Monday, May 07, 2012


 
Saudi SE               7377.61              -0.98% 
Dubai FM               1560.28              -1.38% 
Abu Dhabi SM           2495.31              -0.24% 
Kuwait SE              6471.60              -0.12% 
Doha SM                8685.19              +0.18% 
Muscat SM              5846.98              -0.26% 
Bahrain SE             1162.19              +0.34% 
Cairo SE               4973.62              +0.90% 
Amman                  1970.72              -0.29% 
 
ICE Brent $/bbl         111.80              +0.39% 
Gold $/troy oz         1637.60              -0.12% 
Euro-USD                  1.31               0.00% 
DJIA                  13038.27               0.00%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are likely to remain on edge Monday as election results in Europe reignite worries about the continent's ability to resolve its sovereign debt crisis.

The election results in Europe and weaker-than-expected U.S. employment data are likely to add to pressure on risky assets today, according to an analyst at Barclays Capital.

Election results in Greece have raised concerns about the implementation of its austerity program, which could lead to political instability and challenge the country's future in the euro zone.

In France, socialist Francois Hollande won a mandate to challenge German Chancellor Angela Merkel, who has imposed spending cuts as the main remedy to repair the public finances of heavily indebted European countries.

Oil prices fell sharply Monday, extending Friday's 4% decline, after election results in Europe further pressured market sentiment following some weak U.S. jobs data on Friday. Nymex June crude futures last traded down $1.28 at $97.21 a barrel Monday.

U.A.E.: Dubai shares finished 1.4% lower at 1560.28 Sunday; the market has corrected since hitting a 16-month high of 1754.27 on March 5. It is still up some 15% for the year.

Abu Dhabi Airports Co., or ADAC, said Sunday it has selected a consortium that includes Dubai's Arabtec Holding as the preferred bidder for the construction of a new terminal at the emirate's international airport. The consortium also includes Turkey's TAV and Greece's Consolidated Contractors Co.

Air Arabia said Sunday it will continue to enter new markets this year to boost growth, after the Sharjah-based low-cost carrier posted an 11% rise in first-quarter net profit as it flew more passengers.

Drake & Scull International, or DSI, said Sunday its civil contracting unit has been awarded a AED200 million contract for the construction of a tower in the Business Bay area in Dubai.

Abu Dhabi's market ended down 0.2% at 2495.31 Sunday; real estate and financial stocks were among the top losers.

SAUDI ARABIA: The Tadawul market ended 1% lower at 7377.61 Sunday, extending the previous session's losses.

Investors remain cautious about the global growth outlook--a slowdown in the recovery may also hurt demand for oil. A weaker-than-expected U.S. jobs report raised concerns about the pace of economic growth in the world's largest economy.

KUWAIT: The market finished down 0.1% at 6471.60 Sunday undermined by financial stocks.

QATAR: Doha's market ended up 0.2% at 8685.19 Sunday; supported by industry and bank stocks.

Qatar Telecom said Sunday its unit Tunisiana has been awarded licenses to launch and operate third-generation, or 3G, mobile communication and fixed-line networks in Tunisia.

BAHRAIN: The main gauge of stocks ended up 0.3% at 1162.19 led by the banking sector.

OMAN: Muscat's market ended down 0.3% at 5846.98 Sunday; financial stocks dragged.

EGYPT: The benchmark EGX 30 Index closed +0.9% at 4973.62; the market is up some 37% for the year.

The number of tourists coming to Egypt rose sharply over the year to 753,000 in February 2012, compared to 211,000 a year earlier as the impact of the uprising last year began to wane, data from the government's official statistics agency showed Sunday.

NEWS FROM AROUND THE GULF: Egypt's international reserves rose slightly in April, reaching $15.2 billion at the end of the month compared with $15.1 billion at the end of March, according to data posted Sunday on the central bank's website.

Qatar's record state budget will likely be unveiled this month, the country's finance minister Yousef Kamal said Sunday.

The newly-launched copper futures contract on the Dubai Gold and Commodities Exchange, or DGCX, got off to a robust start, notching up 15,582 contracts in the first seven days of trading, the exchange 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

07-05-12 0518GMT