Wednesday, Nov 09, 2011


 
Saudi SE             6215.67                +0.98% 
Dubai FM             1384.28                +0.49% 
Abu Dhabi SM         2482.23                -0.32% 
Kuwait SE            5910.20                -0.11% 
Doha SM              8631.11                +0.60% 
Muscat SM            5573.10                +0.31% 
Bahrain SE           1155.12                +0.61% 
Cairo SE             4424.02                +0.79% 
Amman                2010.54                +0.31% 
 
ICE Brent $/bbl       114.67                +3.89% 
Gold $/troy oz       1793.40                -0.01% 
Euro-USD                1.38                +0.00% 
DJIA                 12170.18               +0.84% 
 
   By Tim Falconer 
   Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Some Gulf markets resume trading Wednesday, following a long religious holiday break, with investors likely to adopt a cautiously optimistic tone as Asian stocks advanced following the planned resignation of Italian Prime Minister Silvio Berlusconi.

Global markets were buoyed by Berlusconi's announcement that he would step down after reforms aimed at stabilising Italy's debt-mired economy were passed later in the month. The move is seen as a significant step toward resolving the country's part in Europe's sovereign-debt crisis.

"Confidence continues to improve after Berlusconi agreed to resign. Risk appetite is improving," said one equities trader.

Overnight, the Dow Jones Industrial Average gained 101.79 points, or 0.84%, to 12170.18, the second straight rise and fourth in five days.

In Asia early Wednesday, Japan's Nikkei Stock Average gained 0.9%, Australia's S&P/ASX 200 index rose 1.5%, and South Korea's Kospi ticked up 0.4%.

The euro was steady against the U.S. dollar as investors looked to new developments in Europe and awaited data from China, while spot gold was at $1,792.10 a troy ounce, up $7.00 from its New York settlement Tuesday. December Nymex crude oil futures were last up 31 cents at $97.11 a barrel on Globex.

U.A.E.: Dubai's market Thursday ended up 0.5% at 1384.28.

Banks are likely to be under the microscope after Moody's late last week maintained its negative outlook on the banking system of the United Arab Emirates, citing ongoing provisioning needs, a real-estate oversupply and a slowdown in Dubai's economic recovery.

Emirates NBD shares closed Thursday at AED3.30, while Dubai Islamic Bank rose 0.5% to AED1.98.

Abu Dhabi shares closed -0.3% at 2482.23 Thursday.

Aldar shares closed 1% higher at AED1.03. Abu Dhabi's largest listed property developer, late Thursday said it swung to a profit in the third quarter, reversing last year's loss, as it boosted revenue from land sales and rental income increased.

SAUDI ARABIA: The market is closed from Nov. 5 to Nov. 9 on account of the Muslim holiday of Eid Al Adha. The main gauge closed 1% higher at 6215.67 on Nov 2.

KUWAIT: The Kuwait Stock Exchange will be closed for trading from Sunday, Nov. 6 to Thursday, Nov 10. on account of Eid Al Adha. Trading will resume on Sunday Nov. 13. The main index finished 0.1% down at 5910.20 on Thursday.

QATAR: Qatar's QE Index closed +0.6% at 8631.11 Thursday.

BAHRAIN: The main gauge of stocks closed +0.6% at 1155.12 Thursday.

OMAN: Muscat Securities Market will be closed from Nov. 6 to Nov. 10 due to Eid Al Adha. Its main gauge closed Thursday 0.3% lower at 5573.10.

EGYPT: The Egyptian index of shares EGX 30 closed Thursday up 0.8% at 4424.02.

SYRIA: Damascus Securities Exchange, or DSE, trade sessions take place Monday, Tuesday and Wednesday.

NEWS FROM AROUND THE GULF: The main markets regulator in the U.A.E. has published draft rules that would permit short-selling for the first time, in a bid to revive market activity and attract foreign investment.

OPEC may not increase its production this year or next year, the group's secretary general said Tuesday, despite prospects of rising demand.

Qatar Airways, the Gulf Arab state's flag carrier, plans to make a major announcement at the Dubai Air Show that starts Sunday, a spokesman for the airline told the Qatar News Agency Tuesday.

Dubai-based Emirates Airline, the biggest carrier in the Middle East, said first-half net profit plunged 76% on spiraling fuel costs and foreign exchange losses.

Non-oil private sector business activity in the U.A.E. increased in October as new orders and employment accelerated, a sign that economic growth in the Arab country is holding up well in the face of a deteriorating global backdrop, a report from HSBC Holdings PLC (HBC) showed.

Dubai's plan to widen the jurisdiction of its financial center's common law court system is an important step forward in the emirate's bid to attract more foreign investments, as businesses seeking to resolve commercial disputes can now circumvent local, Arabic-language courts, lawyers said.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

09-11-11 0513GMT