Wednesday, May 02, 2012


 
Saudi SE             7545.28                -0.17% 
Dubai FM             1623.52                -0.46% 
Abu Dhabi SM         2504.78                +0.04% 
Kuwait SE            6399.70                +0.49% 
Doha SM              8672.01                -0.36% 
Muscat SM            5833.26                -0.61% 
Bahrain SE           1152.79                +0.37% 
Cairo SE             4945.21                +0.49% 
Amman                1980.44                -0.04% 
 
ICE Brent $/bbl       119.50                -0.13% 
Gold $/troy oz       1660.30                -0.26% 
Euro-USD                1.32                -0.15% 
DJIA                13279.32                -0.50%

By Tim Falconer

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Gulf stocks are seen cautiously higher early Wednesday, as investors rake over the bulk of first quarter earnings reports, while a data-inspired advance on Wall Street overnight should provide local investors with some cheer.

"It is a new month and with it brings new money inflows, so this could see good buying emerge as the days roll on," said one trader at IG Markets.

On Wall Street overnight, the Dow Jones Industrial Average rose 65.69 points, or 0.5%, to 13279.32, its best close since Dec. 28, 2007. After a mixed open, stocks jumped following the Institute of Supply Management's report that showed the U.S. manufacturing sector's expansion rose to its highest level in nearly a year in April.

Most Asian stock markets were modestly higher early Wednesday, and the U.S. dollar remained well supported after the surprisingly strong U.S. manufacturing report. The euro was fetching $1.3216 against the greenback, from $1.3236.

June Nymex crude oil futures, which rose to a five-week high of $106.43 per barrel Tuesday, were recently off 36 cents at $105.80 a barrel on Globex.

U.A.E.: Dubai's market closed 0.5% lower at 1623.52 Tuesday.

Shares of Shuaa Capital surged 4.6% to AED0.795. On Tuesday it said it aims to trim costs by an additional 14% by the end of the first half as the investment bank eyes a recovery from an economic downturn and a return to profitability.

Elsewhere, district cooling firm Tabreed reported a 15% rise in first-quarter net profit despite a slowdown in overall revenues as the company cut costs and accessed cheaper funding. Its shares closed up 0.8% at AED1.30.

In Abu Dhabi, the benchmark index there finished unchanged at 2504.78.

SAUDI ARABIA: The benchmark Tadawul Index closed -0.2% at 7545.28 Tuesday.

Technical analysts at NCB Capital said the Tadawul's relative strength index has re-entered bullish territory, suggesting the gauge may gain in the near term.

"If the index sustains above 7,560, it may test 7,610 and 7,660. On the other hand, it may find support at 7,500 and 7,470," they said in an emailed note.

Shares of Saudi Arabian Mining Co., better known as Maaden, fell 0.6% to SAR33.20 Tuesday. On Monday it said its affiliate Sahara & Maaden Petrochemical Co. had signed 1.882 billion Saudi riyal ($502 million) commitment letter for the development of one of its projects.

Elsewhere, National Industrialization Co., or Tasnee, dropped 1.9% to SAR35.30. On Monday it said it has picked HSBC Saudi Arabia to help issue riyal-denominated Islamic bonds, or sukuk.

KUWAIT: The market finished up 0.5% at 6399.70 Tuesday.

Kuwait Projects Co., or Kipco, the Gulf state's largest diversified investment holding firm, said it made a first quarter net profit of 8.5 million Kuwaiti dinar ($30.6 million), 5% higher than the KWD8.1 million net profit it reported in the year earlier period, as its financial services and media businesses grew. Its shares ended unchanged at KWD0.33.

QATAR: Doha's market closed Wednesday down 0.4% at 8672.01

Shares of Barwa closed 2.9% lower at QAR27.10. Qatar's largest property developer by sales, posted a 47% drop in first quarter net profit to 292.5 million Qatari riyals ($80.4 million), compared with QAR548.5 million in the year earlier.

BAHRAIN: The local stock exchange was shut Tuesday for a public holiday. The main index closed Monday at 1152.79.

A non-operating subsidiary of Bahrain's Arcapita Bank has filed a voluntary petition for bankruptcy protection in the U.S., the company said in a statement Tuesday.

OMAN: Muscat's market ended down 0.6% at 5833.26 Tuesday.

EGYPT: The market was shut Tuesday for a public holiday. The main EGX-30 Index ended Monday at 4945.21.

NEWS FROM AROUND THE GULF: Abu Dhabi government-owned International Petroleum Investment Co., or IPIC, said Tuesday it has made an early repayment of 1.89 billion U.A.E. dirhams ($514 million) of debt that was due to mature in 2013.

Qatar Airways, one of the fastest growing carriers in the world, said Tuesday it plans to launch flights to Myanmar and Iraq over the next six months.

Etihad Airways said Tuesday it has acquired close to a 3% stake in Irish budget airline Aer Lingus Group PLC (EIL1.DB), a move that underlines the Abu Dhabi-based carrier's European ambitions and a strategic holding that could increase in the months ahead.

Libya's economy has turned a corner following last year's civil war and is slated to grow 12% this year, the country's economy minister said Tuesday.

DIFC Investments, the investment arm of Dubai's international financial centre, on Tuesday said it is nearing a deal to refinance a $1.25 billion bond that matures in June as the company turned profitable again in 2011.

Low-cost airline flydubai plans to buy more aircraft as it eyes growth throughout the Middle East and beyond, according to the company's top executive.

The chairman of Dubai-based Emirates Airline said the carrier's performance in the fiscal year just finished was "positive", but soaring fuel prices took an almost $2 billion chunk from its profits.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

02-05-12 0506GMT