real estate dominated with 50.05 percent market share while financial services and industrials followed with 21.79 percent and 18.72 percent respectively.
Combined Group Contracting Co slumped 40 fils to KD 1.360 and Kuwait Food Co (Americana) followed suit to wind up at KD 1.800. Contracting and Marine Services Co was down 10 fils at KD 0.172 and Hilal Cement Co was down by same measure. Kuwait Remal Real Estate Co dropped 20 fils.
National Industries Group fell 2 fils to KD 0.222 after trading 3.4 million shares and Kuwait Pipes followed suit. NIG had gained 12 fils during whole of January but has shed 4 fils from start of the month. Kuwait Cement Co slipped 5 fils to KD 0.430.
Bourse heavyweight Zain  was flat at KD 0.810 off early lows and saw a volume turnover of 1.76 million shares. Wataniya Telecom shed 20 fils and Agility too retreated by same measure to close at KD 0.550 with a volume of 1.24 million shares.

Slipped
The market opened weak and slipped into red in early trade. The index clawed back in volatile trading to hit the day’s highest level of 6353.61 pts almost halfway into the session. It moved sideways for almost an hour before falling sharply again and closed with deep losses.  Top gainer of the day, PAPCO darted 8.62 percent to KD 0.126 and Kuwait United Poultry Co rose 8.33 percent to stand close behind. Kuwait Business Town slid 7.8 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 159.79 million shares.
Mirroring the day’s decline, the losers vastly outnumbered the winners. 34 stocks advanced whereas 90 closed lower. Of the 156 counters active on Wednesday, 32 closed flat. 9753 deals worth KD 46.31 million were transacted — up 3.44 percent in value from the day before.  “The market and investors have become more immune by unexpected political standoffs,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “The market needs to fall some more so that new positions can come in and inventory builds.”

On the plus side, NAPESCO rose 15 fils to KD 0.410 and Automated Systems Co was up by same measure. Gulf Glass Manufacturing Co  soared 40 fils to KD 0.900 extending the rally from last two sessions. The company has posted a net profit of KD 2.60 million and earnings per share of 64.69 fils in the full year 2012. The Board of Directors recommended a cash dividend 45 percent or 45 fils per share plus 5 pct bonus shares.
Independent Petroleum Group Co climbed 15 fils to KD 0.400 and Burgan Well Drilling Co ticked 2 fils higher to KD 0.190. National Industries Co added 5 fils to KD 0.335 and ACICO Industries Co was up 4 fils. The company’s earnings in January-September period spiked 51.3% to KD 2.33 million from KD 1.54 million in the prior-year period.
National Bank of Kuwait climbed 10 fils to KD 0.990 and Gulf Bank pulled 5 fils higher on back of 3.97 million shares. Commercial Bank of Kuwait was not traded during the session. Moody’s Investors Service has downgraded the global local and foreign-currency deposit ratings of CBK to ‘A3/Prime-2’ from ‘A2/Prime-1’.

Flat
Burgan Bank was flat at KD 0.560 with a volume of 2.57 million shares and Kuwait Finance House too did not budge from its previous close of KD 0.830. The stock has added 10 fils from start of the month while year-to-date, it has risen 20 fils. Boubyan Bank gained 10 fils on back of 1.5 million shares.
 Al Ahli Bank of Kuwait eased 10 fils to Ahli United Bank followed suit. The bank has recorded a net profit of KD 38.53 million and earnings per share 36.2 fils in the year ending 31/12/2012. The Board of Directors has recommended a dividend payout of cash 18 percent and 10 percent bonus shares. Kuwait International Bank was down 5 fils at KD 0.300.
Kuwait Investment Co fell 2 fils at KD 0.102 while Commercial Facilities Co flunked 5 fils. International Financial Advisors was down 4 fils after trading 6.94 million shares. The company has announced selling 4,450,000 of Kuwait Clearing Co shares to International Finance Co for KD 3,471,000 generating a profit of KD 267,049 profit , which will be reflected in fourth quarter results.
National Investment Co fell 4 fils whereas KIPCO held the ground unchanged at KD 0.405. Securities House Co inched 1 fils lower while International Finance Co erased 3 fils. KAMCO took in 2 fils whereas Sokouk Holding shed 4 fils with a volume of 23.48 million.  National Real Estate Co wiped off 6 fils to settle at KD 0.124 and Salhiya Real Estate Co was unchanged at KD 0.345 off early lows. Capital Market Authority approved the company’s request to buy back or sell a maximum of 10% of its shares within 6 months from the date of approval.

The bourse has been largely upbeat so far during the week and has climbed 46.51 pts in last four sessions. The index and is trading 6.33 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Securities Group Co. has chalked a net loss of KD 5.87 million and loss per share of 23.05 fils in the nine-month period ending Dec 31, 2012. This compares with KD 7.79 million loss and loss per share of 30.56 fils in the same period last year.
City Group has logged a net profit of KD 3.57 million and earnings per share of 31.67 fils in the full year 2012 rebounding from a net loss of KD 5.49 million and loss per share of 48.63 fils in the year before.
The Board of Directors has recommended a cash dividend of 35 percent.
Kuwait Building Materials Mfg. Co registered a net profit KD 411,453 and earnings per share of 14.2 fils in the full year ending 31/12/2012 as against KD 183,142 earnings and 6.3 fils EPS in the year before. The Board of Directors has recommended dividend payout of cash 5 percent or 5 fils plus 5 percent bonus shares.