Tuesday, Apr 09, 2013
Saudi SE 7160.52 +0.67%
Dubai FM 1916.64 +2.22%
Abu Dhabi SM 3070.08 +0.45%
Kuwait SE 6878.87 +0.40%
Doha SM 8520.71 -0.19%
Muscat SM 6148.92 +0.25%
Bahrain SE 1087.64 -0.27%
Cairo SE 5112.76 +1.59%
Amman 2107.83 -0.17%
ICE Brent $/bbl 105.30 +0.51%
Gold $/troy oz 1577.90 -0.07%
Euro-USD 1.31 +0.70%
DJIA 14613.48 +0.33%
By Brinda Darasha
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf region are likely to trade higher early on Tuesday as an uptick in global equities support a largely positive regional outlook.
Investors will also keenly watch the first-quarter company earnings releases--expected to pick up pace this week in Saudi Arabia and Qatar--for direction.
Regional markets are likely to draw on strength in the global markets overnight. On Wall Street, the Dow Jones Industrial Average ticked up 48.23 points, or 0.33%, to 14613.48 as investors shifted focus to the start of the earnings-reporting season and possible policy signals from the Federal Reserve.
Asian stocks were mostly higher Tuesday with the Japanese market hitting a fresh multi-year high, while Chinese and Australian shares rose on lower-than-expected inflation in the mainland.
In terms of oil, light, sweet crude for May delivery last traded up 23 cents at $93.59 a barrel on the New York Mercantile Exchange.
U.A.E.: Dubai's market Monday ended 2.2% higher at 1916.64. Banks and real estate shares rose.
Dubai Islamic Bank was +5.7% at AED2.4 while bellwether Emaar Properties rose 2.1% at AED5.34.
A fund manager at Emirates NBD said a key event this week was the Emaar AGM scheduled for Tuesday. "We could see some updates about the dividend policy and the company's overseas expansion plans."
On Abu Dhabi's stock exchange, shares closed up 0.5% at 3070.08 Monday. Energy and industrial shares advanced.
SAUDI ARABIA: Saudi's Tadawul Index closed Monday 0.7% higher at 7160.52. The index slightly breached a key resistance point of 7160 noted by technical analysts.
Banks and builders supported the gains as the first quarter earnings got underway in the kingdom.
Riyad Bank, which Sunday posted an estimate beating 5.5% increase in first quarter net profit to SAR951 million, rose 1.7% to SAR23.60.
KUWAIT: Kuwait's stock exchange ended 0.4% higher to 6878.87 Monday. Oil and gas stocks supported.
Asiya Investments said on Monday that it has launched Asiya Investments Hong Kong Ltd., or Asiya Hong Kong, to manage its investment activities in emerging Asian markets.
Global Investment House said its full-year loss slightly narrowed to KWD55 million in 2012 from a loss of KWD57.51 million in the previous year.
QATAR: Qatar's QE Index closed -0.2% at 8520.71 Monday. Property and bank stocks undermined.
Qatar National Bank's stock ended down 0.8% at QAR133.40, a day after its first-quarter net profit of QAR2.1 billion missed most analysts' expectations.
Elsewhere, Doha Bank was among the top losers Monday; -3.8% at QAR45.70.
BAHRAIN: The main gauge of stocks closed Monday -0.3% at 1087.64.
Aluminium Bahrain said sales during the first quarter rose 2.2% on the back of higher production.
OMAN: Muscat's market closed up 0.3% at 6148.92.
EGYPT: The Egyptian index of shares EGX 30 closed 1.6% higher at 5112.76 Monday.
NEWS FROM AROUND THE GULF: Dubai's Emirates Airline will start flying between New York and Milan from October, while Abu Dhabi-based Etihad Airways will also feed passengers to the U.S. through Dublin via a deal with Irish flag carrier Aer Lingus.
Advertisers and broadcasters in the Middle East are joining together to try to crack open the regional television advertising market by changing how ad rates are calculated, a move that could spur a sharp increase in spending by global firms such as General Motors Co., Unilever PLC and Ford Motor Co.
The factors behind last week's drop in oil prices by more than 4% are temporary, a senior Kuwaiti oil officials said in remarks published Monday.
Write to Brinda Darasha at brinda.darasha@dowjones.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
09-04-13 0511GMT
