KUWAIT CITY, March 29: Kuwait stocks retreated Thursday to end week on a dull note. The index shed 21.7 points amid moderate selling in some of the mid and small caps while most of the blue chips closed muted. The trading floor sentiment was subdued even as investors await tangible indicators.
The bourse wound up at 6,165 points trimming deeper losses earlier in the session while the weighted index inched 0.11 points higher to settle at 420.21. The volume turnover rose slightly after hitting a multi-month low in the previous session. 273.60 million shares changed hands - up 3.7 percent from Wednesday. After a firm start, the bourse lost steam almost half way into the month, and has turned bearish during the week.
National Industries Group slipped 2 fils to KD 0.228 after trading 1.42 million shares and Kuwait Pipes followed suit to end at KD 0.126. Kuwait Foundry Co was down 5 fils at KD 0.360 while Boubyan Petrochemicals Co pulled 10 fils lower. Combined Group Contracting Co slid 20 fils to KD 1.580 partly erasing the gains on Wednesday.
Kuwait Food Co (Americana) was down 20 fils at KD 1.440. The stock has shed 60 fils from start of the month and has eased 20 fils year-to-date. Kuwait Gulf Links fell 4 fils to KD 0.108 and Mabanee Co dropped 20 fils to close at KD 1.040.
Bourse heavyweight Zain closed flat at KD 0.870 with a volume turnover of 4.72 million even as the company’s board approved a 65 fils per share dividend. Agility was unchanged at KD 0.400 off early lows and Wataniya Telecom followed suit to end at KD 2.180.

Flat
The market opened flat but slipped below the red in early trade. The index continued to erode as investors exited some of the counters amid weak sentiments. It hit the day’s lowest level of 6144.6 points in the final minutes but manage to pare the losses slightly close.
Top gainer of the day, Safat Real Estate Co jumped 10 percent to 22 fils and Industrial and Financial Investment Co climbed 6.38 percent to stand next. Kuwait Business Town Real Estate Co tumbled 12.5 percent - the steepest decliner of the day, while Abyaar Real Estate Co topped the volume with 37.68 million shares.
Reflecting the day’s decline, the losers vastly outled the winners. 27 stocks advanced whereas 52 closed lower. Of the 65 counters active on Thursday, 35 closed flat. 3647 deals worth KD 26.9 million were transacted - down 17.9 percent in value from the previous session.
Investors are wary of the near term outlook owing to expected weak first-quarter earnings in addition to the shaky political situation. “We are waiting for the results, which are most likely to be disappointing,” Reuters quoted Safaa Zbib, head of research at Kuwait and Middle East Financial Investment Co.
“We’re waiting for the political relations between the parliament and the government to improve. Should the stress continue, it will lead to the development to continue to be on hold,” she added.
On the upside, Safwan Trading Co rose 20 fils to KD 0.600 and IFA Hotels and Resorts Co followed suit to end at KD 0.450. United Projects Group added 15 fils while ACICO Industries Co and Shuaiba Industrial Co gained 6 fils each.
In the banking sector, National Bank of Kuwait held the ground unchanged at KD 1.080. The lender earlier in the week posted a net profit of KD 320 million during 2011 and has announced 40 percent cash dividend and 10 percent bonus shares for the year.
Gulf Bank rose 10 fils on back of 1.32 million shares and Commercial Bank was unchanged at KD 0.790. Al Ahli Bank was not traded during the day. Ahli United Bank was flat at KD 0.810 paring early gains whereas Kuwait International Bank added 5 fils on back of 3.8 million shares.
Stagnated
Burgan Bank stagnated at KD 0.430 and Kuwait Finance House pulled up from early lows to close flat at KD 0.780. Boubyan Bank dropped 10 fils to KD 0.540 and United Gulf Bank followed suit to end at KD 0.212. The lender has posted net profit of KD 367,277 and earnings per share of 0.45 fils during 2011 and the Board of Directors recommended no dividend payout for the fiscal year.
Investment major KIPCO held the ground steady at KD 0.164 while National Investment Co rose 2 fils. The company has chalked a net loss of KD 27,316,383 and loss per share of 31 fils in 2011.
Contracting and Marine Services Co was up 2 fils at KD 0.158 whereas United Industries Co closed flat. NAPESCO was not traded during the session. The company has posted a net profit of KD 2,338,400 and earnings per share of 44.55 fils in 2011 and the Board of Directors recommended have a dividend payout of cash 25 % (25 fils) plus 5 % bonus shares.
The bourse was markedly bearish during the week. It closed lower in 4 of the five sessions and dived 78.5 points week-on-week. However it has gained 38.1 points from start of the month and is trading 8 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Humansoft Holding Company has posted a net profit of KD 2,389,803 and earnings per share of 21.05 fils in 2011 as against KD 221,174 net profit and 1.99 fils EPS in the previous year. The Board of Directors recommended no dividend payout for the year.
United Real Estate Co has logged a net profit of KD 3,619,442 and earnings per share of 24.13 fils in 2011 as compared to net earning of KD 4,627,596 and 30.85 fils EPS in 2010. The Board of Directors has recommended cash dividend of 15 %.
Aref Energy Holding Company has incurred net loss of KD 5,113,572 and loss per share 6.8 fils in 2011 as compared to net profit of KD 10,798,282 and earnings per share of 14.4 fils in the previous year. The Board of Directors recommended no dividend payout for the fiscal year.
Kuwait National Cinema Co. has posted a annual net profit of KD 5,385,373 and earnings per share of 53.89 fils as against KD 5,016,833 net profit and earnings per share of 50.21 fils in 2010. The Board of Directors recommended a cash dividend payout of 42%.