Sunday, Feb 24, 2013


 
Saudi SE          7041.58        +0.10% 
Dubai FM          1923.13        +0.01% 
Abu Dhabi SM      3022.48        +0.39% 
Kuwait SE         6409.04        +0.07% 
Doha SM           8734.56        -0.76% 
Muscat SM         5979.91        +0.40% 
Bahrain SE        1102.80        -0.02% 
Cairo SE          5626.92        +0.31% 
Amman             2046.66        +0.33% 
 
ICE Brent $/bbl    114.10        +0.13% 
Gold $/troy oz    1580.40        +0.11% 
Euro-USD             1.31         0.00% 
DJIA             14000.57        +0.86%

By Brinda Darasha

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen adopting a cautious stance early Sunday after a lackluster Saudi session on Saturday, but an overall buoyant outlook for regional economies is likely to underpin positive sentiment in the longer term.

The Gulf economies are expected to be outperformers in the emerging world this year, an investor note from Capital Economics said. While "hydrocarbon sectors may be a drag on growth, it looks like this is being offset by the strength of domestic demand, buoyed by strong credit growth and fiscal stimulus packages."

The non-oil sectors in both Saudi Arabia and the United Arab Emirates appear to be relatively robust, it said.

Elsewhere, most global equity markets ended on a strong note last week as U.S. and European stocks rallied Friday on earnings and a reading on German business confidence that topped expectations.

The Dow Jones Industrial Average advanced 119.95 points, or 0.9%, to 14000.57, reversing most of a 155-point slide from the prior two days.

Light, sweet crude for April delivery settled up 29 cents at $93.13 a barrel on the New York Mercantile Exchange.

SAUDI ARABIA: Saudi's Tadawul Index closed Saturday 0.1% higher at 7041.58. Telecoms and food sectors advanced.

The index is likely to be volatile in a narrow band due to the lack of any major catalysts, now that the corporate earnings and dividends are out of the way, said Hisham A. Tuffaha, a Saudi fund manager, adding "it is very difficult for the index to breakout before the first quarter results."

Kingdom Holding Co. on Saturday said its board has decided to distribute quarterly cash dividends of SAR137.6 million or a total of SAR550.3 million for the full year.

National Co. for Glass Industries, or Zoujaj, said on Saturday that it has signed a SAR43.66 million contract to expand its plant in Riyadh.

U.A.E.: Dubai's market Thursday ended flat at 1923.13. Gains in the real estate sector were largely offset by declines in banks.

Abu Dhabi shares closed +0.4% at 3022.48. Thursday.

Aldar Properties, Abu Dhabi's biggest real estate developer, failed to get the necessary quorum of shareholders to vote on its proposed merger with Sorouh Real Estate on Thursday. Later Thursday, Sorouh's own meeting with investors didn't manage to get the required quorum either.

KUWAIT: The Kuwait stock exchange ended +0.1% at 6409.04 Thursday. The bourse is closed Sunday, Feb. 24, to Tuesday, Feb. 26, on the occasion of the country's National Day and Liberation Day holidays.

QATAR: Qatar's QE Index closed -0.8% at 8734.56 Thursday.

Industries Qatar, or IQ, reported a 5% rise in fourth quarter net profit at QAR1.78 billion, up from QAR1.69 billion in the year earlier period.

The result missed the QAR2.3 billion predicted by EFG Hermes and the QAR2.56 billion forecast by Global Investment House. Shares in IQ finished trading Thursday down 0.5% at QAR169.

Shareholders have approved Doha Bank's 50% capital increase in two tranches through rights and global depositary receipt issues, the lender said Thursday.

BAHRAIN: The main gauge of stocks closed Thursday flat at 1102.8.

OMAN: Muscat's market closed +0.4% at 5979.91 Thursday.

EGYPT: The Egyptian index of shares EGX 30 closed +0.31% at 5626.92 Thursday.

The Egyptian government has almost finished its economic reform plan and will present it to International Monetary Fund representatives as soon as next week, said a government minister, in a long-delayed bid to secure a much needed $4.8 billion loan.

NEWS FROM AROUND THE GULF: Etihad Airways is to expand its reach across Africa after signing a strategic partnership with Kenya Airways, the Abu Dhabi-based airline said in a statement Thursday.

An increasing number of African countries are considering issuing sukuk, or Islamic bonds, in a push to fund their huge infrastructure needs and to diversify their investor base, Standard and Poor's said in a report Friday.

Write to Brinda Darasha at brinda.darasha@dowjones.com

Copyright (c) 2013 Dow Jones & Co.

(END) Dow Jones Newswires

24-02-13 0448GMT