Wednesday, Dec 26, 2012


 
Saudi SE              6864.65               -0.24% 
Dubai FM              1594.12               -0.89% 
Abu Dhabi SM          2628.67               -0.36% 
Kuwait SE             5922.08               -0.62% 
Doha SM               8381.15               -0.11% 
Muscat SM             5676.13               -0.13% 
Bahrain SE            1039.27               -0.57% 
Cairo SE              5318.85               -1.00% 
Amman                 1932.46               +0.73% 
 
ICE Brent $/bbl        108.80               -0.16% 
Gold $/troy oz        1659.50                0.00% 
Euro-USD                 1.32                0.00% 
DJIA                 13139.08                0.00%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen mixed Wednesday as investors continue to reassess their portfolios ahead of the year end amid uncertainty about the so-called U.S. fiscal cliff.

An Abu Dhabi-based fund manager said that lingering worries about the U.S. fiscal cliff will remain an overhang on global risk sentiment, but expects activity to pick up in the new year as focus shifts to the earnings season.

Asian stocks were higher Wednesday but trade was tepid amid a lack of fresh cues as U.S. and European markets were shut for Christmas, while investors cautiously eyed the soon-to-resume U.S. budget talks to avert the fiscal cliff, a series of spending cuts and tax increases set to go into effect on January 1.

Oil prices were slightly up on Wednesday with the Nymex February crude futures contract +42 cents at $89.03 a barrel.

U.A.E.: Dubai shares finished 0.9% lower at 1594.12 Tuesday; real estate stocks dragged.

Abu Dhabi's market was down 0.4% at 2628.67; property stocks led the decline.

SAUDI ARABIA: The Gulf's largest market closed down 0.2% at 6864.65 Tuesday. The benchmark index drifted lower for the third straight session, after adding almost 6% this month to breach the 6900 level on Saturday.

A trader noted some mild profit taking ahead of the new year; reckons fresh dividend announcements will keep the retail investors interested.

The Saudi telecom sector has strong growth potential, said NCB Capital, noting the outlook on broadband remains strong with lower cost handsets expected to increase penetration rates.

KUWAIT: The benchmark stocks index closed -0.6% at 5922.08 Tuesday.

QATAR: Doha's market ended -0.1% at 8381.15 Tuesday, undermined by industry stocks.

Iraqi telco Asiacell Communications, a subsidiary of Qatar Telecom, said Tuesday it plans to raise at least $1.28 billion from an initial public offering in January for a quarter of its share capital.

A subsidiary of Milaha, formerly known as Qatar Navigation, has secured financing of $95 million from Qatar International Islamic Bank, or QIIB.

BAHRAIN: The main gauge of stocks closed down 0.6% at 1039.27 Tuesday, led by the industrial sector.

OMAN: Muscat's market finished -0.1% at 5676.13 Tuesday; bank stocks weighed.

EGYPT: The benchmark index closed 1% lower at 5318.85 Tuesday.

Egyptian voters on Tuesday decisively approved a new constitution, handing a major victory to Islamists, even as the poll exposed their declining popularity ahead of important legislative elections.

NEWS FROM AROUND THE GULF: The Saudi Capital Market Authority has approved National Medical Care Company's initial public offering for about 30% of its share capital.

Write to Nikhil Lohade at nikhil.lohade@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

26-12-12 0456GMT