Monday, May 21, 2012


 
Saudi SE             6979.55                +0.19% 
Dubai FM             1466.56                -0.61% 
Abu Dhabi SM         2463.43                -0.18% 
Kuwait SE            6421.96                -0.11% 
Doha SM              8402.97                -0.62% 
Muscat SM            5618.71                -0.67% 
Bahrain SE           1148.80                -0.24% 
Cairo SE             4791.91                -2.01% 
Amman                1907.49                -0.87% 
 
ICE Brent $/bbl       107.83                +0.88% 
Gold $/troy oz       1596.60                +0.25% 
Euro-USD                1.28                +0.24% 
DJIA                12369.79                00.00% 
 
   By Brinda Darasha 
   Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Heightened concerns about Greece's status within the euro zone and the failure of a Group of Eight meeting to reach an agreement on how to calm the economic crisis in Europe, are likely to keep stocks in the Arab Gulf region under pressure Monday.

However, any downside move could be capped by positive cues from Asia markets that are mostly higher Monday after affirmation by G8 leaders that they want Greece to remain in the euro zone, while Chinese Premier Wen Jiabao raised hopes of further policy easing.

Crude oil futures clawed back some gains early Monday after notching a new low for 2012 Friday at $91.48 a barrel. Nymex front-month crude was up 43 cents at $91.91 a barrel.

U.A.E.: Dubai's market Sunday ended -0.6% at 1466.56, with the telecoms sector leading the decline.

Du closed -1.3% at AED2.98 while Hits Telecom was down 3.5% at AED1.09.

Abu Dhabi shares closed -0.2% at 2463.43 Sunday. Banks and services stocks led the way down.

First Gulf Bank ended -1.3% at AED8.64 and Abu Dhabi Commercial Bank closed -1% at AED3.12.

SAUDI ARABIA: Saudi's Tadawul Index closed Sunday +0.2% at 6979.55 as insurance stocks led advances.

The index is approaching support of 6,897-6,853, while near-term resistance sits at 7020 and 7060, said NCB Capital.

Mohammad al Mojil Group, or MMG, said Sunday it was replacing its chief executive and commissioning an outside evaluation of the company's projects, financial position and overall performance. Shares closed +0.7 at SAR13.95.

Saudi Arabia's finance ministry said Sunday it approved 592 contracts for various projects in the Arab world's largest economy valued at SAR42.93 billion during the first quarter of 2012, compared with 711 contracts worth SAR50.91 billion in the year earlier period.

KUWAIT: The Kuwait stock exchange ended -0.1% at 6421.96 Sunday.

QATAR: Qatar's QE Index closed -0.6% at 8402.97 Sunday. Banks and industrials declined.

BAHRAIN: The main gauge of stocks closed Sunday -0.2% at 1148.80; banks and industrials dragged.

Gulf Finance House, the struggling Bahraini investment company, Sunday said holders of a $110 million Islamic bond, or sukuk, have agreed to extend repayment of the debt over six years.

OMAN: Muscat's market closed -0.7% at 5618.71. Banks and services sectors led declines.

EGYPT: The Egyptian index of shares EGX 30 closed -2% at 4791.91 Sunday.

EFG Hermes -4.5% at EGP11.20 and Orascom Telecom -3.5% at EGP3.03.

"Most likely investors will continue to take their money off the table as we head into the election period," said Mike Millar, head of research at Cairo-based Naeem Brokerage. "There is a good chance that we'll end up with a run off for President, so market uncertainty will extend to the end of the June. Another wild card is the Mubarak trail verdict which is due on June 2," he added.

NEWS FROM AROUND THE GULF: Dubai's government has been steadily increasing its borrowing from state-controlled Emirates NBD (EMIRATES.DFM), the largest listed bank in the Arab Gulf by assets, as the emirate seeks new sources of funding at a time when European and other international banks are curtailing lending to the region.

Oil production in Saudi Arabia, the world's largest crude exporter, rose to 9.923 million barrels a day in March, from 9.853 million barrels a day in February, overtaking Russia as the world's largest producer for the first time in six years, official data showed Sunday.

Egypt's proposed budget for 2012 and 2013 will ramp up state spending on welfare and infrastructure, even as it narrows the budget deficit by cutting energy subsidies and raising tax revenues, the ministry of finance has said in an emailed statement.

Qatar's Al Faisal Holding Co., owned by the ruling Al Thani family, have bought the Radisson Blu Aqua Hotel in Chicago, adding another property to its growing portfolio of real estate assets around the world.

Dubai-based real-estate developer Nakheel has launched a new mixed-residential development on Palm Jumeirah, but the company has yet to issue a tender for the project, the firm's top executive said on Sunday.

Qatar Solar Technologies, or QSTec, which is building a $1 billion polysilicon plant in Ras Laffan, has signed an agreement with the Gulf state's largest utility to look into ways of developing solar energy.

-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

21-05-12 0531GMT