Wednesday, Feb 15, 2012
Saudi SE 6816.49 -0.22%
Dubai FM 1539.23 +1.16%
Abu Dhabi SM 2489.50 +0.95%
Kuwait SE 6009.50 +1.07%
Doha SM 8694.77 0.00%
Muscat SM 5606.88 +0.32%
Bahrain SE 1142.43 -0.06%
Cairo SE 5066.04 -0.65%
Amman 1954.29 -0.74%
ICE Brent $/bbl 117.20 -0.90%
Gold $/troy oz 1718.00 -0.65%
Euro-USD 1.32 +0.23%
DJIA 12878.28 +0.03%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--The real estate sector in the U.A.E. will likely remain in the spotlight Wednesday after Dubai bellwether Emaar Properties reported forecast-beating fourth-quarter earnings.
Sorouh Real Estate also reported a strong jump in full-year earnings, after its Abu Dhabi peer, Aldar Properties, positively surprised the market with a dividend proposal earlier this week.
U.A.E. property stocks have mostly risen sharply in the past few weeks as investors eye bargains, after some big losses last year, amid hopes of a revival in the country's real estate sector.
The broader regional markets will likely be mixed as investors remain cautious on the slow progress in resolving Greece's debt crisis.
Asian stocks were mixed Wednesday, after a tepid Wall Street finish overnight, following news that euro-zone finance ministers had postponed a meeting to discuss Greece's second bailout, and on disappointing U.S. retail sales data.
The euro remained vulnerable as uncertainty over Greece's ability to implement painful austerity measures continued to delay the approval of a crucial second bailout package.
Oil prices were higher Wednesday with Nymex March crude futures last up $0.84 at $101.58 a barrel.
U.A.E.: Dubai's market rose 1.2% to 1539.23 Tuesday.
Emaar Properties on Tuesday said net profit in the three months to Dec. 31 amounted to AED716 million, up sharply from AED274 million a year earlier.
Emaar's fourth-quarter earnings beat most analyst expectations. Global Investment House had forecast its quarterly net profit at AED494 million, while SICO had expected AED546 million and Beltone Financial had pencilled in a AED387 million effort. Emaar ended +1.4% at AED2.98.
A strike by port workers halted work at DP World's Sokhna terminal in Egypt for the third straight day Tuesday, but the Dubai-based global ports operator hopes to resume normal operations soon, it said.
Abu Dhabi's market ended +1% at 2489.50 Tuesday.
Sorouh Real Estate Co. posted a full-year 2011 net profit of AED335 million versus AED7.4 million a year earlier as it sold more commercial and residential units. Sorouh jumped 7.5% to AED1.02 Tuesday.
Taqa swung to a net loss in the fourth-quarter as a one-off impairment charge and a big U.K. tax bill weighed on its earnings. According to Zawya Dow Jones calculations, Taqa made a loss of AED368 million in the three months ended Dec. 31. It made a profit of AED343 million in the year earlier period, according to Zawya.com data.
Aldar Properties rose 5.1% to AED1.04 Tuesday after the company said it swung to a FY2011 net profit, from a loss a year earlier, and recommended a cash dividend of AED0.05 per share.
SAUDI ARABIA: The Gulf's largest market ended down 0.2% at 6816.49 Tuesday; bank stocks weighed.
The Tadawul's 7000 resistance level is proving a tough barrier to crack, a Riyadh-based trader said.
Saudi Cement Co. said Tuesday it will reopen two kilns with a combined production capacity of 5,325 tons of clinkers by May, responding to rising demand for cement as the government spends billions of dollars building new infrastructure.
KUWAIT: The market ended up 1.1% at 6009.50 Tuesday; real estate and investment sector stocks were among the top risers.
Zain shares fell 2.3% to KWD0.860 Tuesday after the telco posted a 14% decline in fourth quarter net profit.
QATAR: Doha's market reopens for trading Wednesday; it was closed Tuesday for a national holiday.
QNB Finance, a subsidiary of Qatar National Bank, will raise $1 billion through the sale of a five-year bond, priced to yield 3.456%, a banker familiar with the deal said Tuesday.
BAHRAIN: The main gauge of stocks finished down 0.1% at 1142.43 Tuesday; the industry sector weighed.
OMAN: Muscat's market ended +0.3% at 5606.88 Tuesday.
Renaissance Services said Tuesday its full-year 2011 net profit fell sharply as it provided for higher expenses related to a subsidiary. The company's net profit fell 93% on year to OMR2.29 million.
Galfar Engineering and Contracting said Tuesday its full-year 2011 net profit fell 14% to OMR5.17 million, from OMR6 million in the year earlier.
EGYPT: The benchmark EGX 30 index closed -0.7% at 5066.04 Tuesday; the market is still up 40% this year.
Orascom Telecom Media & Technology may seek to re-list its Mobinil unit in Egypt if the deal to sell most of its stake in the joint venture to France Telecom goes through, the company's chief executive said Tuesday.
France Telecom Monday said it was in advanced discussions with OTMT to increase its stake in Mobinil--the companies' joint venture--in a deal that could be worth up to EUR1.5 billion.
NEWS FROM AROUND THE GULF: Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Sabah on Tuesday appointed Hani Hussein, a former chief executive officer of Kuwait Petroleum Corp., or KPC, as oil minister, as part of a wider cabinet reshuffle in the Gulf state.
Saudi utility Marafiq signed an agreement with Saudi banks on Tuesday for a SAR4.5 billion Islamic Murabaha loan for projects and operations, according to a statement on the website of the Saudi Press Agency.
The Islamic Corporation for the Insurance of Investment and Export Credit is growing rapidly as companies and banks with business in the Middle East seek a greater measure of financial protection in the wake of the Arab Spring.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
15-02-12 0500GMT
