Monday, May 20, 2013


 
Saudi SE           7300.34       +0.99% 
Dubai FM           2352.21       +2.45% 
Abu Dhabi SM       3564.20       +1.42% 
Kuwait SE          8021.28       +1.51% 
Doha SM            9009.43       +1.04% 
Muscat SM          6393.13       +0.26% 
Bahrain SE         1158.37       +0.92% 
Cairo SE           5451.23       +0.43% 
Amman              2014.86       -0.14% 
 
ICE Brent $/bbl     104.55       -0.09% 
Gold $/troy oz        1343       -1.59% 
Euro-USD              1.28       -0.34% 
DJIA              15354.40       +0.79%

By Brinda Darasha

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Equities in the Persian Gulf region are likely to track positive cues from global markets on Monday, while the region's relatively buoyant economic fundamentals continue to support underlying sentiment.

"With 1Q-13 results season in the region now largely over, investor focus is likely to shift back to cues from international markets," said analysts at Shuaa Capital in a note to clients. In particular, growing calls from some U.S. Federal Reserve officials to halt bond purchases as early as summer are being closely tracked by global markets, they said.

Asian shares were trading up early Monday as the U.S. dollar's continued rise pushed Japanese stocks higher, while Hong Kong gained as Chinese property developers outperformed. European stock markets meanwhile are expected to open higher regardless of valuations as investors continue to pin hopes on loose central bank liquidity.

In terms of oil, front month ICE Brent crude futures last traded flat at $104.65 a barrel.

U.A.E.: Dubai's market Sunday ended 2.5% higher at 2352.21. Banks and real estate stocks advanced.

Mashreq Bank was the top gainer, rising 13% to AED45, while Dubai Islamic Bank added 4% to AED3.30.

Analysts at EFG Hermes downgraded Dubai Islamic Bank to neutral, from buy rating previously, after a sharp rally this year. The investment bank raised its fair value for DIB to AED3 from AED2.8 following its 1Q results, but flagged marginal downside to the current stock price.

Abu Dhabi shares closed 1.4% higher at 3564.20 Sunday, boosted by real estate stocks.

Sorouh Real Estate was top gainer; +15% at AED2.46. Aldar Properties, the Abu Dhabi-listed developer merging with Sorouh, rose 14.7% at AED1.95.

SAUDI ARABIA: Saudi's Tadawul Index closed Sunday 1% higher at 7300.34. The index could face resistance at 7,320 in the near term, said NCB Capital.

Investment bank Sico initiated coverage of Saudi Basic Industries Corp., or Sabic, with an add rating and SAR109 target price. Sabic offers value with strong profitability and stable dividend yield, it said. Sabic shares closed +0.3% at SAR92.25.

Saudi Arabia Mining Co., or Maaden, said Sunday that its subsidiary has resumed production at an ammonia plant in Ras-al-Khair following unplanned repairs. Shares closed up 0.3% at SAR31.

KUWAIT: The Kuwait stock exchange ended +1.5% at 8021.28 Sunday. The index is now up 35% for the year.

NBK Capital's technical analysts said the index is moving in an uptrend over the medium and short terms. "The medium term target is 8,400."

QATAR: Qatar's QE Index closed +1% at 9009.43 Sunday, lifted by all sectors.

BAHRAIN: The main gauge of stocks closed Sunday +0.9% at 1158.37, led by banks and investment stocks.

OMAN: Muscat's market closed +0.3% at 6393.13. Services and insurance led up.

EGYPT: The Egyptian index of shares EGX 30 closed up 0.4% at 5451.23 Sunday; breached a key resistance level at 5,450.

NEWS FROM AROUND THE GULF: Oil production in Saudi Arabia, the world's largest exporter of crude, slipped to 9.136 million barrels a day in March, compared with 9.150 million barrels a day a month earlier, while exports edged 0.5% lower during the same period, official data showed Sunday.

Saudi Arabia's annual inflation rose slightly to 4% in April compared with 3.9% in March on higher food prices, the Central Department for Statistic and Information said in a statement.

Etihad Airways said on Sunday it had acquired three airport services companies from Abu Dhabi Airports Company as the airline looks to exploit cost and revenue synergies across ground handling, catering and cargo operations.

Write to Brinda Darasha at brinda.darasha@dowjones.com

Copyright (c) 2013 Dow Jones & Co.

(END) Dow Jones Newswires

20-05-13 0445GMT