Tuesday, Feb 21, 2012


 
Saudi SE             6904.38                +0.50% 
Dubai FM             1568.94                -0.14% 
Abu Dhabi SM         2504.17                +0.61% 
Kuwait SE            6114.70                +0.51% 
Doha SM              8650.36                +0.32% 
Muscat SM            5675.90                +0.11% 
Bahrain SE           1149.62                +0.19% 
Cairo SE             5152.64                +0.77% 
Amman                1953.99                -0.14% 
 
ICE Brent $/bbl       121.09                +1.26% 
Gold $/troy oz       1736.30                +0.44% 
Euro-USD                1.33                +0.15% 
DJIA                12949.87                00.00% 
 
   By Brinda Darasha 
   Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are seen mixed Tuesday, buoyed to some extent by global cheer after euro-zone finance ministers agreed to a EUR130 billion bailout and debt-restructuring deal for Greece.

Regional gains however could be capped by investors looking to book profits after the two-day rally in most local markets.

Abu Dhabi's Etisalat will likely grab some attention after the heavyweight telco recommended a 2011 dividend and said it is considering restructuring and outsourcing as a way to cut its operating expenses amid lower revenue.

Most Asian stock markets were lower Tuesday after their recent rally, and U.S. markets were closed for a holiday Monday. Dow Jones Industrial Average futures were up 59 points in screen trade.

"Relief that Greece will live to fight another day saw risk assets respond positively in Asia. However, the initial euphoria did not last long, as many who had been in positions hoping for this announcement took profits, with the event looking more and more like a 'buy the rumour, sell the fact' type event," said IG Markets in a note.

Crude oil prices trended upward as concerns over Middle East supply strains continue, with Iran threatening to further cut its oil exports. Nymex March crude futures were last up $1.54 at $104.78 a barrel.

U.A.E.: Dubai's market Monday ended -0.1% at 1568.94. The index rallied 3.6% Sunday.

Bank stocks weighed. Dubai Islamic Bank -1.4% at AED2.19 and Commercial Bank of Dubai -0.7% at AED2.93.

Emirates NBD is to meet investors in Asia this week in preparation for the possible sale of renminbi-denominated bonds, the lender said in an emailed statement Monday. Shares closed trading Monday 0.7% lower at AED2.97.

DP World valuations are relatively attractive said EFG Hermes, noting container volumes are expected to grow at a CAGR of 7.6% until 2015; reckoned DPW should grow faster than the market due to its emerging markets exposure.

Abu Dhabi shares closed +0.6% at 2504.17 Monday. Property and financial sectors gained.

Etisalat said after market hours Monday that it is considering restructuring and outsourcing as a way to cut its operating expenses amid lower revenue.

Etisalat's board Monday also recommended a 2011 dividend of 60% of the face value of its shares, or AED0.60 per share.

SAUDI ARABIA: Saudi's Tadawul Index closed Monday +0.5% at 6904.38; petchems gained. Sabic finished +1.6% at SAR96.50.

The market notched its third successive positive session and "is on course to break out of a three-year rut and finally breach the psychologically important 7000 level," said a Riyadh-based trader. He noted the extra cash that has been deployed in the market recently is not only helping, but is critical to get past resistance barriers.

Saudi Electricity Co. said Monday its board has proposed a SAR0.70 per share cash dividend payout for 2011 for Saudi nationals and other non-government shareholders.

Shares closed +1.4% at SAR14.25 Monday.

KUWAIT: The Kuwait stock exchange ended +0.5% at 6114.70 Monday. The index is up 5.2% year-to-date.

Mushrif Trading and Contracting Co. said Monday it has been awarded two local water and sewage projects by the public works ministry worth a combined KWD30.84 million.

QATAR: Qatar's QE Index closed +0.3% at 8630.56 Monday; industries and services sectors led advances.

Qatar Electricity and Water Co., which reported 8.4% rise in full year net profit to QAR1.29 billion, gained 0.5% at QAR141.70.

BAHRAIN: The main gauge of stocks closed Monday +0.2 at 1149.62.

OMAN: Muscat's market closed +0.1% at 5675.90 Monday; financial and industry stocks gained.

EGYPT: The Egyptian index of shares EGX 30 closed +0.8% at 5152.64 Monday.

Egyptian Co. for Mobile Services, or Mobinil, Monday swung to a fourth-quarter net loss of EGP177 million, hit by lower revenue, higher commercial expenses and employee bonuses.

Monday's result missed the EGP11 million loss forecast by analysts at Cairo-based investment bank Beltone Financial. EFG-Hermes estimated a net loss of EGP133 million. Shares closed down 2% Monday at EGP175.15.

NEWS FROM AROUND THE GULF: Egypt's trade deficit narrowed 6.4% last November to EGP12.392 billion, compared to EGP13.4 billion a year earlier as the value of its exports rose, the country's official statistics agency said in a statement on its website Monday.

Qatar Holding, the overseas investment arm of the country's wealth fund, has bought the London headquarters of Credit Suisse in Canary Wharf and will lease it back to the bank in a long term deal until 2034, it said.

Global advertising agency Leo Burnett expects growth from digital media to help fuel its expansion in the Middle East and North Africa this year, the company's regional chief executive said.

Abraaj Capital, the Dubai-based private-equity firm, said Monday it is buying Aureos Capital, a specialist private equity company with about $1.3 billion in assets under management.

-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

21-02-12 0538GMT