Monday, Apr 30, 2012


 
Saudi SE               7555.77              -0.68% 
Dubai FM               1639.44              -0.75% 
Abu Dhabi SM           2512.17              +0.17% 
Kuwait SE              6336.50              -0.01% 
Doha SM                8687.83              +0.30% 
Muscat SM              5870.75              +0.54% 
Bahrain SE             1148.50              +0.28% 
Cairo SE               4920.96              -0.28% 
Amman                  1989.85              -0.63% 
 
ICE Brent $/bbl         119.60              +0.08% 
Gold $/troy oz         1665.10              -0.77% 
Euro-USD                  1.33               0.00% 
DJIA                  13228.31               0.00%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are seen trading in narrow ranges Monday as investors eye first-quarter company earnings for direction.

Blue chips such as Qatar Telecom will likely grab attention after posting its quarterly results.

Asian shares were mostly up Monday as investors cheered a set of robust U.S. earnings. Investors however remain cautious ahead of key events such as manufacturing data from China on Tuesday, Spain's debt auctions later in the week, as well as landmark French and Greek general elections.

The U.S. dollar was in a tight trading band against the euro after falling Friday as weaker-than-expected first-quarter economic growth in the U.S raised expectations of another round of stimulus from the Fed.

Oil prices were subdued Monday with Nymex June crude futures last down 13 cents at $104.80 a barrel.

U.A.E.: Dubai shares finished 0.8% lower at 1639.44 Sunday.

Dubai Islamic Bank said Monday its first-quarter net profit rose 11% on year to AED245 million on higher deposits, and despite a slowdown in revenue growth.

Arabtec Holding shares fell 4.7% to AED3.43, after adding some 22% this month ahead of its AGM.

The company's CEO said Saturday he considers Aabar Investments a key strategic stakeholder and that he would welcome it if the Abu Dhabi-based company increases its 10% stake in Arabtec.

Emaar Properties gained 0.3% to AED3.26, after posting a 44% rise in first-quarter net profit.

Abu Dhabi's market was up 0.2% at 2512.17 Sunday.

Aldar Properties rose 4.4% to AED1.15; its first-quarter net profit more than doubled on year.

Sorouh Real Estate ended +1.8% at AED1.12; its first-quarter net profit rose 30% on year.

RAK Properties was up 2.6% at AED0.39; the company posted a 30% increase in first-quarter net profit.

SAUDI ARABIA: The Tadawul market ended 0.7% lower at 7555.77 Sunday; bank and petchem stocks weighed.

The benchmark index has fluctuated sharply, albeit in a narrow range, since the earnings season got over early last week. The market rose 0.9% Saturday and is still up some 18% this year.

Investors remain uncertain on direction after a mixed earnings season, eye international leads ahead of an expected slower period during the summer months, traders say.

KUWAIT: The market ended flat at 6336.50 Sunday; industry stocks weighed, while the real estate sector was up.

QATAR: Doha's benchmark index rose 0.3% to 8687.83 Sunday; supported by the telco and industry sectors.

Qatar Telecom, which competes against Vodafone Qatar in the Gulf state, late Sunday posted a 12% decline in first-quarter net profit to QAR711.4 million on foreign exchange losses in the telco's Indonesian unit--Indosat.

Qtel shares rose 2.4% to QAR138 Sunday.

BAHRAIN: The main gauge of stocks ended +0.3% at 1148.50 Sunday; propped up by the banking sector.

Batelco is unlikely to participate in India's forthcoming bandwidth auctions but may re-enter the country by investing in an existing company, its group chief executive said.

OMAN: Muscat's market closed up 0.5% at 5870.75 Sunday; industry and banking stocks led the gains.

EGYPT: The market ended down 0.3% at 4920.96 Sunday.

Egypt's ruling military said it would appoint a new cabinet within 48 hours, awarding a major victory to Islamist politicians and cooling a political confrontation that threatened to gridlock Egypt's emerging democratic institutions.

NEWS FROM AROUND THE GULF: Egypt experienced a 32% surge in tourist arrivals during the first quarter of 2012, compared with a year ago, and expects visitors to the Arab country this year to hit levels last seen in 2010, before the revolution, Egypt's Minister of Tourism Mounir Fakhry Abd Elnour said on Sunday.

Dubai-based Jumeirah Group, a luxury hotel operator and subsidiary of Dubai Holding, said Sunday its beach-front resorts recorded 84.4% average occupancy in the first four months of 2012, signalling continued recovery in Dubai's leisure market.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

30-04-12 0515GMT