Jul 30 2012
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MIDEAST MORNING BRIEFING: Spotlight on Ppty Stks As Emaar 2Q Pft Rises
Monday, Jul 30, 2012
Saudi SE 6769.12 +0.02%
Dubai FM 1509.05 -0.05%
Abu Dhabi SM 2485.51 +0.62%
Kuwait SE 5748.78 +0.03%
Doha SM 8285.96 +0.72%
Muscat SM 5376.57 -0.21%
Bahrain SE 1109.62 -0.38%
Cairo SE 4758.84 +0.12%
Amman 1870.73 -0.33%
ICE Brent $/bbl 106.80 +0.27%
Gold $/troy oz 1625.40 -0.13%
Euro-USD 1.23 0.00%
DJIA 13075.66 +1.46%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen supported Monday by an uptick in global risk appetite, while Dubai bellwether Emaar Properties will likely grab some attention after posting a sharp jump in quarterly profit.
Emaar said late Sunday it plans to launch more projects at home to boost growth, after the real estate developer more than doubled its profit in the second quarter on the back of stronger rental and retail revenues.
In the wider region, while the focus remains on second-quarter earnings, global news flow is expected to continue weighing on sentiment.
"With verbal support coming from European policymakers last week, the markets will likely look for concrete action," analysts at Barclays said.
Investors are also eyeing the U.S. Federal Reserve's Open Market Committee meeting later this week to see whether the central bank will ease policy.
Nymex crude oil futures for September delivery were last up 53 cents at $90.66 a barrel Monday.
U.A.E.: Dubai's market closed -0.1% at 1509.05 Sunday.
Emaar Properties said Sunday it made a second-quarter net profit of AED614 million, up from AED250 million a year earlier, beating most analysts expectations. Bahrain-based SICO expected its profit at AED583 million, while Egypt-based EFG Hermes predicted it at AED548 million.
Abu Dhabi's market was up 0.6% at 2485.51 Sunday.
Heavyweight Etisalat rose 1.4% to AED9.33, extending Thursday's 0.7% gain after posting a 17% rise in 2Q profit. A local news report, citing Etisalat's CEO, that the telco will soon allow foreigners to own its shares also boosted sentiment.
SAUDI ARABIA: The Gulf's biggest market closed flat at 6769.12 Sunday.
KUWAIT: The main gauge of stocks ended flat at 5748.78 Sunday.
QATAR: Doha's market rose 0.7% to 8285.96 Sunday; led by telco stocks.
Qatar Telecom shares were up 2.1% at QAR105 Sunday. Its quarterly results are expected this week.
BAHRAIN: The benchmark stocks index finished down 0.4% at 1109.62 Sunday;
Aluminium Bahrain, or Alba, posted a sharp drop in second quarter net profit on Sunday due to lower London Metal Exchange levels and higher gas costs, but said demand is still healthy despite global economic uncertainty.
Alba's net profit in the three months ended June 30. amounted to $95 million. It made $185 million in the year earlier period, according to Zawya.com data.
OMAN: Muscat's market closed down 0.2% at 5376.57 Sunday; service sector stocks weighed.
EGYPT: The benchmark EGX 30 Index closed +0.1% at 4758.84 Sunday; the market is up some 31% for the year.
NEWS FROM AROUND THE GULF: Annual inflation in Kuwait was slightly up at 2.8% in June, from 2.78% in May, due to higher food prices, state-run Kuwait News Agency, or Kuna, reported Sunday.
China National Petroleum Corp. or CNPC, the country's largest oil producing company, has pulled out of developing Phase 11 of Iran's offshore South Pars gas field after constant and prolonged delays in the project, the Persian semi-official Mehr news agency reported Sunday.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; email@example.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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