KUWAIT CITY, Feb 7: Kuwait stocks surrendered early gains to close marginally in red on Thursday. The index inched 2.9 pts lower to 6288.71 points amid brisk trading after pulling sharply lower in the previous session. The trading floor was markedly volatile even as speculative interest boosted some of the mid and low caps. The KSX 15 measure dropped 4.13 pts to 1034.68 points while weighted index eased 1.48 pts. The volume turnover rose further to breach the 800 million mark for the first time in nearly an year. 864.53 million shares changed hands — a 15.98 percent increase from the previous session. The market, after plunging sharply in November amid political unrest, has been upbeat during the month. The sectors closed mixed. Basic materials outshone the peers with 2.11 percent rally whereas oil and gas shed 2.66 percent, the worst performer of the day. In terms of volume, real estate topped with 53.90 percent market share while financial services came in next with 19.10 percent.

 Kuwait National Cinema swung 50 fils lower to KD 0.800 and Gulf Cables dropped 20 fils after stagnating on Wednesday. United Industries Co fell 10 fils to KD 0.112 and Boubyan Petrochemical Co was down by same measure. NAPESCO slid 15 fils to KD 0.395 and Gulf Petroleum Investment Co was down 10 fils.
 Bourse heavyweight Zain slipped 10 fils to KD 0.800 whereas Wataniya Telecom held the ground unchanged at KD 2.380. The stock has clipped off 20 fils from start of the month while year-to-date, it has added 40 fils. Agility was up 10 fils at KD 0.560 after slipping into red in the previous session.
Kuwait Gulf Links edged 2 fils lower to KD 0.100 after trading over 3 million shares while Jazeera Airways flunked 5 fils. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012, up from KD 10.55 million profit and 29.24 fils EPS last year. The Board of Directors has recommended no dividend payout for the fiscal year.

Firm
The market opened firm and edged higher in early trade. The index moved flat briefly before climbing again to peak at 6336.67 pts amid strong buying in select counters. It retreated thereafter as sentiments weakened and slipped below the red to bottom at 6291.62 pts. However, it pared back some of the losses at close.
Top performer of the day, Al Kout Industrial Project Co spiked 9.43 percent to KD 0.580 while MENA Holding climbed 6.1 percent to stand next. Investors Holding Group slid 8.16 percent, the steepest decliner of the day, and the counter also saw the highest volume of 318.03 million shares.
The market spread was slightly skewed towards the losers. 49 stocks advanced whereas 54 closed lower. Of the 150 counters active on Thursday, 47 closed flat. 8802 deals worth KD 39.34 million were transacted - down 15.05 percent in value from the day before.

“The government needs to start spending money locally to drive economic growth,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “The litmus test portfolio managers do is how the market is doing — they need more confidence in that.”
On the upside, Combined Group Contracting Co darted 40 fils to KD 1.400 and Kuwait Food Co (Americana) followed suit to wind up at KD 1.840. The stock had rallied 100 fils during whole of January. United Industries Co took in 2 fils and ACICO Industries Co too was up by same measure. Hilal Cement rose 8 fils.
City Group jumped 25 fils and Automated Systems Co added 5 fils to end at KD 0.475. ALAFCO however pulled 5 fils lower. The company has earned KD 11,14 million and earnings per share 14.30 fils in the quarter ending Dec 31, 2012 as compared to KD 14,903,127 profit and earnings per share of 19.11 fils in the same period last year.
In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.980. The lender has posted a net profit of KD 305.1 million in full year 2012 compared with KD 302.4 million in the year before and the Group’s total assets reached KD 16.4 billion by end of 2012. Gulf Bank dialed up 5 fils extending an identical gain in the day before.

Steady
 Al Ahli Bank of Kuwait rose 10 fils whereas Ahli United Bank held steady at KD 0.830. Burgan Bank slipped 10 fils to KD 0.550. The lender has obtained the approval of Central Bank of Kuwait to extend permission to buyback or sell up to 10 percent of own issued shares over a period of 6 months commencing from Feb 5.
Kuwait International Bank was unchanged at KD 0.300 off early highs whereas Commercial Bank was not traded during the session. Kuwait Finance House was flat at KD 0.830 and Boubyan Bank pulled 10 fils lower. The bank has recorded KD 10.05 million net profit and earnings per share 5.75 fils in the full year 2012 and the Board of Directors have recommended a dividend payout of 5 percent bonus shares.
Commercial Facilities Co shed 10 fils and International Financial Advisers inched 1 fils higher. National Investment Co fell 2 fils whereas KIPCO closed flat at KD 0.405. Securities House Co ticked 2 fils higher.

 Noor Financial Investment Co clipped off 3 fils and Ektitab Holding was down by same measure after trading 2.61 million shares. Strategia Investment Co added 5 fils with thin volume. Al Tamdeen Investment Co rose 2 fils to KD 0.182.
United Real Estate Co climbed 4 fils on back of 2.7 million shares whereas National Real Estate Co held steady at KD 0.124. Salhiya Real Estate Co was down 5 fils at KD 0.340. Capital Market Authority approved the company’s request to buy back or sell a maximum of 10 percent of its shares within 6 months from the date of approval.

The bourse has been largely positive during the week. It closed higher in 3 of the 5 sessions and has added 43.61 pts week-on-week. The index is trading 5.9 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group has posted a net profit of KD 5.83 million and earnings per share of 40.35 fils in 2012 as against KD 6.05 million and loss per share of 41.89 fils during last year. The Board of Directors recommended a cash dividend payout of 30 percent or 30 fils.
INOVEST has logged an annual net loss KD 2.53 million and loss per share of 8.91 fils in 2012 as compared to KD 6.54 loss and 22.96 fils LPS in 2011.
The Board of Directors recommended no dividend payout for the fiscal year.
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.