Thursday, May 03, 2012
Saudi SE 7545.91 +0.01%
Dubai FM 1596.92 -1.64%
Abu Dhabi SM 2505.54 +0.03%
Kuwait SE 6440.90 +0.64%
Doha SM 8666.24 -0.07%
Muscat SM 5852.20 +0.32%
Bahrain SE 1150.73 -0.18%
Cairo SE 4906.90 -0.77%
Amman 1981.29 +0.04%
ICE Brent $/bbl 118.18 +0.02%
Gold $/troy oz 1649.40 -0.66%
Euro-USD 1.31 00.00%
DJIA 13268.57 -0.08%
By Brinda Darasha
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf region are likely to trade cautiously Thursday tracking weak Asian equities that dipped after disappointing data from Europe and the U.S. revived concerns about the global economic outlook.
Overnight, U.S. stocks finished mostly lower, with the Dow Jones Industrial Average falling over 10 points. A weak reading on the U.S. private-sector hiring added to concerns over a worsening European economy, where the euro-zone manufacturing purchasing managers' index fell to its lowest level since June 2009.
Elsewhere, crude oil futures too slipped after data overnight showed U.S. crude-oil inventories rose to their highest level in 22 years. Nymex June futures contracts are trading down 15 cents at $105.08 on Globex.
U.A.E.: Dubai's market Wednesday ended -1.6% at 1596.92. Banks and real estate stocks declined.
Bellwether Emaar Properties was -3.1% at AED3.15, being ex-dividend Wednesday.
Abu Dhabi shares closed flat at 2505.54 Wednesday. Financial services stocks on the index gained, but was offset by declines in real estate and telecom shares.
Abu Dhabi National Energy Co., or Taqa, said Wednesday it has received approval from the Dutch Council of State for the development of the Bergermeer gas storage facility in the Netherlands. Taqa shares closed trading -0.8% at AED1.20.
Etisalat will focus on growing its existing operations and could consider exiting, or consolidating, some of its assets over the next couple of years, the telco's chief executive said Wednesday. Etisalat shares closed down 0.5% at AED8.62.
SAUDI ARABIA: The Gulf's largest market is closed for the weekend. The Tadawul index closed Wednesday flat at 7545.91.
Saudi Telecom Co., the kingdom's biggest telecom operator by market capitalization, is open to the idea of tower sharing where it operates abroad, and such a move could wipe up to 30% from its operational and capital expenditure bill, the telco's international chief executive said.
KUWAIT: The Kuwait stock exchange ended +0.6% to 6440.90 Wednesday. The index is +10.8% for the year.
Jazeera Airways Group, which unveiled major restructuring in 2010, said first quarter net profit rose 18% to KWD1.2 million on the year as yields rose.
QATAR: Qatar's QE Index closed -0.1% at 8666.24 Wednesday.
BAHRAIN: The main gauge of stocks closed Wednesday -0.2% at 1150.73.
The chief financial officer of Bahrain Telecommunications Co., or Batelco Group, has stepped down, the company said Wednesday.
Khaleeji Commercial Bank, or KHCB, a Bahrain-based Islamic retail bank, Wednesday said it has arranged financing worth $40 million for the U.A.E.'s property developer Meydan Group.
OMAN: Muscat's market closed +0.3% at 5852.20.
Oman Telecommunications Co., the country's Oman's biggest telecommunications operator, Wednesday posted a 13% rise in first-quarter profit to OMR29 million in its preliminary results as it added more subscribers.
EGYPT: The Egyptian index of shares EGX 30 closed -0.8% at 4906.90 Wednesday. News of clashes in central Cairo that left nine people dead, weighed on sentiment.
Orascom Telecom Media and Technology -2% at EGP1.39, while Orascom Telecom closed 1.5% lower at EGP3.33.
The International Monetary Fund is still waiting for the Egyptian government to present a viable economic recovery plan before it can approve a $3.2 billion loan to help the country deal with its financial difficulties, a senior IMF official said Wednesday.
NEWS FROM AROUND THE GULF: The oil rich Gulf states will see lower economic growth this year as weaker global demand pushes oil production down from 2011 levels, a senior International Monetary Fund official said Wednesday.
Iraq's crude oil exports in April rose by 8.2% from the previous month to 2.508 million barrels a day, compared with 2.317 million barrels a day in March, data released Wednesday by the State Oil Marketing Organization showed.
Dubai's Jebel Ali Free Zone is asking holders of its AED7.5 billion Islamic bond to allow it to redeem the debt early.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
03-05-12 0517GMT
