Sunday, Jan 08, 2012
Saudi SE 6452.38 +0.69%
Dubai FM 1348.80 +0.16%
Abu Dhabi SM 2398.76 -0.74%
Kuwait SE 5726.90 -0.47%
Doha SM 8885.98 -0.07%
Muscat SM 5732.54 +0.33%
Bahrain SE 1137.72 +0.14%
Cairo SE 3627.80 -0.74%
Amman 1982.35 -0.25%
ICE Brent $/bbl 113.06 -0.30%
Gold $/troy oz 1616.80 0.00%
Euro-USD 1.27 0.00%
DJIA 12359.92 -0.45%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen trading sideways Sunday as investors eye fourth-quarter company earnings to gauge valuations and for short-term direction.
Saudi companies usually kick off the reporting season, with bank and petchems in the spotlight. International news flow however will continue to weigh on broader sentiment, traders say.
U.S. stocks fell Friday as worries about Europe overshadowed a drop in U.S. unemployment to its lowest level since February 2009. The Dow Jones Industrial Average still finished the holiday-shortened week with a 1.2% gain.
Data showed U.S. nonfarm payrolls increased by 200,000 in December, according to the Labor Department, topping expectations for 155,000 new jobs. The unemployment rate dropped to 8.5% from a revised 8.7% in November.
Oil prices fell Friday despite improving U.S. jobs data as traders focused on declines in equities markets and a stronger dollar. A rising dollar typically weighs on oil as it makes crude more expensive for buyers in other currencies. Nymex February crude futures settled 0.3% lower at $101.56 a barrel.
Investors meanwhile are also keeping a close watch on the Persian Gulf. Iran has ratcheted up tensions there by threatening to close the Strait of Hormuz, the world's most important oil transit chokepoint with a third of waterborne oil trade passing through the two-mile-wide strait each day.
The U.S. has made clear it doesn't plan to allow Iran to close the transit route.
U.A.E.: Dubai shares finished up 0.2% at 1348.80 Thursday; Arabtec Holding rose 1.9% to AED1.65 and Dubai Islamic Bank +0.5% at AED1.92.
Abu Dhabi's market fell 0.7% to 2398.76 Thursday; real estate stocks dragged.
SAUDI ARABIA: The Gulf's largest market closed +0.7% at 6452.38 Saturday; led by bank stocks.
The local market is likely to decouple from global ones throughout the reporting period, as focus shifts to fourth-quarter earnings, said an analyst.
Halwani Brothers Co. has begun commissioning of the first phase of a meat plant in Egypt that will raise its production capacity of processed meat by 50%, the company said Saturday.
Saudi Cable Co. has secured a more than SAR100 million contract from Turkey's TEIAS electricity-transmission company for the supply of high-voltage cable, the company said Saturday.
Al Babtain Power and Telecommunication Co. has bid for "substantially all" of French pole- and mast-maker Petitjean SAS, Al Babtain said Saturday in a statement.
KUWAIT: The market ended -0.5% at 5726.90 Thursday; industry and real estate stocks were among the top losers.
Kuwait Real Estate Holding Co., or Al Aqaria, Thursday said its local affiliate Al Fanar Investment Co. has given its preliminary approval for Al Aqaria's offer to buy the remaining stake in it.
QATAR: Doha's market closed down 0.1% at 8885.98 Thursday; undermined by industry stocks.
BAHRAIN: The main gauge of stocks finished +0.1% at 1137.72 Thursday; supported by the banking sector.
OMAN: Muscat's market closed +0.3% at 5732.54 Thursday; propped up by financial stocks.
EGYPT: The stock exchange will be closed on Sunday, Jan.8 due to the Eastern, or Coptic Christmas holiday.
SYRIA: Damascus Securities Exchange, or DSE, trade sessions take place Monday, Tuesday and Wednesday.
NEWS FROM AROUND THE GULF: State-run Kuwait Petroleum Corp., or KPC, and China Petrochemical Corp. , or Sinopec, have moved closer to conclude an acceptable deal for implementing a $9 billion joint refinery and petrochemical project in China, state-run Kuwait News Agency, or Kuna, reported Thursday citing an executive.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-01-12 0444GMT
