Wednesday, Mar 28, 2012
Saudi SE 7767.33 -0.20%
Dubai FM 1652.44 -0.18%
Abu Dhabi SM 2574.57 -0.11%
Kuwait SE 6186.70 -0.35%
Doha SM 8772.96 +0.53%
Muscat SM 5794.58 -0.54%
Bahrain SE 1152.42 -0.15%
Cairo SE 4985.32 +1.57%
Amman 1987.67 -0.18%
ICE Brent $/bbl 124.97 -0.23%
Gold $/troy oz 1678.80 -0.67%
Euro-USD 1.33 +0.10%
DJIA 13197.73 -0.33%
By Brinda Darasha
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stocks in the Persian Gulf region are likely to tread water Wednesday with one eye on global equities as investors await first quarter reporting season which starts next month.
Asian stock markets were mostly lower Wednesday as Wall Street's modest declines Tuesday capped demand and regional bourses consolidated the previous session's rally that was underpinned by market-friendly remarks from Federal Reserve Chairman Ben Bernanke.
Japan's Nikkei Stock Average fell 1.2%, South Korea's Kospi Composite dropped 0.4%, China's Shanghai Composite Index fell 1.5%, Hong Kong's Hang Seng Index declined 1.0% and India's Sensex lost 0.4%.
The U.S. dollar was lower against the euro and the yen after it rebounded Tuesday as the selloff triggered by Bernanke's low-rates comment faded.
Elsewhere, crude oil futures struggled to find direction as traders awaited government oil inventory data and fresh headlines on Iran for further guidance. Light, sweet crude for May delivery was -0.6% lower at $106.73 a barrel on the New York Mercantile Exchange.
U.A.E.: Dubai's market Tuesday ended -0.2% at 1652.44. The market is still up some 22% for the year.
Financial sector shares were the major losers led by International Financial Advisors, -9.8% at AED0.74.
DP World expects throughput at its U.A.E. hub to grow by over 12% this year, surpassing 2011 levels, as the gateway port continues to benefit from the strengthening economies of the Middle East, India and Africa regions, a top company official said Tuesday. DP World is scheduled to report full-year earnings on Thursday. DP World shares closed Tuesday +4% at $11.43.
Abu Dhabi shares closed -0.1% to 2574.57 Tuesday, undermined by the financial services sector.
SAUDI ARABIA: Saudi's Tadawul Index closed Tuesday -0.2% at 7767.33, after testing the 7800 level. The benchmark index last closed above the 7800 level on Sept. 13, 2008.
Zain Saudi was among the top losers, -5% at SAR10.25.
Saudi Electricity Co., the biggest utility company in the kingdom, has launched a two-tranche, $1.75 billion sukuk, after getting strong demand for the issue, a person familiar with the matter said Tuesday.
Saudi Kayan Petrochemical Co. said Tuesday it started trial operations at its amines plant at its mega petrochemical complex in Jubail industrial city. Shares ended -4.8% at SAR19.85.
KUWAIT: Kuwait's main stock index ended -0.4% at 6186.70 Tuesday.
National Investments Co., or NIC, a unit of Kharafi Group, Tuesday said its chief executive Asaad Al Banwan has stepped down. The company's shares fell 5.8% to close at KWD0.162.
Kipco Asset Management Co., or Kamco, the investment arm of the Kipco group, said Tuesday it swung to a full-year loss of KWD6.05 million in 2011 from a net profit of KWD1.82 million in the previous year. Kamco's shares haven't traded since March 7.
QATAR: Qatar's QE Index closed up 0.5% at 8772.96 Tuesday.
BAHRAIN: The main gauge of stocks closed Tuesday -0.2% at 1152.42.
OMAN: Muscat's market closed -0.5% at 5794.58 Tuesday.
EGYPT: The Egyptian index of shares EGX 30 closed +1.6% at 4985.32 Tuesday.
Orascom Construction Industries, said Tuesday fourth quarter net income fell to $122.6 million compared with a net income of $186 million in the fourth quarter of 2010. However, full year net profit rose 14% to $676.9 million compared with $594.3 million the year earlier. OCI shares closed +1.8% at EGP254.90.
NEWS FROM AROUND THE GULF: Amanda Staveley, a British banker renowned for deal-making with Arab Gulf power players, is advising Abu Dhabi on its potential purchase of a stake in the U.K. government-owned Royal Bank of Scotland Group PLC (RBS), according to a person familiar with the matter.
The world's top oil exporter Saudi Arabia will donate to crisis-hit Yemen a two-month supply of refined oil products, Yemen's official news agency Saba reported Tuesday.
Air traffic at Dubai International airport soared 19% in February year on year, matched by a strong rise in cargo volumes--underlining the city state's growing importance as a global aviation hub.
Qatargas, the world's largest supplier of liquefied natural gas, said Monday it will shut down its Qatargas-1 plant in April for planned maintenance.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
28-03-12 0518GMT
