Tuesday, May 15, 2012


 
Saudi SE               7067.99              -1.60% 
Dubai FM               1481.95              -0.42% 
Abu Dhabi SM           2473.00              -0.02% 
Kuwait SE              6432.28              -0.21% 
Doha SM                8489.10              -0.55% 
Muscat SM              5654.32              -1.42% 
Bahrain SE             1156.69              -0.27% 
Cairo SE               5061.68              -0.42% 
Amman                  1947.92              -0.68% 
 
ICE Brent $/bbl         111.08              -0.44% 
Gold $/troy oz         1554.10              -0.97% 
Euro-USD                  1.29              -0.39% 
DJIA                  12695.35              -0.98%

By Nikhil Lohade

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Persian Gulf stock markets are seen trading with a negative bias Tuesday as investors remain concerned about the euro zone amid rising fears that Greece could leave the union after coalition talks Monday failed to produce a government.

In the region, the earnings season draws to a close and investors will likely focus on earnings reports from companies like Abu Dhabi's Dana Gas.

Most Asian markets fell Tuesday. While Greek President Karolos Papoulias proposed that parties meet again Tuesday for further discussions, a fresh set of election look increasingly likely. A meeting of European finance ministers in Brussels meanwhile warned Greece that it could be removed from the union if it does not adhere to the terms of its bailout deal.

Oil prices were lower Tuesday, after falling to a fresh 2012 low below $95 a barrel the previous day amid mounting worries about the state of Greece's economy and rising global oil supplies.

Nymex June crude futures were last down $0.54 at $94.24 a barrel Tuesday--the contract has lost 10.7%, or $11.38 a barrel, with declines in eight of the past nine days.

U.A.E.: Dubai shares finished -0.4% at 1481.95 Monday; bellwether Emaar fell 1.7% to AED2.89.

Dubai Islamic Bank plans to meet fixed-income investors starting this week and may issue a U.S. dollar, benchmark-sized Islamic bond, or sukuk, depending on market conditions, a banker aware of the transaction said Tuesday.

Arabtec Holding rose 4.7% at AED2.91, after the company said Aabar Investments and its units totally held a 20.76% stake in the company as on May 10, denying recent media reports that the Abu Dhabi-based firm owned a 53% stake in the construction firm.

Union Properties posted a 73% fall in year-on-year net profit for the first three months of 2012 at AED22.4 million versus AED82.2 million as the value of its property portfolio continued to decline.

Abu Dhabi's market ended flat at 2473 Monday; it is up about 3% for the year.

Dana Gas, the Abu-Dhabi-based oil and gas company, said Tuesday that net profit in the first three months of the year more than doubled to AED206 million due to higher hydrocarbon prices and increased production from its activities in the Kurdistan region of Iraq.

SAUDI ARABIA: The Tadawul market ended -1.6% at 7067.99 Monday; petchem and bank stocks led the decline as investors remain cautious amid concerns about the euro zone and a sharp recent slide in oil prices.

"Saudi is just following the global lead and weak oil prices with a significant lack of catalysts in the short-term," noted a trader. He expects the market to remain weak, but reckons there's now a buying opportunity being created for quality names.

KUWAIT: The benchmark stocks index slipped 0.2% to 6432.28 Monday; the market is still up some 11% for the year.

QATAR: Doha's market closed -0.6% at 8489.10 Monday; industry stocks were among the top losers.

BAHRAIN: The main gauge of stocks ended down 0.3% at 1156.69 Monday; the investment and hotels sectors weighed.

Bahrain's Ithmaar Bank said Monday it swung to a loss of $452,000 in the first quarter of 2012, from a net profit of $4.79 million a year earlier, due to impairment provisions.

OMAN: Muscat's market ended 1.4% lower at 5654.32 Monday; led by industry and financial stocks.

EGYPT: The benchmark EGX 30 Index closed down 0.4% at 5061.68 Monday.

Orascom Telecom Holding, or OT, said its first-quarter net profit declined 86% compared with the year earlier period when the telco had sold its Tunisian assets.

Revenues from Egypt's Suez Canal, the country's main waterway and a vital source of foreign currency, fell 0.3% in the year to April to reach $433.1 million, from $434.6 million in the year earlier period, as the volume of cargo traffic slipped, according to data posted on Suez Canal Authority website.

NEWS FROM AROUND THE GULF: Gulf leaders decided Monday not to move immediately on a Saudi proposal to make their six-nation council into a full-fledged union, telling Saudi Arabia they wanted to know more about what such a federation would entail, the Saudi foreign minister said.

Abu Dhabi's Invest AD and U.S.-based Paladin Capital Group on Monday said they have set up a private equity fund that eyes opportunities in the Middle East, North Africa and Turkey.

Qatar Airways Monday said it won't take delivery of five A380 super jumbos until the airline knows plane-maker Airbus has a permanent fix for faults in the aircraft's wings.

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

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

15-05-12 0537GMT