By John Mathews
Arab Times Staff

KUWAIT CITY, March 21: Kuwait stocks pulled back slightly on Thursday, snapping the four-day advance. The index sagged 10.65 points in volatile trading to close at 6815.75 points as investors locked profit after the rally which lifted the bourse to the highest level in over two years. Some of the mid-caps eked modest gains whereas the blue chips led by banks closed mostly in the negative territory.
The KSX 15 benchmark dropped 6.36 pts to 1024.26 points and is down nearly 12 points from start of the month while weighted index slipped 2.31 points. The volume turnover meanwhile rebounded above the 600 million mark after receding in the last two sessions. 635.02 million shares changed hands — a 15.80 percent increase from Wednesday.

The sectors closed mostly in red. Basic materials, out shone the peers with 1.29 percent upswing whereas banks slipped 1.09 percent, the biggest loser of the day. Volume wise, real estate garnered the highest market share of 44.48 percent and financial services followed with 37.99 percent. Industrials stood a distant third with 8.42 percent.
ALAFCO dropped 10 fils to KD 0.335 after trading 1.16 million shares while Kuwait Foundry Co was down 15 fils at KD 0.275. Aref Energy eased 2 fils to KD 0.118 and Burgan Well Drilling Co oscillated in broad range before closing lower. Jazeera Airways fell 5 fils to KD 0.435 extending an identical fall in the previous session.
Bourse heavyweight Zain was unchanged at KD 0.780 off early lows while Wataniya Telecom shed 20 fils partly reversing the gains on Wednesday. The telco has chalked a net profit of KD 75.50 million and earnings per share of 150.66 fils in 2012 and the Board of Directors has recommended a cash dividend of 125 percent. Agility pulled 10 fils lower with a volume of 1.54 million shares.

Rose
The market opened flat and rose sharply in early trading amid speculative buying in select counters. The index peaked at 6853.22 points and retreated thereafter as sentiment turned weak. It slipped below the red and charted a volatile course before bottoming at 6804.47 points and managed to claw back some of the losses at close.
Top gainer of the day, Coast Investment and Development Co rallied 9.26 percent to 59 fils while Tameer Real Estate Development Co and Amar For Financing and Leasing both stood second with 8.93 percent rise. Al Dar National Real Estate Co slid 9.26 percent, the biggest loser of the day, and Sokouk Holding Co topped the volume with 65.17 million shares.
Reflecting the day’s decline, the losers outnumbered the winners. 47 stocks advanced whereas 74 closed lower. Of the 154 counters active on Thursday 33 closed flat. 11,105 deals worth KD 55.17 million were transacted — a 5.93 percent rise in value from the day before.

“People are already forecasting Q2 and if the trend continues, we will have another bullish rally,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier in the month. “There are things coming together in Kuwait. The biggest stimulant will be government projects.”
On the upside, Equipment Holding Co rose 10 fils on back of 7.6 million shares and Automated Systems Co followed suit to end at KD 0.550. Kuwait Food Co (Americana) climbed 20 fils to KD 1.760. The stock has shed 80 fils from start of the month while year-to-date, it has added 20 fils.
 Gulf Cables gained 10 fils while Contracting and Marine Services was up 8 fils at KD 0.198. The company has earned KD 1.81 million and clocked earnings per share of 8.77 fils in 2012. Tthe Board of Directors recommended a dividend payout of cash 5 % plus 5 % bonus shares.
Kuwait Pipes took in 2 fils and ACICO Industries was up by same measure. National Industries Group vacillated in tight range before closing flat at KD 0.232 and the counter saw 5.18 million shares changed hands.
Kuwait Cement Co stagnated at KD 0.425 and Kuwait Portland Cement Co followed suit. The company has chalked a profit of KD 7.28 million and earnings per share of 80.13 fils in 2012 and the Board of Directors has recommended a cash dividend of 80 % or 80 fils per share.

Erased
In the banking sector, National Bank of Kuwait fell 10 fils to KD 0.900 off early highs and Gulf Bank erased 5 fils after trading 1.32 million shares. The stock has slipped 15 fils from start of the month while year-to-date it has shed 25 fils. Commercial Bank of Kuwait held steady at KD 0.680.
Ahli United Bank dropped 10 fils to KD 0.730 whereas Al Ahli United Bank was not traded during the day. Kuwait International Bank clipped 5 fils. The bank has recorded a net profit of KD 13.16 million and earnings per share of 14.1 fils in 2012 and the Board of Directors has recommended a cash dividend payout of 7 percent.

Kuwait Finance House slipped 10 fils to KD 0.640 whereas Boubyan Bank added 6 fils on back of 1.18 million shares.
Burgan Bank paused at KD 0.540 off early lows. The stock has retreated 20 fils from start of the month and is trading 10 fils higher YTD.
Kuwait Investment Co climbed 6 fils to KD 0.118 whereas International Financial Advisers edged 2 fils lower after trading 6.7 million shares. National Investment Co was up 2 fils at KD 0.152 whereas KIPCO was flat at KD 0.435. KAMCO took in 2 fils whereas Bayan Investment Co flunked 2 fils to close at 65 fils.
Securities House Co erased 10 fils after trading over 16 million shares and International Finance Co eased 2 fils. Kwt and Middle East Fin. Inv Co closed flat. . The company has chalked net loss of KD 1.09 million and loss per share of 4.2 fils in 2012 narrowing from KD 11.83 loss and loss per share of 45.3 fils during last year.

The bourse has been positive during the week. It closed higher in four of the five sessions and rallied 82.79 points week-on-week. The index has surged 352.28 points so far during the month and is trading almost 16 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, National International Holding has incurred a net loss of KD 3.14 million and loss per share of 15.25 fils in 2012, soaring from a net loss last of KD 308,942 and loss per share of 1.50 fils in the year before.
Egypt Kuwait Holding has earned KD 18.92 million in 2012 while earnings per share 22.54 fils. This compares with net profit of KD 37.63 million and earnings per share of 44.84 fils during 2013. The Board of Directors has recommended a cash dividend of cash 10 %.