KUWAIT CITY, Nov 4:  Kuwait stocks rebounded on Wednesday,  led by strong gains in banking stocks and select blue chips. The index soared  88 points in choppy trading,   more than recouping the slight decline in the previous session. National Bank of Kuwait and Zain paced  the day’s advance even as investors eyed bargains after the slide earlier in the week. The bourse winded up at 7330 points amid a drop in volume turnover. Weighted index climbed  9.76 points to 424.47 points.
NBK surged 5.4 percent, reversing the slight drop in previous session. It winded up at KD 1.200 with volume turnover of 1.2 million shares. The lender had fallen 6.2 percent in October and is trading almost 12 percent lower since the start of the year.
Zain rallied 3.4 percent on back of 4.2 million shares extending the modest gains on Tuesday. It ended at KD 1.200 after fluctuating in a 40 fils range.

Major shareholder Kharafi Group has said earlier in the week that it  will not accept less than 2 dinars per share for its stake in the firm. Agility too climbed 40 fils during the session to wind up at KD 1.180 after stagnating on Tuesday.
Wataniya Telecom was up 20 fils and closed at KD 1.500  after moving in 20 fils range.  The telecom service provider has registered a 27.7 percent drop in third quarter net profit. The net profit  slumped to KD  18.5 million  from KD 25.6 million  in the 2008  period. Sultan Center rose 8 fils to wind up at KD 0.250 while National Industries Group took in 10 fils after trading over 8.6 million shares.
Notable among other gainers, Kuwait Food Co (Americana) jumped 40 fils to close at KD 1.800 on thin trade while Kuwait Portland Cement Co soared 50 fils. Mabanee Co climbed 30 fils to wind up at KD 0.720. The scrip has dipped 4 percent during October and is trading 32 percent lower year-to-date.

Eroded
The index had eroded 17 points so far during the week. The market has been markedly downbeat since the middle of October and  is trading 4.65 percent  lower year-to-date. After staging a robust rally in April and May, the market hit rough patch  in June and has been moving listlessly till date except for short lived gains in select positions. 
Banking stocks closed mostly higher. Kuwait Finance House rallied 40 fils after stagnating in the previous session. It closed at KD 1.200 with volume turnover of 1.9 million. Gulf Bank and Commercial Bank closed flat at KD 0.315 and KD 1.000 respectively. Gulf Bank in which Kuwait Investment Authority owns 16 percent stake, has posted a 98 percent plunge in its third-quarter net profit. Net income in the three-month period stood at KD 469,000, down from KD 29.925 million logged in the same period in 2008.
Al Ahli Bank rose 10 fils to close at KD 0.510 while Bank of Kuwait and Middle East was not traded. Burgan Bank  ended 5 fils lower at KD 0.365. The lender had fallen 5.4 percent in October and is trading 38 percent lower year-to-date.  In the bourse related news, KIPCO Asset Management Company has  announced  its earnings for the  three-month period ended Sep 30. In the third quarter the net profit reached KD 353,269 and earnings per share of 1.4 fils compared to a net profit of KD 10,122,609 and earnings per share of 39.1 fils for the same period in 2008. In the nine-month net profit reached KD 880,999 and earnings per share of 3.5 fils.

National Investments Company announced that it obtained the approval of the Central Bank of Kuwait (CBK), to extend the period to repurchase up to 10% of its issued shares for 6 months. This extension will start on the expiry date of the current approval on November 21, 2009. The approval is subject to the adherence with the  should abide by CBK buyback rules and regulations.
Investment major KIPCO edged 5 fils higher on a volume turnover of 1.5 million shares while National Investment Co rallied 25 fils, extending the modest gains in the previous session. It closed at KD 0.445 after trading in a 35 fils range.
International Investment Group was up 1 fils at KD 0.058 while Aref Investment Group rose 10 fils. Aayan Leasing and Investment Company fell 2 fils to settle at KD 0.079  while Bayan Investment Co took in 2 fils.
Global Investment House held the ground steady at KD 0.104 after moving in 2 fils range. The scrip fluctuated in a narrow 2 fils range while Al Safat Investment Co rose 6 fils to close at KD 0.114. Al Tamdeen Investment Co rose 6 fils to wind up at KD 0.134 with thin volume turnover.

Al Madina For Finance and Investment Company did not budge from its previous close of KD 0.082 while Noor Financial Investment Co gained 4 fils to end at KD 0.108.
Noor Financial Investment Company is preparing to launch an equity fund with a capital between KD 5 and KD 50 million following Eid Al Adha. Al Riyada Finance and Investment is going to be the fund’s advisor
Kuwait Gypsum Manufacturing & Trading Company has logged a  profit of KD 111,209 and  earnings per share of 3.72 fils in the quarter ending Sep 30,  compared to a net profit of KD 142,358 and earnings per share of 4.76 fils in the same period in 2008. In the nine-month period ended the company posted a  net profit of  KD 511,515 and earnings per share of 16.56 fils.
Abraj Holding Company has announced  its interim financial statements for the periods ended September 30, 2009. In the  three-month period ended it incurred a  net loss  of KD 1,849,777 and loss per share of 10.965 fils compared to a net profit of KD 103,224 and earnings per share of 0.76 fils for the same period in 2008. In the  ine-month period  the net loss worked out at KD 9,388,032 and loss per share of 55.506 fils.

The opened on a cautious note and moved sideways in choppy trading as investors toed the sideline owing to underlying weak sentiments. The index however started to gain momentum past the mid-session as buying picked up in select blue chips and some of the mid-prices stocks and closed well above the opening level.
Kuwait Stock Exchange,  towards the close of last month.   had temporarily barred the following three companies from trading in the bourse based on the Market Committee decision No 16 :   Al Dar Investment Company,  International Leasing and Investment Company Villa Moda Lifestyle Company. Due to the non payment of the 2009-2010 annual subscription fees, the following two companies have been suspended from trading: Al Safat Global Holding Company and  Network Holding Company.
Mirroring the slightly upbeat mood, the winners outled the losers. 83 stocks advanced while 11 closed lower. Of the 128 counters active on Tuesday, 34 closed flat. 5543 deals worth KD 47.5 million were transacted - up 6.9 percent from the previous session.

By John Mathews
Arab Times Staff