Thursday, Mar 29, 2012


 
Saudi SE              7782.84               +0.20% 
Dubai FM              1683.18               +1.86% 
Abu Dhabi SM          2566.92               -0.30% 
Kuwait SE             6186.70                0.00% 
Doha SM               8790.22               +0.20% 
Muscat SM             5720.53               -1.28% 
Bahrain SE            1150.42               -0.17% 
Cairo SE              5040.05               +1.10% 
Amman                 1986.27               -0.07% 
 
ICE Brent $/bbl        124.16               -0.11% 
Gold $/troy oz        1663.70               -0.07% 
Euro-USD                 1.33                0.00% 
DJIA                 13126.21               -0.54%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen mixed Thursday as investors adopt a cautious view amid light local news flow, and mostly weak international equity on worries about the global growth outlook.

The focus is now shifting to first-quarter company earnings after some sharp recent gains in several regional markets, traders say.

Asian stocks were mostly lower Thursday, after Wall Street declines overnight, as downbeat U.S. data hurt sentiment.

A U.S. durable goods orders reading Wednesday missed expectations, adding to the recent string of uninspiring U.S. economic data. This along with a downward revision to fourth-quarter gross domestic product in the U.K. and recent soft economic data in China has left investors worried about the global economy.

Oil prices were subdued Thursday, after falling the previous day, hit by a surprise build in U.S. oil inventories and the renewed potential for a strategic oil reserve release. Nymex May crude futures were last down 3 cents at $105.38 a barrel.

U.A.E.: Dubai shares finished 1.9% higher at 1683.18 Wednesday; the market is up more than 24% for the year.

Emirates Integrated Telecommunications Co., or Du, said Wednesday its shareholders approved the distribution of AED0.15 as cash dividend for 2011.

Qatari conglomerate Mannai Corporation and investment funds managed by Cairo-based investment bank EFG Hermes Wednesday said they reached an agreement on the terms of a cash bid for Dubai-based Damas, a regional jewellery company.

Abu Dhabi's market ended down 0.3% at 2566.92 Wednesday; real estate stocks were among the top losers.

It is "difficult and disappointing" that Apple's new iPad tablet computer's fourth-generation wireless capability is incompatible with the mobile data network in the Middle East region, a senior executive of Emirates Telecommunications Corporation, or Etisalat said Wednesday.

SAUDI ARABIA: The Gulf's largest market is closed for the weekend. The benchmark index was up 0.2% at 7782.84 Wednesday. It faces resistance at the 7800 level, after adding some 21% this year, a trader said.

Etihad Atheeb Telecommunication Co. shares topped the risers list, up 10% at SAR19.80. Its stock price has more than doubled since trading resumed Saturday; the kingdom's market regulator had suspended trading of Atheeb's shares in May 2011 after the company reported sharp losses.

Atheeb posted its first quarterly profit in the quarter ending Dec. 31, 2011, since it began operations.

Almarai Co., the Middle East's largest dairy company, said Wednesday it has raised its stake in International Dairy and Juice Ltd., or IDJ, a joint venture between it and PepsiCo Inc.

KUWAIT: The market closed flat at 6186.70 Wednesday; the benchmark stocks gauge is up some 6% this year to date.

Aref Energy Holding Co. said Wednesday it has received a $25 million offer for the acquisition of its entire 64.25% stake in Sudan's Higleig Petroleum Services and Investment Co.

The Kuwait Stock Exchange Wednesday said it will suspend trading in the shares of 67 listed companies if they didn't submit their full-year financial results by the morning of Sunday, April 1.

QATAR: Doha's market finished up 0.2% at 8790.22 Wednesday; supported by service sector and industry stocks.

BAHRAIN: The main gauge of stocks ended -0.2% at 1150.42 Wednesday; bank stocks weighed.

Bahrain is expected to issue fourth-generation, or 4G, spectrum licenses in the first quarter of 2013, an official from the country's Telecom Regulatory Authority, or TRA, said Wednesday.

OMAN: Muscat's market closed down 1.3% at 5720.53 Wednesday; dragged by service sector and industry stocks.

EGYPT: The benchmark EGX 30 Index closed +1.1% at 5040.05 Wednesday; the market is up 39% this year.

Orascom Telecom Holding, or OT, said its Algerian subsidiary will appeal a judgement handed down by a court there earlier Wednesday against the company better know as Djezzy, as well as a senior executive, for alleged breaches of foreign exchange regulations.

NEWS FROM AROUND THE GULF: Saudi Arabia's Oil Minister Ali al-Naimi said that there is no rational reason for current high oil prices, which are hurting European economic growth targets, but said the world's largest crude exporter will do what it can to mitigate them.

PCP Capital Partners, an investment firm headed by U.K. banker Amanda Staveley, is expected to close a GBP234 million deal later Wednesday to buy a central London site from Land Securities Group PLC, one of the U.K.'s largest real estate firms, people familiar with the matter said.

Gulf Arab countries are on track to set up a customs union for the region by Jan. 1, 2015 despite some outstanding issues among member countries, a Gulf official said.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

29-03-12 0458GMT