The bourse wound up at 6484.50 points paring deeper losses earlier in the session while weighted index edged 1.06 pts lower to 417.75.
The volume turnover receded after holding above the 700 million mark for five straight sessions. 654.09 million shares changed hands – down 11 percent from Monday. The bourse, after posting strong gains in April, is trading at a 10-month high.
Wataniya Telecom shed 20 fils adding to an identical fall in the day before to end at KD 2.260 whereas Zain rose 10 fils to KD 0.740. The stock is trading unchanged from start of the month while year-to-date it has slid 160 fils. The telco’s first quarter net profit rose 2 percent year-on-year to KD 70.9 million while revenue stood at KD 326 million.
Agility held the ground unchanged at KD 0.410 off early lows . The logistics major earlier in April said that it has filed a suit against the US Defense Logistics Agency ( DLA) for alleged breach of terms of contract.
National Bank continued its volatile course with a 20 fils drop and closed at KD 1.060 while Ahli United Bank was down 10 fils at KD 0.880. The lender has logged a first quarter net profit of KD 22,870,862 and earnings per share of 4.4 fils.
Among other losers, NAPESCO slipped 10 fils to KD 0.320 while Kout Food Group dived 30 fils to KD 0.510 with thin trading. Boubyan Petrochemical Co dropped 10 fils and ACICO Industries Co eased 5 fils. The company has recorded a net profit of KD 1,422,982 and earnings per share of 6.11 fils in the first quarter.
Market
The market was off to a strong start and gained ground in early trade. The index continued to trend higher as investors chased select counters on speculative buying. It peaked at 6522.6 points almost half way into the session and retreated thereafter as profit booking kicked in. It eroded sharply to trough at 6469.3 points but managed to pare the losses slightly at close.
Top gainer of the day, International Financial Advisers spiked 9.6 percent to 57 fils while Tameer climbed 8.6 percent to stand next. Ithmaar Bank dived 7.3 percent, the steepest decliner of the day and the stock also topped the volume with 73.16 million shares.
The market spread was skewed towards the losers. 36 stocks advanced while 45 closed lower. Of the 118 counters active on Tuesday, 36 closed flat. 7022 deals worth KD 43.12 million were transacted – down 3.5 percent in value from Monday.
On the upside, Kuwait Food Co (Americana) climbed 20 fils to KD 1.380. The stock has added 10 fils so far during the month but has slid 100 fils year-to-date. Safwan Trading and Contracting Co too was up 20 fils wile Jazeera Airways was up 10 fils at KD 0.425. Kuwait Portland Cement Co rose 10 fils and Kuwait Foundry Co followed suit to end at KD 0.365.
National Industries Group ticked 2 fils higher to KD 0.230 on back of 3.98 million shares. NIG has incurred net losses of KD 28.76 million for 2011 – almost a 50% year-on-year jump from KD 19.2 million while loss per share rose to 23 fils from 8 fils.
In the banking sector, Kuwait International Bank eased 5 fils and Burgan Bank too was down by same measure to wind up at KD 0.430. Kuwait Finance House was flat at KD 0.720 after trading higher in early trade. KFH has won the central bank approval to sell or repurchase 10% maximum of its issued shares for additional six months
Boubyan Bank stagnated at KD 0.600 and Gulf Bank too did not budge from its earlier close of KD 0.430. The lender’s net profit stood at KD 7.4 million in Q1 while profit before provisions totaled KD 29.8 million. Total assets reached KD 4,907 million.
Flat
National Investment Co closed flat and KIPCO too was unchanged at KD 0.330 off early lows. The company posted a net profit of KD 8.5 million in the first three months of 2012 while revenue stood at KD 108.4 million.
Al Maal Investment stagnated at 51 fils while Kuwait Financial Centre ticked 2 fils higher. International Finance Co fell 2 fils. The company has incurred a net loss of KD 14,973,124 and loss per share of 21.15 fils in 2011 and the Board of Directors has recommended no dividend payout for the fiscal year
National Real Estate Co rose 4 fils to KD 0.132 while Salhiya Real Estate and Tamdeen Real Estate Co added 2 fils each. Mabanee Co was flat at KD 1.000. The stock has is unchanged from start of the month but has gained 140 fils so far during the year.
The bourse has been mixed so far during the week and added 5.4 points in last three sessions. The index had climbed 115.9 points so far during the month and is trading 12 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, KIPCO posted a net profit of KD 8.5 million in the first three months of 2012 as compared with KD 8.1 million in the year earlier period. The Q1 revenue rose 16 percent to KD 108.4 million and consolidated assets stood at KD 6.1 billion.
Money Markets Authority has approved, Alimtiaz Investment Co. request to buy back and sell up to 8.121% of own shares over a 6 month period commencing April 29, 2012 till October 29, 2012.
Refrigeration Ind. and Storage Co has logged a net profit of KD 373,896 and earnings per share of 4.2 fils in the January-March period as against net profit of KD 95,128 in the year before.
Noor Financial Investment has posted a net profit of KD 5,125,485 and earnings per share of 6.98 fils in the January- March quarter as compared to earning of KD 694,646 and EPS of 0.95 fils in the same period last year. 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.
