Monday, Apr 08, 2013


 
Saudi SE             7112.59                -0.02% 
Dubai FM             1875.07                -0.28% 
Abu Dhabi SM         3056.21                -0.08% 
Kuwait SE            6851.17                +0.50% 
Doha SM              8536.63                -0.47% 
Muscat SM            6133.51                +0.36% 
Bahrain SE           1090.56                +0.23% 
Cairo SE             5032.72                +0.96% 
Amman                2111.38                -0.37% 
 
ICE Brent $/bbl       104.42                +0.26% 
Gold $/troy oz       1578.40                +1.67% 
Euro-USD                1.29                -0.01% 
DJIA                14565.25                -0.28%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen mixed Monday with the focus firmly on first-quarter company earnings for direction, though global headlines will continue to impact broader regional sentiment.

"With Q1-12 results season expected to pick up pace this week in Saudi Arabia, regional news is likely to gain importance in determining investor sentiment in the coming weeks," an analyst at Shuaa Capital said.

Both Saudi and Qatari companies are among the first to report their financials every quarter and heavyweight Qatar National Bank and Riyad Bank's three-month results will likely set the pace for banking stocks.

In terms of global markets, Asian stocks were mixed on Monday with Chinese shares slipping amid rising concerns over the latest outbreak of avian flu on the mainland. Investors also remained cautious amid escalating geopolitical tensions on the Korean peninsula with North Korea set to carry out a missile test this week.

Oil prices were a tad higher with the Nymex May crude futures contract last up 13 cents at $92.83 a barrel.

U.A.E.: Dubai's market closed -0.3% at 1875.07 Sunday and Abu Dhabi's market was down 0.1% at 3056.21; both weighed by property stocks.

Dubai Islamic Bank on Sunday said it repaid AED3.75 billion in government deposits to the U.A.E.'s Ministry of Finance it received during the global financial crisis in 2008 as part of a broader plan to shore up the country's banking sector.

Abu Dhabi Islamic Bank also on Sunday said it repaid AED2.2 billion of state support to the U.A.E.'s Ministry of Finance.

SAUDI ARABIA: The Tadawul market ended flat at 7112.59 Sunday.

Riyad Bank, Saudi Arabia's third largest lender by market value, on Sunday said its net profit in the first quarter rose 5.5% on year to SAR951 million mainly due to higher operating income, beating most analysts expectations.

NCB Capital had forecast its quarterly earnings at SAR907 million, while EFG Hermes had estimated SAR916 million.

KUWAIT: The benchmark index rose 0.5% to 6851.17 Sunday; financial and real estate stocks were among the top risers.

Zain Iraq, a subsidiary of Zain Group, has extended the time frame to launch an initial public offering and list its shares on the Iraq Stock Exchange, according to the chairman of the telco's parent company.

A subsidiary of Agility has won a contract worth $320 million from a United Nations agency in Sudan, the logistics provider said Sunday.

QATAR: Doha's market finished 0.5% lower at 8536.63 Sunday, undermined by telecom and bank stocks.

Qatar National Bank's first-quarter net profit rose 6.7% on year as lending spiked, the bank said Sunday. The net profit of QAR2.1 billion still missed most analysts' expectations.

Egypt's Beltone Financial predicted a QAR2.27 billion quarterly profit, while analysts at Bahrain's Securities and Investment Company estimated QAR2.28 billion.

BAHRAIN: The main gauge of stocks closed +0.2% at 1090.56 Sunday, propped up by the banking sector.

OMAN: Muscat's market finished up 0.4% at 6133.51 Sunday, supported by bank stocks.

EGYPT: The benchmark EGX 30 Index closed 1% higher at 5032.72 Sunday.

EFG Hermes warned Sunday its planned merger with Qatar's QInvest may fall apart if the Egyptian regulator doesn't approve the deal before its pending deadline.

NEWS FROM AROUND THE GULF: Etihad Airways posted the strongest first quarter results in the airline's 10-year history on Sunday as codeshare agreements and equity partnerships boosted revenues by 19% to $900 million.

A new $12 billion investment fund in Qatar will offer shares to the public in May and be listed for trading on the Qatar Exchange, according to the bourse chairman.

Kaloti Group said it plans to build one of the world's biggest gold and precious metals refineries in Dubai to help it meet the growing global demand for its products.

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

Copyright (c) 2013 Dow Jones & Co.

(END) Dow Jones Newswires

08-04-13 0437GMT