Sunday, Jan 29, 2012
Saudi SE 6537.12 +0.93%
Dubai FM 1405.82 +0.70%
Abu Dhabi SM 2390.16 +0.63%
Kuwait SE 5852.20 +0.21%
Doha SM 8434.70 +0.17%
Muscat SM 5595.97 +0.17%
Bahrain SE 1137.94 -0.27%
Cairo SE 4432.99 +7.18%
Amman 1938.10 +0.10%
ICE Brent $/bbl 111.46 +0.13%
Gold $/troy oz 1732.20 -0.04%
Euro-USD 1.32 00.00%
DJIA 12660.46 -0.58%
By Brinda Darasha
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf region are likely to trade mixed Sunday as they focus on corporate financial results for direction.
While they might draw some cheer from a higher Saudi stock exchange close Saturday, the continuing global economic concerns are likely to weigh on sentiment.
A broader focal point for the week will also be the upcoming European summit, beginning Monday, where a second rescue package for Greece is expected to be agreed upon.
U.S. stocks finished down Friday after data on the economy's expansion fell short of expectations.
Light, sweet crude for March delivery settled 14 cents, or 0.1%, lower at $99.56 a barrel on the New York Mercantile Exchange.
U.A.E.: Dubai's market Thursday ended +0.7% at 1405.82. The market has now added about 8% since hitting a multi-year low on Jan. 16.
DP World has sold its 34% stake in Tilbury Container Services Ltd. to a U.K.-based company for $75.48 million, the Dubai-based ports operator said Thursday. The Nasdaq-Dubai listed port operator's shares closed +3% at $10.98 Thursday.
Abu Dhabi shares closed +0.6% at 2390.16 Thursday.
Abu Dhabi Commercial Bank Thursday reported a 39% year-on-year rise in fourth-quarter net profit to AED514 million as interest income from loans spiked. ADCB shares closed 5.7% higher Thursday at AED3.02.
Rasmala Investment Bank said ADCB's fourth-quarter financial results were "surprisingly strong" even though loan growth stagnated.
SAUDI ARABIA: Saudi's benchmark Tadawul Index closed Saturday +0.9% at 6537.12.
Sabic ended +2.5% at SAR94. The petchem giant, according to local media reports, will begin work on a storage facility in eastern Saudi Arabia in the fourth quarter, enabling its expansion.
The petrochemical industry is likely to see slower growth this year than in 2011 as uncertainty looms over the outlook for the global economy, the chief executive of Sabic said Friday.
Zain KSA shares closed Saturday +9% at SAR6.70. The telco said it has secured approval from its Murabaha investors to extend the maturity of its approximately SAR9.75 billion Murabaha facility for an additional six months, boosting its liquidity position to meet its financial and operational obligations in the short term.
Saudi Arabia's General Organization for Social Insurance, or GOSI, plans to boost its investments in local listed companies operating in diverse profitable and strategic sectors, Saudi-based Al Riyadh daily reported Saturday, citing an official.
KUWAIT: The Kuwait stock exchange ended +0.2% to 5852.20 Thursday.
National Bank of Kuwait's fourth-quarter net profit fell to KWD76.8 million from KWD77.2 million in the year-ago period, according to calculations based on Zawya.com data. The bank on Thursday said full-year net profit rose to $1.086 billion in 2011 from $1.083 billion in the previous year.
The bank's shares on Thursday closed 1.8% higher at KWD1.16.
QATAR: Qatar's QE Index closed +0.2% at 8434.70 Thursday.
The Qatar Exchange chief executive said foreign ownership limits in Qatar are unlikely to increase above 25% before June, a decision that makes an upgrade to emerging market status by index compiler MSCI Inc. at its next review all the more improbable.
Commercial Bank of Qatar shares closed -1.5% at QAR80.40.
The lender missed most analysts forecasts despite posting a 22% rise in fourth quarter net profit to QAR376 million from QAR308.79 million in the year earlier period.
BAHRAIN: The main gauge of stocks closed Thursday -0.3% at 1137.94.
OMAN: Muscat's market closed +0.2% at 5595.97 Thursday.
Bank Dhofar, Oman's second-biggest lender by market value, Thursday said its full-year 2011 net profit plummeted 58% to nearly OMR13.98 million, from OMR33.3 million a year earlier. Bank Dhofar's shares closed 0.2% higher at OMR0.527 Thursday.
EGYPT: The Egyptian index of shares EGX 30 closed +7.2% at 4432.99 Thursday. The index gained almost 15% over the week.
"Investors are happy that Wednesday's one-year uprising anniversary passed mostly peacefully. There is also now hope, after developments this week, of a smooth transition to democracy," said Mohamed Radwan, head of foreign equity sales at Cairo-based Pharos Holding.
Orascom Construction ended 8% higher at EGP248.97, while Orascom Telecom soared 9.8% to EGP3.36. Commercial International Bank surged 10% to EGP22.45.
NEWS FROM AROUND THE GULF: Saudi Arabia's economy, the largest in the Arab world, is likely to maintain its gross domestic product growth rate of 6.8% this year due to the kingdom's expansionary budget, which will play a vital role in supporting the economy, the nation's finance minister said Thursday.
International Monetary Fund Managing Director Christine Lagarde will visit Saudi Arabia next month to request a contribution from the oil-rich kingdom to the IMF's $500 billion fundraising effort to fight the European debt crisis, according to two people familiar with the matter.
The United Arab Emirates sees its economy growing between 3.5% and 4% this year thanks to efforts to diversify and to high oil prices, Economy Minister Sultan Al Mansouri said Thursday.
Abraaj Capital Ltd., the Middle East's largest private-equity firm plans to invest $20 million in Egypt's small and medium-sized enterprises, or SMEs, this year despite the political unrest that has been sweeping the region since last year, a senior executive said Thursday.
Gulf Capital is nearing three more buyouts following the private equity firm's acquisition of a temporary power generation company on Sunday, its chief executive said.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-01-12 0502GMT
