Monday, May 14, 2012


 
Saudi SE               7182.95              -0.69% 
Dubai FM               1488.24              -1.77% 
Abu Dhabi SM           2473.51              -0.19% 
Kuwait SE              6446.06              -0.01% 
Doha SM                8536.35              -0.14% 
Muscat SM              5735.94              -0.18% 
Bahrain SE             1159.87              -0.02% 
Cairo SE               5083.26              +1.36% 
Amman                  1961.33              -0.28% 
 
ICE Brent $/bbl         111.97              +0.18% 
Gold $/troy oz         1581.20              +0.03% 
Euro-USD                  1.29               0.00% 
DJIA                  12820.60              -0.27%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen trading mixed in narrow ranges Monday as investors remain cautious on continued concerns about the euro zone, while weak oil prices will also likely weigh, traders say.

The spotlight will likely fall on Arabtec Holding, after it said Aabar Investments and its units totally held a 20.76% stake in the company as on May 10, denying recent media reports that the Abu Dhabi-based firm owned a 53% stake in the construction firm.

Asian stocks edged higher Monday after China lowered the share of deposits that banks must hold in reserve, but gains were capped due in part to some weak China economic data for April released earlier and political worries in Europe.

Coalition talks in Greece continued throughout the weekend with party leaders failing to form a government, forcing Greek President Karolos Papoulias to call a final meeting to be held Monday. In Germany, Chancellor Angela Merkel lost an election in North Rhine-Westphalia, raising doubts that her party will be able to stay in power after next year's general election.

Oil prices were lower Monday, after falling 1% Friday--the decline was the seventh out of the last eight sessions. Nymex June crude futures were last down 41 cents at $95.72 a barrel.

U.A.E.: Dubai shares finished -1.8% at 1488.24 Sunday; the market has now fallen in 12 out of the last 13 sessions.

Arabtec Holding fell 5.8% to AED2.78 Sunday, extending recent losses.

Shares in regional jewelry retailer Damas will be delisted from the Nasdaq Dubai next month as part of the company's takeover by Qatar's Mannai Corporation and investment funds managed by Egypt-based EFG Hermes.

Dubai Investments on Sunday posted a 6.3% year-on-year rise in first-quarter net profit to AED107.5 million and said the outlook for the rest of 2012 is "promising" as the conglomerate is considering to exit some of its holdings.

Abu Dhabi's market was down 0.2% at 2473.51 Sunday; real estate and bank stocks weighed.

Abu Dhabi Islamic Bank Sunday reported a 0.9% on year rise in first-quarter net profit to AED307.3 million as revenues grew alongside provisions and impairments. ADIB shares closed -1% at AED3.10 Sunday.

SAUDI ARABIA: The Tadawul market ended -0.7% at 7182.95 Sunday; petchem stocks dragged as investors adopted caution ahead of the international week amid continued concerns about the euro zone.

The market rebounded Saturday on some bargain buying, after some sharp recent losses, but investors remain nervous amid weaker oil prices, traders say.

KUWAIT: The benchmark stocks index ended flat at 6446.06 Sunday; the market is up some 11% this year.

QATAR: Doha's market closed down 0.1% at 8536.35 Sunday; telco and industry stocks dragged.

BAHRAIN: The main gauge of stocks ended flat at 1159.87 Sunday; the market is up about 1.4% for the year.

Bahrain Telecommunications Co., or Batelco, the Arab Gulf country's biggest telco, has dropped plans to sell its towers as various sale-and-lease-back proposals did not create sufficient long-term economic value, and instead will focus on sharing infrastructure with other telecom operators in a bid to cut costs, the group's top executive said Sunday.

OMAN: Muscat's market closed down 0.2% at 5735.94 Sunday; financial stocks were among the top losers.

EGYPT: The benchmark EGX 30 Index closed 1.4% higher at 5083.26 Sunday; the market has added 40% in 2012 to date.

As Egyptians prepare for what many hope will be their country's first free presidential elections next week, an impasse between liberal politicians and Islamists over a new constitution means candidates are vying for an ill-defined role.

NEWS FROM AROUND THE GULF: Saudi Arabia and the tiny, troubled kingdom of Bahrain are expected to push toward a broad security and economic union on Monday, an agreement that regional power Saudi Arabia hopes will spur a similar tightening of ties with other Gulf countries.

Saudi Arabia would like the price of benchmark Brent crude oil to fall to US$100 a barrel, and expects global crude stocks to build ahead of an anticipated seasonal rebound in demand starting from July, Saudi Oil Minister Ali al-Naimi said here Sunday.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

14-05-12 0528GMT