Stock markets in the Persian Gulf are seen mostly
higher Thursday as investors track global equity strength in the new
year, but the focus is likely to shift next week to regional economic
news and company earnings.
Equities are seeing a continuation of a buoyant risk
environment as investors react to the passing of the U.S. fiscal cliff
deal, analysts at IG Markets say.
Asian stocks were up Thursday, after the Dow Jones Industrial
Average recorded its best session since June as a U.S. budget deal to
avoid the fiscal cliff removed a major overhang.
The spotlight is now on the U.S. nonfarm payrolls due out
Friday, which will help investors gauge the state of the world's largest
economy.
Oil prices are slightly down Thursday, after settling 1.4%
higher in the previous session on relief following the last-minute U.S.
budget deal. Nymex February crude futures were last down 32 cents at
$92.80 a barrel.
U.A.E.: Dubai shares finished 2.7% higher at
1666.87 Wednesday, after adding 20% last year. Abu Dhabi's market was up
1.8% at 2678.22.
Property stocks were among the top risers in both the U.A.E.
markets as investors bet that a recovery in the real estate sector will
continue this year.
A new cap on mortgage lending in the U.A.E. will help regulate
the real estate market better, but could be restrictive for a middle
class aspiring to buy their own homes, the top executive at Dubai-based
developer Nakheel said Wednesday.
Telco Du has signed a $100 million loan with Standard
Chartered to fund capital expenditure, representing the telco's third
financing deal in as many weeks.
Abu Dhabi National Energy Co., better known as Taqa, has completed its purchase of a 53.2% stake in an energy block in Kurdistan for about $600 million.
SAUDI ARABIA: The Gulf's largest market is
closed for the weekend. The benchmark Tadawul index rose 1.2% to 6940.31
Wednesday.
KUWAIT: The benchmark index rose 1% to 5994.02 Wednesday; property stocks were among the top risers.
Munshaat Real Estate Projects Co. on Wednesday said it has
signed a preliminary agreement with a number of creditors to swap a debt
pile of KWD91.5 million against a stake in one of its projects.
QATAR: Doha's market closed +1.1% at 8449.26 Wednesday, led by industry and telecom stocks.
Qatar Telecom, better known as Qtel, has reached an agreement
with the Tunisian government to buy a 15% stake in Tunisiana for $360
million, a move that will take the group's total stake in the Tunisian
telecoms operator to 90%.
BAHRAIN: The main gauge of shares finished down 0.2% at 1063.77 Wednesday, weighed by the industry sector.
OMAN: Muscat's market closed flat at 5765.94 Wednesday.
EGYPT: The benchmark EGX 30 Index rallied 3.2% to 5634.55 Wednesday, after the market added 51% last year.
NEWS FROM AROUND THE GULF: Oman plans to ramp
up its public spending by nearly a third in 2013--with a chunk of it
budgeted for investment projects--after the Gulf sultanate managed to
record a budgetary surplus for 2012 on the back of favorable oil prices,
the official Oman News Agency said Wednesday, citing the finance
minister.
The Jordanian cabinet has endorsed a budget of $10.46 billion
for 2013, Jordan's official news agency Petra reported Wednesday.
Duty-free sales at Dubai International rose 10% on year in 2012 to AED5.9 billion, fueled by the airport's rapid expansion.