Jul 15 2012
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MIDEAST MORNING BRIEFING: Gulf Mkts Seen Mixed; 2Q Earns In Focus
Sunday, Jul 15, 2012
Saudi SE 6701.09 +0.62%
Dubai FM 1491.08 +0.74%
Abu Dhabi SM 2466.54 +0.05%
Kuwait SE 5860.71 -0.13%
Doha SM 8285.03 +0.52%
Muscat SM 5445.29 -0.20%
Bahrain SE 1113.89 +0.11%
Cairo SE 4814.84 +0.43%
Amman 1885.78 +0.09%
ICE Brent $/bbl 102.40 +1.32%
Gold $/troy oz 1592.00 +1.27%
Euro-USD 1.22 0.00%
DJIA 12777.09 +1.62%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen mixed Sunday as investors eye second-quarter company earnings for direction, while drawing some strength from global equity gains late last week.
Several Saudi and other regional blue chips are expected to report their financials this week, the last before the start of the religious period of Ramadan, traders say.
The Dow Jones Industrial Average gained 1.6%, rising for the first time in seven sessions. In terms of economic news, U.S. wholesale prices in June rose for the first time in four months, exceeding expectations, while a preliminary July reading on consumer sentiment was lower than expected.
China's GDP numbers also supplied fodder to those looking for global central banks to contribute additional stimulus measures to boost growth.
Oil prices rose Friday following news that the Obama administration had expanded sanctions on Iran amid increased evidence the Western policies are crimping Iranian crude output. Nymex August crude futures settled up $1.02 at $87.10 a barrel Friday.
U.A.E.: Dubai shares finished 0.7% higher at 1491.08 Thursday; led by the property sector.
Emaar Properties priced a $500 million, seven-year Islamic bond, or sukuk, carrying a profit rate of 6.4%, after receiving strong demand, a banker aware of the deal said Thursday. Emaar shares closed +2% at AED3.1.
Abu Dhabi's market was up 0.1% at 2466.54 Thursday; supported by real estate stocks.
SAUDI ARABIA: The Tadawul market ended +0.6% at 6701.09 Saturday.
Wall Street and oil price gains supported sentiment, even as investors focussed on local news flow.
Dar Al Arkan shares jumped 9.8% to SAR8.95 after the company said it has repaid a SAR3.75 billion sukuk due this week. Dar shares fell 8.4% Wednesday.
Safco shares slipped 0.3% to SAR180.50; the company's 2Q net profit fell slightly to SAR784 million due to lower production and sales volumes.
KUWAIT: The main gauge of stocks ended -0.1% at 5860.71 Thursday.
Global Investment House said Saturday that its Private Equity Fund and Global Opportunistic Fund I, along with other co-investors, have exited their investment in the local Al Rayan Holding Co.
QATAR: Doha's market closed +0.5% at 8285.03 Thursday; propped up by industry stocks.
BAHRAIN: The benchmark stocks index ended up 0.1% at 1113.89 Thursday; insurance stocks were among the top risers.
OMAN: Muscat's market closed down 0.2% at 5445.29 Thursday; undermined by bank stocks.
EGYPT: The benchmark EGX 30 Index closed +0.4% at 4814.84 Thursday.
The market has added more than 20% in the previous three weeks since Morsi was named winner of the presidential election, after losing 19% in about a month preceding the rebound.
Egyptian stocks are seen trading higher in the second half of this year, but lingering political uncertainty and economic concerns will likely cap on potential gains, EFG Hermes said.
EFG expects the market to rise a further 5-10% in the second half of 2012, in line with other regional and emerging markets. Catalysts may include earnings growth, short-term balance of payment, or BoP, stabilisation and political improvements, it noted.
NEWS FROM AROUND THE GULF: Permira Thursday said that it had agreed to sell Italian fashion house Valentino to a private Qatari investor. It didn't disclose the identity of the successful bidder, which it referred to only as "Mayhoola", but the bidder has been widely identified in the media as the royal family of the Gulf state.
Qatar's annual inflation rose to 1.6% in June, up from 1.1% in May, driven by rising transport costs, especially airfares, official data showed Thursday.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; email@example.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
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