Sunday, Apr 22, 2012


 
Saudi SE             7618.07                +1.39% 
Dubai FM             1638.25                -0.27% 
Abu Dhabi SM         2500.22                -0.51% 
Kuwait SE            6264.60                -0.05% 
Doha SM              8638.92                -0.90% 
Muscat SM            6004.12                -0.06% 
Bahrain SE           1159.30                +0.49% 
Cairo SE             4707.99                +0.76% 
Amman                2021.35                +0.30% 
 
ICE Brent $/bbl       118.76                -0.08% 
Gold $/troy oz       1642.80                -0.30% 
Euro-USD                1.32                 0.00% 
DJIA                13029.26                +0.50%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are seen mixed Sunday as investors eye first-quarter company earnings for direction, while global equity strength over the weekend will likely provide some support.

Several regional blue chips are expected to report their quarterly earnings this week and that will likely drive volumes, traders say.

The Dow Jones Industrial Average rose 0.5% Friday after better-than-forecast quarterly reports from Microsoft and General Electric pushed blue chips to their first weekly gain this month.

European markets were also broadly higher following better-than-expected data out of Germany and the U.K., showing signs of resilience amid sovereign-debt woes in the euro zone. German business confidence rose unexpectedly for a sixth straight month in April, while retail sales in the U.K. for March rose well above expectations.

Oil prices ended higher Friday, rising with stocks and helped by a falling dollar, as improving economic data in Europe led to some hopes for strengthening energy demand. Nymex May crude futures settled 78 cents, or 0.8%, higher at $103.05 a barrel Friday.

U.A.E.: Dubai shares finished -0.3% at 1638.25 Thursday.

Deyaar Development said Thursday it made a first-quarter net profit of AED9.4 million, sharply lower than last year, in extremely challenging market conditions. The company had reported a net profit of AED26.3 million a year earlier, according to Zawya.com. Deyaar didn't provide a comparative number in a statement posted on the Dubai bourse website.

Commercial Bank of Dubai on Thursday reported an 8% drop in first-quarter net profit on higher impairment provisions and lower income from Islamic financing.

Abu Dhabi's market was down 0.5% at 2500.22 Thursday; real estate stocks were among the top losers.

SAUDI ARABIA: The Gulf's largest market finished +1.4% at 7618.07 Saturday; telco stocks were among the top risers.

Saudi Telecom shares rose 3.2% to SAR42.50; the company late week said its first-quarter net profit increased 60% year-on-year to SAR2.52 billion, as it added more mobile and fixed broadband customers.

Samba Financial Group said Saturday its first-quarter net profit rose 2% year-on-year to SAR1.1 billion.

Dar al Arkan said Saturday its first-quarter net profit rose 7.1% on year to SAR292.6 million due to higher gross margins on real-estate sales.

Kingdom Holding Co. said Saturday that the sale of properties helped boost its first-quarter net profit 11% on year to SAR100.8 million.

Saudi Arabian Mining Co., the state-run producer known as Maaden, said Saturday it's talking with a number of banks about securing Islamic loans worth up to SAR7 billion.

KUWAIT: The market finished -0.1% at 6264.60 Thursday; undermined by real estate and investment company stocks.

Zain Iraq, a unit of Mobile Telecommunications Co., or Zain, is looking ramp up its infrastructure spending this year and beyond, as it looks to cement its position as the country's top mobile operator in terms of subscribers.

Investment Dar Co., which owns a stake in U.K.-based luxury car maker Aston Martin, Saturday said that the country's Capital Markets Authority has overturned its earlier decision that forced the company to de-list its shares.

QATAR: Doha's market closed -0.9% at 8638.92 Thursday; industry stocks dragged.

Industries Qatar said Thursday net profit in the first quarter of the year fell 5% on year to QAR1.9 billion, as its petrochemical division suffered.

Doha Bank said Thursday its first-quarter net profit rose 7.4% on year to QAR390 million.

BAHRAIN: The main gauge of stocks ended up 0.5% at 1159.30 Thursday; supported by the services sector.

OMAN: Muscat's market closed down 0.1% at 6004.12 Thursday; weighed by industry stocks.

EGYPT: the benchmark EGX 30 Index closed up 0.8% at 4707.99 Thursday; the market is up some 30% for the year.

A rally in Cairo's Tahrir Square fractured into a peaceful cacophony of opposing political demands on Friday in a moment of calm after the most divisive candidates were ejected from Egypt's presidential race.

As the remaining 13 candidates prepare to campaign in earnest for the election, scheduled to begin on May 23, Egypt's transition--though fraught with setbacks--appeared once again to be stumbling forward.

NEWS FROM AROUND THE GULF: Qatar's sovereign wealth fund has increased its stake in Xstrata PLC to nearly 6.3% from 5% just 10 days ago and is now the second-largest holder in the miner ahead of its proposed $48.4-billion merger of equals with Glencore International PLC.

Bond issuance out of the Middle East could rise to $40 billion in 2012, more than 50% above last year's levels, fuelled by the refinancing needs of local companies and the funding requirements of large new infrastructure projects, according to an executive of Standard Chartered PLC.

Dubai-based Nakheel plans to spend at least AED1 billion on retail projects over the next few years, the real-estate developer's acting chief executive said Thursday.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

22-04-12 0518GMT