| 29 Jul 2010 |
|
TASI dips but Dubai stocks up
- Text size
JEDDAH/DUBAI: Kuwait's Agility rose to a seven-week high on Wednesday after saying the US Attorney's Office wants to dismiss an indictment against a unit of the logistics provider.
Above-forecast bank earnings boosted sentiment in Qatar and Abu Dhabi, although the latter fell as property stocks tumbled to new lows, while regional markets were range-bound.
"Regionally, Q2 hasn't seen much growth compared to the first quarter and also last year - it's been a mixed bag and we think markets will move sideways," said Robert Pramberger, acting head of asset management at Doha's The First Investor.
"Volumes will continue to be low except when results come out as investors reshuffle their portfolios."
Agility climbed 6 percent to its highest level since June 10.
The Kuwaiti index fell 0.3 percent to 6,668 points.
In Saudi Arabia, the Tadawul All-Share Index (TASI) slipped 0.1 percent to 6,267 points. The sector activity for the day was mostly positive. The gaining sectors for the day ranged from 0.05 percent by the Transport sector to 3.25 percent by the Media & Publishing sector. On the other hand the losing sectors ranged from 0.17 percent by Building & Construction sector to 0.84 percent by Telecommunication & Information Technology sector. The overall market breadth for the day was also positive with 63 advancers against 56 decliners giving it an AD ratio of 1.125, the Financial Transaction House (FTH) said in its daily market commentary.
Egypt's Mobinil dipped 4.1 percent after its quarterly net profit dropped 29 percent, falling short of consensus. The Egypt index rose 0.5 percent to 6,226 points.
National Bank of Abu Dhabi rose 2.2 percent to reach a two-month peak after reporting a 10 percent rise in second-quarter profit.
"NBAD is pretty attractive in terms of valuations compared to other banks in the region, although it doesn't pay the dividend yields you see in Qatar," said Ali Khan, managing director and head of brokerage at Arqaam Capital.
The Abu Dhabi index fell 0.5 percent to 2,547 points.
Dubai's Emaar Properties halted a three-day losing streak, climbing 1.3 percent to 3.25 dirhams. Morgan Stanley gave Emaar an overweight rating and a price target of 4.30 dirhams, saying it offered strong recurring revenue and exposure to non-UAE property markets.
Dubai's index climbed 0.9 percent to 1,513 points.
"This is just a technical move - we are largely decoupled from international factors and have our own worries," said Mohamed Khaled, Prime Emirates relationship manager.
"Yesterday's (Tuesday's) close was slightly below 1,500 points, which is a critical support, so there's buying at these levels. If the market can hold above 1,500, it will target 1,560, with a break above 1,530 a bullish move."
Commercial Bank of Qatar climbed 2.7 percent to a two-month high as its quarterly profit rose.
"We believe there are some (Qatar) stocks that have seen their bottom prices for the year and now provide a big buying opportunity," said The First Investor's Pramberger.
He tipped Qatar's gas-related listings to outperform.
"These have long-term contracts and Qatar's gas exports are increasing," Pramberger added.
Qatar Gas Transport Co. (Nakilat) rose 1.1 percent.
The Qatar index climbed 1.1 percent to 7,016 points.
- With input from agencies
© Arab News 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.