Thursday, May 16, 2013


 
Saudi SE         7147.42        +0.11% 
Dubai FM         2286.60        +1.39% 
Abu Dhabi SM     3513.42        +0.92% 
Kuwait SE        7813.05        -0.63% 
Doha SM          8934.93        -0.04% 
Muscat SM        6352.19        +0.53% 
Bahrain SE       1148.48         0.00% 
Cairo SE         5455.74        +1.02% 
Amman            2022.96        +0.20% 
 
ICE Brent $/bbl   103.14        -0.35% 
Gold $/troy oz   1391.00        -0.37% 
Euro-USD            1.29        +0.10% 
DJIA            15275.69        +0.40%

By Brinda Darasha

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Signs of economic recovery and rising confidence in the Persian Gulf region will likely support stock markets on Thursday, although any major upside move is seen capped by investors locking in some profits after recent strength.

Regional stocks markets, particularly Abu Dhabi and Dubai, have seen new cash inflows in the aftermath of a strong first quarter earnings season, an analyst said.

"Certainly, interest in U.A.E., Qatar and Saudi markets is likely to continue for a while," said Mohammed Ali Yasin, the managing director of NBAD Securities in Abu Dhabi. "Volumes are being sustained and there is strength in the rally, so the upward cycle is likely to continue till 2013 end."

Dubai's DFM index is up 41% year-to-date, while Abu Dhabi's main gauge is 34% higher. Kuwait, which has also done very well this year--up 31.7%--is a silent performer, Mr. Yasin said.

Local traders will also take heart from some strong global cues. Asian markets were mostly higher Thursday, with Japan's Nikkei Stock Average rallying on a weakening in the yen, which helped lift exporters' shares.

Overnight on Wall Street, the Dow Jones Industrial Average rose 60.44 points, or 0.4%, to 15275.69, hitting a fresh high for the sixth time in nine sessions. The Stoxx Europe 600 erased earlier losses to close at a high for the year, as data showing the euro-zone economy contracted for a sixth straight quarter raised hopes for further stimulus from the European Central Bank.

In the oil markets, light, sweet crude for June delivery last traded down 36 cents at $93.94 a barrel on the New York Mercantile Exchange.

U.A.E.: Dubai's market Wednesday ended 1.4% higher at 2286.60 as banks and telecoms surged.

Emirates Integrated Telecommunications Co., or Du, rose 9.7% to AED5.99 and Emirates NBD was 3.8% higher at AED5.81.

Union Properties said its net profit in the three-month period was AED21.9 million down 2.2% from AED22.4 million a year earlier. Its shares closed 7.7% lower at AED0.45 Wednesday.

Shuaa Capital extended losses from Tuesday; -3.4% at AED0.63. The Dubai-based financial firm said early Tuesday it narrowed its losses to AED5.9 million in the first quarter as it contained expenses and tried to execute a turnaround strategy.

Nasdaq Dubai-listed Depa Ltd. said first quarter net profit before non-controlling interests was AED12 million, compared with a loss of AED9 million a year ago. Revenues in the same period jumped 18% to AED446 million.

Abu Dhabi shares closed up 0.9% at 3513.42 Wednesday. Banks and financial services advanced.

Abu Dhabi Commercial Bank ended 6.3% higher at AED5.10, while Sharjah Islamic Bank rose 4.1% at AED1.28.

SAUDI ARABIA: The Saudi market is closed for the weekend. The benchmark Tadawul Index ended up 0.1% at 7147.42 on Wednesday.

KUWAIT: The Kuwait stock exchange ended -0.6% at 7813.05 Wednesday. Oil and gas stocks undermined.

National Industries Group (Holding), or NI Group, said its net profit plunged 50% on year to KWD4.73 million in the first quarter.

QATAR: Qatar's QE Index closed flat at 8934.93 Wednesday.

BAHRAIN: The main gauge of stocks closed Wednesday flat at 1148.48.

OMAN: Muscat's market closed 0.55 higher at 6352.19.

Oman's Renaissance Services on Wednesday said that its first-quarter profit sharply rose to OMR3.81 million in the first quarter, from OMR782,000 in the year earlier period.

EGYPT: The Egyptian index of shares EGX 30 closed +1% at 5455.74 Wednesday.

Orascom Telecom Holding said on Wednesday it swung to a first quarter net loss of $204 million compared with a net profit of $120 million in the year ago period. Orascom Telecom, which is controlled by Russia's VimpelCom Ltd. (VIP), also advised its shareholders to reject an offer from Baskindale Ltd. to acquire 100% of the company's shares at the price of 70 cents per share.

NEWS FROM AROUND THE GULF: The U.K.'s Bank of London and the Middle East plans to open an office in Dubai as its assets grow and the emirate tries to turn itself into a global hub for Islamic finance, its chief executive said Wednesday.

Saudi Arabia's General Lighting Company, in which U.S. private equity giant Carlyle Group L.P. holds a 30% stake, submitted plans for an initial public offering with the kingdom's capital markets authority earlier this month, according to two people familiar with the matter.

The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, has appointed Deutsche Bank veteran John McCarthy as its global head of infrastructure, it said Wednesday.

Goldman Sachs Group Inc. beat out Fortress Investment Group LLC for the right to lend Arcapita Bank up to $350 million that would ease the Bahraini investment firm out of Chapter 11 bankruptcy.

Write to Brinda Darasha at brinda.darasha@dowjones.com

Copyright (c) 2013 Dow Jones & Co.

(END) Dow Jones Newswires

16-05-13 0508GMT