DUBAI - Gulf stock markets could rebound slightly on Wednesday because of a positive international market picture, while Dubai will be dominated by the listing of Emaar Development, the local property development unit of Emaar Properties.
Emaar Development priced its initial public offer at 6.03 dirhams, against an indicative range of 5.7-6.9 dirhams per share set earlier this month.
Bankers said the offer was oversubscribed and drew solid institutional support, although retail investor interest was weaker, and speculation about the stock's performance on listing has helped to pull Emaar Properties shares down in recent days.
The international equity and oil market environment could provide a basis for other bourses in the region to rebound moderately after weak performances this week.
MSCI's broadest index of Asia-Pacific shares outside Japan has added 0.6 percent while Brent crude oil has climbed to $63.08 a barrel, not far from a near 2-1/2 year peak of $64.65 touched earlier this month.
Dubai's GFH Financial may attract interest after saying it has started talks with Saudi Arabian authorities to cross-list its shares on the Riyadh stock exchange.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
Emaar Development priced its initial public offer at 6.03 dirhams, against an indicative range of 5.7-6.9 dirhams per share set earlier this month.
Bankers said the offer was oversubscribed and drew solid institutional support, although retail investor interest was weaker, and speculation about the stock's performance on listing has helped to pull Emaar Properties shares down in recent days.
The international equity and oil market environment could provide a basis for other bourses in the region to rebound moderately after weak performances this week.
MSCI's broadest index of Asia-Pacific shares outside Japan has added 0.6 percent while Brent crude oil has climbed to $63.08 a barrel, not far from a near 2-1/2 year peak of $64.65 touched earlier this month.
Dubai's GFH Financial may attract interest after saying it has started talks with Saudi Arabian authorities to cross-list its shares on the Riyadh stock exchange.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
