Sunday, Aug 14, 2011
Saudi SE 6155.88 +1.93%
Dubai FM 1464.00 +0.21%
Abu Dhabi SM 2588.44 -0.53%
Kuwait SE 5850.60 -0.85%
Doha SM 8107.47 -0.25%
Muscat SM 5426.56 -0.82%
Bahrain SE 1266.37 -0.47%
Cairo SE 4592.00 -1.50%
Amman 2019.61 -0.19%
ICE Brent $/bbl 108.03 +0.21%
Gold $/troy oz 1742.60 -0.68%
Euro-USD 1.41 0.00%
DJIA 11269.02 +1.13%
By Brinda Darasha
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Persian Gulf markets are likely to trade cautiously positive Sunday after U.S. stocks closed higher Friday and Saudi Arabia followed suit Saturday, but gains are likely to be capped as continuing uncertainties over the Eurozone debt management and a lack of confidence in the health of the U.S. economy weigh on sentiment.
The Dow Jones Industrial Average finished up 125.71 points, or 1.13%, at 11269.02. as an upbeat retail sales report trumped a weak reading on consumer confidence.
However, crude oil futures ended a tad down Friday for the week. Light, sweet crude oil for September delivery on the New York Mercantile Exchange settled down 34 cents Friday at $85.38 a barrel, $1.50 lower than a week ago.
U.A.E.: Dubai's market Thursday ended +0.2% at 1464. The index rallied on a late push led by banking and finance stocks.
Deyaar Development closed +4.2% at AED0.27, extending Wednesday's gain. The developer said Wednesday it made a net profit of AED44.4 million in the first six months of the year, compared with a net loss of AED344 million a year ago, as it handed over more properties.
National Central Cooling Co., or Tabreed, Thursday reported an 8.8% rise in second-quarter net profit to AED43.8 million from AED40.3 million in the year-ago period. Tabreed shares closed +2% at AED0.83.
DFM Co. closed lower, -1.8% at AED1.11. Morgan Stanley Thursday cut DFM Co. to underweight rating from equalweight and slashed its target price to AED0.82 from AED1.74 saying it's skeptical about an sustainable recovery before 2013 as value traded on DFM "has seen the sharpest contraction among the exchanges we track."
Union Properties, the Dubai-based real-estate company that is 48% owned by Emirates NBD, said Thursday its first-half net loss widened to AED439 million, from AED299 million a year ago, as it wrote down the value of its property portfolio.
Union Properties shares closed trading Thursday 3.5% higher at AED0.38.
Drake & Scull International, or DSI, Sunday said its second-quarter net profit rose to AED51.3 million from AED43.5 million a year ago as the contractor's revenues increased. DSI's shares closed Thursday -0.6% at AED0.90 in a slightly positive overall market.
Abu Dhabi shares closed -0.5% at 2588.64 Thursday. Property and energy shares led down.
Rak Properties -2.9% at AED0.34, Sorouh Real Estate -1.7% at AED1.18 and Aldar Properties -2.5% at AED1.19.
Dana Gas, after notching up a near fourfold year-on-year jump in 2Q net profit to AED124 million Wednesday, finished -1.8% at AED0.55.
Abu Dhabi National Energy Co., better known as Taqa, finished -1.6% at AED1.20 after the company said Wednesday its 2Q more than doubled to AED435 million.
SAUDI ARABIA: Saudi's Tadawul Index closed +1.93% at 6155.88 Saturday.
But traders said the gains took place amid light trading volumes, and there was continuing nervousness about the recent volatility of global markets, following the wild swings seen last week on Wall Street and other international bourses.
One trader described Saturday's market action as "unconvincing" given the scale of the rallies seen Thursday and Friday on Wall Street, and predicted there would be profit-taking during Sunday's session.
Saudi Arabian Mining Co., or Maaden, shares closed +2.6% at SAR25.50 Saturday. The miner said Friday it had started the construction of the rolling mill and alumina refinery at its planned aluminium joint venture complex with U.S.-based Alcoa Inc. (AA).
KUWAIT: The Kuwait stock exchange ended -0.9% at 5850.60 Thursday. Investment stocks weighed down the index.
QATAR: Qatar's QE Index closed down 0.3% at 8107.47 Thursday. Industrial and banking stocks paced declines.
Industries Qatar finished -0.8% at QAR128.
Qatar National Bank was down 0.3% at 137.50. Ratings firm Fitch Thursday affirmed QNB's Long-term Issuer Default Rating (IDR) at 'A+' with a stable outlook, reflecting the extremely high probability of support from the Qatari authorities, if ever required.
BAHRAIN: The main gauge of stocks closed Thursday -0.5% at 1266.37.
Gulf Finance House was the top loser, closing down 8% at BHD0.120.
Al Baraka Banking Group B.S.C said Thursday second-quarter net profit rose 21% to $57 million, up from $47 million a year ago, due to higher operating profit on the back of its geographical diversification.
OMAN: Muscat's market closed -0.8% at 5426.56. Financial and services stocks led down.
EGYPT: The Egyptian index of shares EGX 30 closed -1.50% at 4592.00 Thursday.
Commercial International Bank shares closed trading in Cairo Thursday 0.4% lower at EGP25.04. The bank posted an 11% drop in second-quarter profit, to EGP443.1 million, down from EGP495.6 million a year ago.
Orascom Telecom shares closed -2.7% at EGP3.22. The telco Wednesday posted a second-quarter net loss of $58.5 million, as a new corporate tax law hit profit.
SYRIA: Damascus Securities Exchange, or DSE, trade sessions take place Sundays to Thursdays.
NEWS FROM AROUND THE GULF:
Inflation in Arab Gulf states isn't likely to hit unexpected heights in the second half of this year despite a weakening U.S. dollar and economic turmoil in global markets, said Shady Shaher, Standard Chartered's economist for Mena and global markets.
The Middle East private equity industry has been hard hit by the uncertain political environment since the start of the Arab spring, but there's still the potential for new deals even in tough markets such as Egypt and Iraq, according to the private equity arm of U.K.'s Standard Chartered PLC (STAN.LN).
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
14-08-11 0536GMT
