Jul 09 2012
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MIDEAST MORNING BRIEFING: Gulf Mkts Seen Rangebound; Global Caution
Monday, Jul 09, 2012
Saudi SE 6855.13 -0.07%
Dubai FM 1498.16 -0.43%
Abu Dhabi SM 2475.11 +0.11%
Kuwait SE 5871.71 +0.18%
Doha SM 8272.92 +0.07%
Muscat SM 5561.33 -0.29%
Bahrain SE 1121.28 -0.05%
Cairo SE 4902.07 -0.96%
Amman 1893.58 -0.26%
ICE Brent $/bbl 98.78 +0.60%
Gold $/troy oz 1581.10 0.00%
Euro-USD 1.23 0.00%
DJIA 12772.47 -0.96%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen rangebound Monday as global economic concerns remain a drag, while investors await second-quarter earnings for direction.
Several Saudi banks have reported their financials and that will likely grab investor attention Monday.
Analysts at Barclays noted the growing focus on implementation hurdles for the European Council summit agreements, slowing global growth, and easing of monetary policy.
Oil prices were slightly up Monday, after sharp declines Friday following the U.S. jobs report. Nymex August crude futures were last up 35 cents at $84.80 a barrel.
U.A.E.: Dubai's market finished down 0.4% at 1498.16 Sunday; service sector stocks led the decline.
Abu Dhabi shares were up 0.1% at 2475.11 Sunday; banks and telcos supported.
SAUDI ARABIA: The Tadawul market ended -0.1% at 6855.13.
Riyad Bank said Sunday its net profit in the second quarter rose 9.4% on year to SAR914.4 million, mainly due to an increase in the total operating income.
Saudi Investment Bank said Sunday that its net profit in the second quarter was up 7% on year at SAR222 million.
Zain KSA shares finished limit down 9.9% at SAR14.50. A Riyadh-based analyst reckons retail investors were selling after the stock price was artificially increased due to the company's capital restructuring--a reduction in capital, followed by a rights issue.
He said it is likely that many small investors didn't realize that while the value of the stock has increased, the number of shares they own have reduced.
KUWAIT: The benchmark index closed +0.2% at 5871.71 Sunday.
QATAR: Doha's market closed +0.1% at 8272.92 Sunday; propped up by real estate stocks.
BAHRAIN: The main gauge of stocks ended 0.1% lower at 1121.28 Sunday; weighed by the banking sector.
Aluminium Bahrain, or Alba, said Sunday its sales were almost flat on year in the first half of 2012 amid global economic uncertainty.
OMAN: Muscat's market closed -0.3% at 5561.33 Sunday; bank and industry stocks dragged.
EGYPT: The benchmark EGX 30 Index closed -1% at 4902.07 Sunday.
The market added some 23% in the previous two weeks since Mohammed Morsi was named winner of the presidential election, after losing 19% in about a month preceding the rebound.
Egypt's new president moved Sunday to reconvene a parliament that was dissolved last month, according to Egyptian state media, in what amounts to the president's most aggressive assault yet against the lingering power of the former ruling military regime.
NEWS FROM AROUND THE GULF: Sovereign wealth funds for the Gulf states of Abu Dhabi and Qatar are front-runners to acquire 42 U.K.-based Marriott hotels which are being sold out of administration, a person familiar with the matter said Sunday.
HPF Private Investment Fund Co. has bought full ownership of Amman-based Jordan Dubai Capital for $130 million from Dubai International Capital and other shareholders, according to a company statement Sunday.
Dubai's non-oil trade is expected to grow 20% on year in 2012 to AED1.32 trillion, as exports and stronger direct foreign trade increase, Dubai Statistics Centre, or DSC, said Sunday.
Dubai Duty Free, the state-owned company that operates tax-free shops at the Dubai International Airport, said it raised $1.75 billion via a six-year, syndicated loan to fund the expansion of the emirate's air and transport hub.
Qatar Steel, a wholly-owned subsidiary of local conglomerate Industries Qatar, has signed a memorandum of understanding with Algeria to build a 5 million ton steel plant in the North African country, the official Qatar News Agency, or QNA, reported.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; firstname.lastname@example.org; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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