Tuesday, Jul 24, 2012
Saudi SE 6641.10 -0.88%
Dubai FM 1493.36 -1.48%
Abu Dhabi SM 2468.80 -0.12%
Kuwait SE 5813.07 -0.49%
Doha SM 8263.82 -0.24%
Muscat SM 5436.48 0.00%
Bahrain SE 1109.19 -0.12%
Cairo SE 4868.05 0.00%
Amman 1888.21 +0.32%
ICE Brent $/bbl 103.53 +0.26%
Gold $/troy oz 1574.80 -0.04%
Euro-USD 1.21 0.00%
DJIA 12721.46 -0.79%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen mixed Tuesday on continued global risk aversion related to the euro-zone debt crisis.
Asian stocks were mixed after Wall Street declines overnight on worries over Spain requiring more financial help, while sentiment was supported by a report showing an improvement in China's manufacturing sector.
Adding to the pressure, Moody's Investors Services revised to negative from stable its outlooks on the sovereign ratings of Germany, the Netherlands and Luxembourg.
The regional spotlight is on the U.A.E. banks after Emirates NBD, one of the largest local lenders by assets, reported a fall in quarterly profit, traders say. Several Abu Dhabi lenders such as National Bank of Abu Dhabi and First Gulf Bank are expected to post their financials this week.
Oil prices were slightly up Tuesday, after falling more than 4% the previous day amid renewed concerns about the euro zone following headlines about ever-higher bond yields in Spain and more difficulties in Greece. Nymex September crude futures were last up 43 cents at $88.57 a barrel.
U.A.E.: Dubai shares finished -1.5% at 1493.36 Monday; real estate firms and banks led the decline.
Emirates NBD fell 3% to AED2.62 after posting a 13% drop in second-quarter net profit.
The bank's top executive said Monday that ENBD is in talks with the U.A.E. central bank about regulations limiting the amount domestic banks can lend to government related entities, with an extension of the September 30 deadline to comply with the new rules a possibility.
Abu Dhabi's market was down 0.1% at 2468.80 Monday; financial stocks weighed.
SAUDI ARABIA: The Gulf's biggest market closed -0.9% at 6641.10 Monday; petchem and bank stocks weighed.
Heavyweight Sabic fell 3.1% to SAR86 Monday.
KUWAIT: The benchmark stocks gauge finished 0.5% lower at 5813.07 Monday; telcos were among the top losers.
National Bank of Kuwait said Monday that some shareholders in Boubyan Bank have accepted to sell 193.1 million shares or a combined 11.05% stake in the local Islamic bank to NBK.
NBK Capital, an investment and asset management unit of National Bank of Kuwait, said Monday it has acquired a 50% stake in Bavet, a Turkish distributor of animal pharmaceuticals.
State-run Kuwait Oil Co., or KOC, has extended for six months a KWD28 million contract awarded to the local National Petroleum Services Co.
QATAR: Doha's market closed -0.2% at 8263.82 Monday; real estate and industry stocks led the decline.
BAHRAIN: The main gauge of stocks ended down 0.1% at 1109.19 Monday; service sector stocks dragged.
Aluminium Bahrain, or Alba, Monday named BNP Paribas as an advisor to help it assess financing options related to the estimated $2.5 billion expansion of the company's smelter to include a sixth potline.
OMAN: The market reopens for trading after a national holiday Monday.
EGYPT: The market reopens for trading after a national holiday Monday.
NEWS FROM AROUND THE GULF: Abu Dhabi government-controlled investment firm Mubadala Development Co. said Monday its oil and gas unit along with its co-concessionaires have secured approval for the development of the Manora field in concession G1/48 in the Gulf of Thailand.
Abu Dhabi Gas Liquefaction Co., or ADGAS, expects its $11 billion integrated gas development in Das Island to be operational by 2013, as part of its plan to boost the United Arab Emirates' natural gas supply, the firm's chief executive Fahim Kazim said in remarks published late Sunday.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
24-07-12 0504GMT
