Tuesday, May 08, 2012


 
Saudi SE             7358.87                -0.25% 
Dubai FM             1564.15                +0.25% 
Abu Dhabi SM         2487.84                -0.30% 
Kuwait SE            6492.40                +0.32% 
Doha SM              8651.76                -0.38% 
Muscat SM            5791.63                -0.95% 
Bahrain SE           1161.43                -0.07% 
Cairo SE             5028.00                +1.09% 
Amman                1976.27                +0.28% 
 
ICE Brent $/bbl       113.49                +0.29% 
Gold $/troy oz       1637.50                -0.06% 
Euro-USD                1.30                -0.15% 
DJIA                13008.53                -0.23%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are seen mixed Tuesday as investors remain cautious about Europe's debt problems after weekend elections in France and Greece, while the spotlight will likely fall on some local blue-chip earnings.

Several regional companies are expected to report their quarterly performances this week as the earnings season draws to a close. This will likely drive volumes in the near term, traders say.

Asian shares were mixed Tuesday, after a tepid Wall Street close overnight. Investors remain uncertain after voters in France over the weekend ousted the party of Nicolas Sarkozy, a leading player in the sovereign debt deals, while Greece faces new challenges in patching together a coalition government.

Oil prices were slightly lower Tuesday, after falling for a fourth day Monday as election results in France and Greece stoked fears of a widening economic slowdown that will cut oil demand.

Nymex June crude-futures were last down 13 cents at $97.81 a barrel. The contract lost $8.29 a barrel, or 7.8%, in the last four days.

U.A.E.: Dubai shares ended +0.3% at 1564.15 Monday, halting an eight-session slide on bargain buying.

The market is still up some 15% for the year, despite correcting after hitting a 16-month high of 1754.27 on March 5.

Bourse operator Dubai Financial Market said Monday its net profit in the first quarter rose sharply as trading volumes surged. DFM made a net profit of AED30.5 million in the first three months of the year, a 14-fold jump over the previous year, the company said.

Shuaa Capital rose 6.2% to AED0.787 on light volumes after the investment bank narrowed its first-quarter loss. Air Arabia ended +1.9% at AED0.603; the low-cost carrier posted an 11% year-on-year rise in first quarter net profit.

Abu Dhabi's market closed down 0.3% at 2487.84 Monday; real estate and bank stocks led the decline.

SAUDI ARABIA: The Gulf's biggest market closed down 0.3% at 7358.87 Monday; petchem and bank stocks weighed.

KUWAIT: The market finished up 0.3% at 6492.40 Monday.

Zain said Monday its first-quarter net profit rose slightly in challenging market conditions. The telco made a first quarter net profit of KWD70.9 million, up 2% from the year before, Zain said in an emailed statement.

Global Investment House Monday said its full-year loss narrowed to KWD57.5 million, due to cost cuts and fee income.

The investment firm didn't state the corresponding figure for 2010, which was a loss of nearly KWD73.21 million, according to Zawya.com data.

Al Enma'a Real Estate Co., a unit of Kuwait Finance House, Monday said it has been awarded a KWD8.76 million local deal by the country's health ministry.

Kuwait Finance and Investment Co., or KFIC, Monday said its board has decided to propose reducing its new capital by KWD83.43 million to KWD30.71 million.

QATAR: Doha's market closed -0.4% at 8651.76 Monday; heavyweight Industries Qatar fell 1% to QAR144.60.

BAHRAIN: The main gauge of stocks ended down 0.1% at 1161.43 Monday.

Aluminium Bahrain, or Alba, said it made a first-quarter net income of $57 million, down from the year before, as lower aluminum prices and higher gas costs impacted the bottomline.

OMAN: Muscat's market ended 1% lower at 5791.63 Monday; industry and financial stocks dragged.

EGYPT: The benchmark EGX 30 Index closed +1.1% at 5028 Monday; the market is up about 39% for the year.

NEWS FROM AROUND THE GULF: European plane maker Airbus said Monday Etihad Airways has canceled a $2.2 billion order for seven of its A350-1000s, the latest setback to the delayed twin-engined long-range aircraft.

Drydocks World, a ship-builder owned by government conglomerate Dubai World, is asking for a delay in court hearings related to its $2.2 billion debt restructuring after running into a snafu with its Singapore business.

Bank of Montreal said Monday it is opening a representative office in Abu Dhabi, as the Canadian lender seeks to grow its capital markets and asset management business in the Middle East by gaining better access to the region's sovereign wealth funds.

Saudi Arabia and the United Arab Emirates have pledged to make up for any shortfall in Iranian oil exports to South Korea, the country's Minister of Strategy and Finance Bahk Jae-wan said Monday.

Kuwait Gulf Oil Co. plans to increase its oil production by 100,000 barrels a day to 350,000 barrels a day by 2014-15, state-run Kuwait News Agency, or KUNA, reported Monday, citing the company's chairman and managing director.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

08-05-12 0530GMT