KUWAIT CITY, April 9: Kuwait stocks headed south Monday, erasing the modest rise in the previous session. The index slid 33.6 points in broad decline led by blue chips even as select counters found support in speculative buying. The trading floor sentiment was markedly negative as investors remain wary of the market direction.
The bourse wound up at 6120 points off early lows while weighted index dropped 3.56 points to settle at 406.1. The volume turnover ticked higher adding to the strong rebound in the previous session. 345.80 million shares changed hands – up 6.9 percent from Sunday. KSE has posted modest 38.1 points gain in March even as volume turnover receded towards the end of the month.
Market heavyweight Zain dropped 10 fils to KD 0.690 with a volume of 3.04 million shares and Agility fell 5 fils to KD 0.395. The stock has eased 5 fils so far during the month but has rallied 20 fils year-to-date.
Wataniya Telecom however bucked the trend to gain 20 fils after closing lower in the previous session. The telcom service provider has posted net profit of KD 38.2 million in the final quarter of 2011 - a 57 per cent increase year-on-year helped by rise in earnings from its Tunisian unit.
National Bank of Kuwait dropped 20 fils reversing the gains on Sunday and wound up at KD 1.060 whereas Gulf Bank rose 5 fils adding to an identical rise in the day before.
Kuwait Finance House was down 20 fils at KD 0.720 with a volume of 1.65 million shares. The Saudi unit of KFH has realized SR360 million profit from the sale of a real estate project in Saudi Arabia and the proceeds will be reflected in the bank’s first quarter financial results of 2012.

Lower
Investment major KIPCO slipped 2 fils to KD 0.335 while National Investment Co pulled 6 fils lower after stagnating in the previous session. The company . has chalked a net loss of KD 27,316,383 and loss per share of 31 fils in 2011. The market opened flat and ticked slightly up in early trade. The index hit the dayís highest of 6160.1 points and retreated thereafter as sentiments turned negative . It bottomed at 6107.6 points well past the mid-session and drifted sideways in the second half before closing with moderate losses.
Top gainer of the day, Investors Holding Co spiked 20 fils to 15 fils while National Ranges Co ( National Ranges Co ) climbed 5.7 percent to stand next. Hits Telecom slid 8.9 percent, the steepest decliner of the day, while Mayadeen topped the volume with over 50 million shares.
Reflecting the dayís decline, the losers vastly outnumbered the gainers. 16 stocks advanced while 62 closed lower. Of the 97 counters active on 19 closed lower. 4633 deals worth KD 34.48 million were transacted ñ down 9.3 percent in value from the day before.
“Big names took a hit because of profit-taking, there was lots of selling at lower prices and the market follows the big names,” Reuters quoted a Kuwait-based trader who asked not to be identified. “We’re reached the support level of 6,120 points.”
On the upside, Kuwait Food Co (Americana) climbed 20 fils and Advanced Technology Co followed suit. Combined Group Contracting Co jumped 60 fils to KD 1.740.
In the banking sector, Burgan Bank rose a modest 10 fils on back of 3.05 million shares. The lender has reached a $355 million deal to purchase the Turkish arm of EFG Eurobank . Al Ahli Bank of Kuwait and Ahli United Bank both closed flat.
Kuwait International Bank fell 5 fils after trading 8.25 million shares whereas Boubyan Bank added 10 fils to end at KD 0.560. Commercial Bank of Kuwait was not traded during the session.

Eased
National Industries Group eased 4 fils to settle at KD 0.222 with a volume of 3.24 million shares and Kuwait Pipes was down 2 fils. Gulf Cables dropped 20 fils to KD 1.280 while United Industries Co inched 2 fils lower.
First Investment fell 4 fils and Al Maal Investment Con was down 3 fils at KD 0.140. Tamdeen Investment Co pulled 2 fils lower while Al Tamdeen Investment Co closed flunked 2 fils.
Mazaya Holding Co slipped 2 fils and National Real Estate Co too was down by same measure. NREC earlier in March signed a preliminary agreement with Amer Holding Group to develop two projects through its two subsidiaries in Egypt.
The bourse has been mixed so far during the week and has shed 25.5 points in last two sessions. It has slid 45 points so far during the month and is trading 6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year. The Board of Directors recommended no dividend payout.
Bayan Investment Co. announced has net loss of KD 5,367,284 and loss per share of 15.02 fils in whole of 2011 narrowing from last yearís loss of KD 12,763,984 and loss per share of 35.69 fils in the year before.

The Board of Directors recommended no dividend payout for the Fiscal Year.
Kuwait Stock Exchange earlier in the month has announced the suspension of trading of shares of 29 companies with effect from April 1, 2012 due to failure to announce the financial results of 2011 in the stipulated time. They are : International Financial Advisors Co, Al-Ahlia Holding Co., Coast Investment and Development, International Investor Co. , The Securities House Co. (suspended), Industrial Investments Co. , International Finance Corporation , Aref Investment Co. , Al-Aman investment Company, Aayan Leasing & Investment Company, Global Investment House Co. , Kuwait Finance & Investment Company,
The list also includes, Housing Finance Company , Al-Madar Finance & Investment Company, Al Safat Investment Co, Qurain Holding Co, Sokouk Holding Company , Noor Financial Investment Company and Amwal International Investment Co. , Al Masar Leasing & Investment Company, Investors Group Holding Co, Grand Real Estate Projects Co. Munshaat Real Estate Projects Co, Kuwait Business Town Real Estate Co, MENA Holding Company, Salbookh Trading Co, Kuwait Commercial Markets Complex Co., National Ranges Co. and Alshamel International Holding Co.