DUBAI - Gulf stock markets look set to consolidate on Wednesday with Saudi Arabian energy prices, the listing of Abu Dhabi National Oil Co's distribution unit and a special dividend payment by Dubai's Emaar Properties in focus.
The Saudi energy ministry said late on Tuesday that it would announce increases in domestic prices of gasoline, jet fuel and diesel in the first quarter of next year, but it did not reveal the size of the increases, making the economic impact difficult to judge.
The electricity regulator announced higher power tariffs for residential users from Jan. 1. Saudi Electricity shares
5110.SE
rose on Tuesday in anticipation of the announcement but on Wednesday, the company said it would pay the government a fee equivalent to the rise in tariffs, so there should be no positive impact on its profit.
The pricing range for ADNOC Distribution's
Meanwhile, Emaar said it would pay a special dividend of 4 billion dirhams ($1.1 billion) related to its listing of Emaar Development : 3 billion dirhams next month and 1 billion dirhams after its annual general assembly in April.
That works out to a dividend of 0.56 dirham a share. The market had originally expected Emaar to distribute about 1 dirham per share, and expectations had then been revised to around 0.67 dirham based on the assumption that the entire proceeds of the 20 percent listing would be paid.
The global market environment is roughly neutral, with Asian stocks little changed and Brent crude oil at $63.95 a barrel after climbing above $65.0 and then falling back sharply overnight.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Saudi energy ministry said late on Tuesday that it would announce increases in domestic prices of gasoline, jet fuel and diesel in the first quarter of next year, but it did not reveal the size of the increases, making the economic impact difficult to judge.
The electricity regulator announced higher power tariffs for residential users from Jan. 1. Saudi Electricity shares
The pricing range for ADNOC Distribution's
Meanwhile, Emaar said it would pay a special dividend of 4 billion dirhams ($1.1 billion) related to its listing of Emaar Development : 3 billion dirhams next month and 1 billion dirhams after its annual general assembly in April.
That works out to a dividend of 0.56 dirham a share. The market had originally expected Emaar to distribute about 1 dirham per share, and expectations had then been revised to around 0.67 dirham based on the assumption that the entire proceeds of the 20 percent listing would be paid.
The global market environment is roughly neutral, with Asian stocks little changed and Brent crude oil at $63.95 a barrel after climbing above $65.0 and then falling back sharply overnight.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
