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Jan 05 2012

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MIDEAST MORNING BRIEFING: Gulf Mkts Seen Mixed; 4Q Earns Eyed

Saudi SE               6407.87              -0.09% 
Dubai FM               1346.60              -0.29% 
Abu Dhabi SM           2416.61              +0.30% 
Kuwait SE              5754.20              -0.46% 
Doha SM                8891.80              +0.13% 
Muscat SM              5713.68              -0.14% 
Bahrain SE             1136.08              +0.13% 
Cairo SE               3654.79              -0.02% 
Amman                  1987.40              -0.12% 

ICE Brent $/bbl         113.10              -0.53% 
Gold $/troy oz         1617.20              +0.10% 
Euro-USD                  1.29              -0.15% 
DJIA                  12418.42              +0.17% 

   By Nikhil Lohade 
   Of ZAWYA DOW JONES 
 

Most Asian stocks were modestly higher Thursday, after a tepid Wall Street finish overnight.

The focus remains firmly on Europe's debt crisis. News that the regional government of Valencia was late in repaying a EUR123 million debt to Deutsche Bank, has heightened speculation Spain could be forced to seek an international bailout.

Oil prices are subdued Thursday, after ending at their highest level since May 10 as traders remained anxious about continued tensions between Iran and the West. Nymex February crude futures last traded down 17 cents at $103.05 a barrel Thursday.

A unit of DP World has signed a three-year agreement to operate Canada's Nanaimo port, the Dubai-based ports operator said. DP World shares closed Wednesday up 1.5% at $10 on Nasdaq Dubai.

The Abdullah brothers have appointed a financial advisor ahead of a possible sale of some of the shares owned by them in Damas International, the Dubai-based jewelry firm said Wednesday.

Abu Dhabi's market was up 0.3% at 2416.61 Wednesday; led by bank and telco stocks.

SAUDI ARABIA: The Gulf's largest market is closed for the weekend. The benchmark Tadawul index was down 0.1% at 6407.87 Wednesday.

KUWAIT: The market finished down 0.5% at 5754.20 Wednesday; dragged by financial stocks.

Kuwait Real Estate Holding Co., or Al Aqaria, Wednesday said it has offered to buy the remaining stake in its local affiliate Al Fanar Investment Co. in which it currently holds a direct and indirect interest of 42.6%.

QATAR: Doha's market closed up 0.1% at 8891.80 Wednesday; supported by service sector stocks.

BAHRAIN: The main gauge of stocks edged up 0.1% to 1136.08 Wednesday; led by banks.

Bahraini Saudi Bank, or BSB, Wednesday said its shareholders have approved dissolving the bank and merging it with its parent, Al Salam Bank-Bahrain.

OMAN: Muscat's market closed down 0.1% at 5713.68 Wednesday; service sector stocks were among the top losers.

EGYPT: The market closed flat at 3654.79 Wednesday.

The stock exchange will be closed on Sunday, Jan.8 due to the Eastern, or Coptic Christmas holiday, the bourse said.

SYRIA: Damascus Securities Exchange, or DSE, trade sessions take place Monday, Tuesday and Wednesday.

NEWS FROM AROUND THE GULF: State-run Qatar Petroleum could invest in energy projects in Egypt, the Gulf state's Energy Minister Mohammed Bin Saleh Al Sada said in remarks carried by the Qatar News Agency.

Non-oil private sector growth in the United Arab Emirates eased in December with new businesses showing weaker growth rates and employment levels unchanged since November, a report from HSBC Holdings PLC said Wednesday.

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

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

05-01-12 0522GMT