KUWAIT CITY, June 27: Kuwait stocks edged slightly lower Wednesday after posting a moderate rebound in the previous session. The index eased 3.4 points in volatile trade to wind up at 5,820.94 points. The sentiment was skittish as market wavered between small gains and losses. The benchmark, after slipping below the 6,000 mark on June 12, has been drifting lower during the month amid political uncertainty. KSX 15 climbed 9.32 points to 985.18 while weighted index was up 2.37 points. The volume turnover receded after holding above the 200 million mark in the last two sessions. 174.07 million shares changed hands — down 23 percent from day before. Among the sectors, basic materials outperformed the peers with 1.34 percent gain, while oil and gas stood next rising 1.26 percent.

In terms of volume turnover, financial services continued to top garnering 50.44 percent market share and real estate came in second with 26.06 percent. KIPCO fell 5 fils erasing the gains on Tuesday and wound up at KD 0.325 and Kuwait Financial Centre edged 4 fils lower. National Investment Co climbed 4 fils on back of 2.6 million shares whereas International Financial Advisors inched 0.5 fils lower. Burgan Well Drilling Co dropped 4 fils to KD 0.176 while ACICO Industries Co was down 6 fils. National Industries Group closed flat at KD 0.202 off slight early lows. United Industries Co ticked 1 fils lower. The company has divested of a number of investments in affiliate companies realizing a value of KD 18,660,098 which will be utilized to settle debts.

Added
Zain held the ground unchanged at KD 0.730 trimming marginal early gains and saw a volume turnover of 2.16 million shares. The stock has added 30 fils from start of the month while year-to-date retreated 170 fils. Agility too did not move in either direction whereas Wataniya Telecom remains suspended from the bourse. The market opened on choppy note and slipped into red in early trade. The index clawed back to swing above the opening mark amid bargain buying in select counters. It peaked at 5839.99 points and retreated again as sentiment dampened and hit the day’s lowest mark of 5806.79 points past the mid-session. It pulled up again to pare the losses and wound up slight losses.

Top gainer of the day, Amar Financing and Leasing Co spiked 9.8 percent to 56 fils whereas National International Holding Co rose 7.94 percent to stand next. Heavy Shipbuilding and Marine Co slid 8.97 percent, the worst performer of the day, and Al Safwa topped the volume with 21.09 million shares.
The market spread was tilted towards the losers. 40 stocks advanced whereas 45 closed lower. Of the 126 counters active on Wednesday, 41 closed flat. 3745 deals worth KD 19.13 million were transacted during the day — up 6.86 percent in value from the day before.
On the upside, Combined Group Contracting Co rose 20 fils to KD 1.240 and City Group climbed 30 fils with thin trading. IFA Hotels and Resorts Co took in 5 fils . The company’s Board of Directors earlier in the month recommended hiking the capital through issue of 181.552.800 shares with a nominal value of 100 fils and premium of 130 fils per share.

National Industries Co added 20 fils to settle at KD 0.295 and Kuwait Food Co (Americana) followed suit. The company has logged a net profit of KD 16.119 million and earnings per share of 41.2 fils in the first quarter of 2012.
Mabanee Co spiked 60 fils on back of 1.03 million shares and Mazaya Holding Co rose 5 fils. National Real Estate Co eased 2 fils wiping the gains on Tuesday. The company has canceled its listing on Dubai Financial Market and he last date to trade its shares in Dubai market will be June 28, 2012.
In the banking sector, National Bank of Kuwait rose 20 fils with a volume of 1.53 million shares and Gulf Bank was up 10 fils at KD 0.430. The stock has eased 15 fils so far during the month and is trading 5 fils higher year-to-date. Kuwait International Bank was up 5 fils at KD 0.255.

Dropped
Al Ahli Bank dropped 10 fils and Ahli United Bank was down by same measure to end at KD 0.880. Commercial Bank too shed 10 fils to close at KD 0.780. The lender’s net profit dropped 75-percent drop in first-quarter from the previous quarter to KD 329,000.
Automated Systems Co stagnated at KD 0.500 while Kuwait Gulf Links was up 1 fils at 90 fils. The company has incurred KD 1.986 million losses or 7.52 fils loss per share in Q1, narrowing from KD 4.639 million or 17.56 fils LPS in same period last year.
The bourse had been weak so far during the week and has shed 73.83 points in the last four sessions. It has retreated 366.08 points from start of the month and is trading 0.5 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Stock Exchange has announced that Wataniya Telecommunications Company and Gulf Cables and Electrical Industries Company will be replaced by Boubyan Petrochemical Company and Qurain Petrochemicals Industry Company in the KSX 15 index. Real Estate Commercial Company, United Real Estate Company and Aviation Lease and Finance Company (ALAFCO) were added to substitute list.
Sokouk Holding Co. has incurred net loss of KD 10.170.323 and loss per share of 10.17 fils as compared with net loss of KD 26.080.147 and loss per share of 26.08 fils in the same period last year.
Securities House Co has posted first half net loss of KD 16,397,844 and loss per share of 25.7 fils as compared to net loss of KD 14,809,848 and loss per share of 23.2 fils in the same period last year.
Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share of 42 fils in the same period last year.
Al Madina for Finance and Investment Co has incurred a Q1 net loss of KD 585,684 and loss per share Fils 1.52 and net loss of KD 429,972 and loss per share of 1.12 fils in 2011 first quarter.