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Feb 13 2012

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MIDEAST MORNING BRIEFING:Greece Vote To Support Gulf Mkts; Focus On 4Q

Saudi SE               6802.94              -0.02% 
Dubai FM               1488.91              +0.14% 
Abu Dhabi SM           2456.22              -0.43% 
Kuwait SE              5904.30              +0.69% 
Doha SM                8686.76              -0.04% 
Muscat SM              5601.33              -0.37% 
Bahrain SE             1138.76              +0.17% 
Cairo SE               4892.93              +2.93% 
Amman                  1971.90              +0.22% 

ICE Brent $/bbl         117.31              -0.30% 
Gold $/troy oz         1734.90              -0.03% 
Euro-USD                  1.32               0.00% 
DJIA                  12801.23              -0.69% 

 

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are likely to be supported Monday by news that Greece's parliament passed painful reform measures in a bid to secure a new bailout from its international creditors.

Several U.A.E. and regional companies are expected to report their financial earnings for the last quarter this week and that will likely drive volumes, traders say.

The euro rose on the Greek vote outcome, but selling pressure capped the single currency amid uncertainty over the implementation of the austerity plan and ahead of the final outcome of the debt write-off negotiations between the Greek government and private creditors.

U.A.E.: Abu Dhabi's market ended -0.4% to 2456.22 Sunday.

Heavyweight Etisalat slipped 2.1% to AED9.17; the telco posted Thursday a 65% slide in fourth-quarter net profit as a hefty impairment charge related to its Indian operations weighed.

Dubai shares finished +0.1% at 1488.91 Sunday; the market is up about 14% since mid-Jan.

DFM shares rose 2.1% to AED0.838; there is some bargain buying in the stock, after sharp losses in 2011, as investors expect the bourse-operator's earnings to improve on higher traded volumes this year.

Emirates NBD slipped 1.7% to AED2.95; the lender's fourth-quarter earnings are expected this week.

John Eldredge, the general manager of global markets and treasury at Emirates NBD in Dubai, said Sunday he has resigned and is leaving the bank in April.

Several senior executives have quit the bank recently after Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates Airline, last June replaced Ahmed Humaid Al Tayer as Emirates NBD 's chairman.

Emirates NBD last week said Abdul Wahed Al Fahim, the deputy chief executive, was on his way out to pursue private business ventures. Suresh Kumar, the head of the bank's investment banking division, is also leaving this year as his contract expires.

SAUDI ARABIA: The Tadawul market ended flat at 6802.94 Sunday; bank stocks weighed.

Usual mixed performance on a Sunday, a Riyadh-based trader noted; says investors mostly remain cautious ahead of the international week starting Monday.

Mobily has signed a SAR10 billion Islamic refinancing agreement with seven local banks for three of Mobily's loans, the company said Sunday.

Sabic and China's Sinopec have agreed to start negotiations with Trinidad and Tobago to possibly build a $5.3 billion methanol complex in that country, according to the world's largest petrochemical maker by market value.

KUWAIT: The market closed up 0.7% at 5904.30 Sunday; led by investment sector stocks.

QATAR: Doha's market closed flat at 8686.76 Sunday; bank stocks weighed, while the industry sector was up.

BAHRAIN: The main gauge of stocks ended +0.2% at 1138.76 Sunday; the hotels sector was among the top risers.

OMAN: Muscat's market closed down 0.4% at 5601.33 Sunday; weighed by financial stocks.

EGYPT: The benchmark EGX 30 Index closed +2.9% at 4892.93 Sunday; the market is up some 35% in 2012 so far.

Orascom Telecom Media and Technology, or OTMT, said Sunday it is in advanced talks with France Telecom regarding the future of their jointly-owned Mobinil unit.

OTMT, in a brief statement sent to the Egyptian Stock Exchange, said it will update the market further before trading starts Monday. Its shares, along with Mobinil stock, were suspended in Cairo Sunday pending clarification on Mobinil's situation.

NEWS FROM AROUND THE GULF: Iraq's Prime Minister Nouri al-Maliki opened Sunday a new off-shore export oil terminal, that would boost the country's oil exports capacity by 900,000 barrels a day of crude from the southern Basra port on the Persian Gulf, oil ministry officials who asked not to be named, said.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

13-02-12 0530GMT