Monday, Feb 27, 2012


 
Saudi SE               7088.48              +0.18% 
Dubai FM               1676.49              +2.71% 
Abu Dhabi SM           2571.58              +1.28% 
Kuwait SE              6091.80               0.00% 
Doha SM                8776.82              +0.50% 
Muscat SM              5716.28              +0.35% 
Bahrain SE             1143.64              -0.91% 
Cairo SE               5269.65              +2.49% 
Amman                  1954.31              -1.93% 
 
ICE Brent $/bbl         125.47              +2.23% 
Gold $/troy oz         1776.40              +0.10% 
Euro-USD                  1.34               0.00% 
DJIA                  12982.95              -0.01%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen supported Monday by buoyant oil prices, but sentiment will likely be tempered by concerns about its impact on the global economy.

Higher oil prices are obviously good news for the Gulf region, but raise concerns of fresh headwinds for the global economy, which will eventually have an impact across the board, analysts say.

Asian stocks were mixed Monday as high global oil prices undermined optimism over Greece and better U.S. data.

Finance ministers and central bankers from the Group of 20 advanced and developing economies, after a two-day meeting in Mexico City, indicated they anticipate an agreement to expand Europe's rescue fund next month.

Officials from the world's leading economies however deferred for months key decisions on international aid for Europe as they awaited more euro-zone action to fight the Continent's debt crisis.

Oil prices were subdued Monday, after rallying to a nine-month high Friday as mounting tensions with Iran raised fears about a possible supply disruption. Nymex April crude futures were last down 39 cents at $109.36 a barrel.

U.A.E.: Dubai shares finished up 2.7% at 1676.49 Sunday, a 10-month high. The market last ended higher at 1681.47 on April 21, 2011, according to Zawya.com.

A fund manager noted retail buying in high-beta stocks---mostly in the property sector; says foreign investors more focussed on blue chips.

Bourse operator Dubai Financial Market, or DFM, said Sunday the group posted a net loss of AED6.9 million in 2011, compared with a AED78.9 million net profit in the year earlier period, as global economic uncertainty weighed on trading activity and curtailed revenue.

The group includes its subsidiary Nasdaq Dubai, which it acquired in 2010. DFM, the only listed Arab bourse, on a standalone basis made a net profit of AED8 million in 2011, compared with a net profit of AED89.9 million the year before, the statement added.

Abu Dhabi's market ends +1.3% at 2571.58 Sunday.

Taqa on Sunday said it completed the sale of a 650 million Malaysian ringgit ($215 million) Islamic bond, joining a growing list of Arab Gulf issuers tapping strong investor appetite for their debt.

SAUDI ARABIA: The Tadawul market ended +0.2% at 7088.48 Sunday; bank stocks supported.

The market extended gains after closing above the 7,000 level on Wednesday for the first time since October 2008.

Recent gains likely stem in part from investors moving money out of real estate and into equity amid speculation that the Saudi government may move toward imposing a tax on undeveloped land held by real estate companies and others, said one analyst at Riyad Capital.

KUWAIT: The Kuwait Stock Exchange will be closed Sunday, Feb. 26 and Monday, Feb. 27 on the occasion of the country's national and liberation day holidays.

QATAR: Doha's market closed +0.5% at 8776.82 Sunday.

United Development Co., builder of Qatar's man-made island The Pearl, has said the government is still interested in buying a stake in the company.

BAHRAIN: The main gauge of stocks ended down 0.9% at 1143.64 Sunday.

Investcorp Bank is close to finalizing the sale of a retail mall in the U.S., according to a senior company executive.

The mall is part of a mixed-use development project located in Bellevue, Washington, that Investcorp invested in almost five years back. The company sold the office buildings, also part of the project, in September 2010.

OMAN: Muscat's market closed up 0.4% at 5716.28 Sunday.

EGYPT: The benchmark EGX 30 Index closed +2.5% at 5269.65 Sunday; the market is now up more than 45% for the year.

NEWS FROM AROUND THE GULF: The Saudi central bank has decided to keep its key interest rates unchanged in March, as inflation pressures remain under control, people familiar with the matter said Sunday.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

27-02-12 0543GMT