0955 GMT - Oman's heavyweight Bank Muscat falls as
foreign investors sell on fears of share price dilution,
dragging the index.
Bank Muscat drops 3.1 percent to a two-month closing low.
The bank's board approved a $150 million rights issue late
January and said it plans the rights sale to international
institution through private placement.
"Earnings dilution is a threat in an event the increased
capital base fails to garner same levels of revenue as the
existing capital," says Vickneswaran Gowribalan, an Oman-based
portfolio manager. "But if one is confident that the increased
capital is ripe for harvest in the immediate or near-term time
frame, then dilution is not a threat."
The index ends 0.4 percent lower at 5,601 points, down for a
second session in last six.
--------------------------------------------------------------
0840 GMT - Saudi Arabia's benchmark slips from Saturday's
21-month closing high as banks weigh, while Etihad Etisalat
(Mobily) rises after signing a 10 billion riyals
($2.67 billion) sharia-compliant loan refinancing.
Shares in Mobily climb 0.4 percent. Saudi Arabia's
second-largest telecoms operator by market capitalisation,
rolled three existing facilities into a new, four-tranche
Islamic loan with tenors of between five and seven years.
Investors book profit from recent gains in banking stocks.
Heavyweight Al Rajhi falls 0.3 percent, Banque Saudi
Fransi falls 1.4 percent and Arab National Bank
sheds 1 percent.
Bellwether Saudi Basic Industries Corp (SABIC)
eases 0.3 percent. It said on Saturday the firm and China
Petroleum & Chemical Corp (Sinopec) have
started negotiations with Trinidad and Tobago to build a $5.3
billion methanol complex there.
The benchmark eases 0.1 percent to 6,796 points.
--------------------------------------------------------------
0735 GMT - Kuwait's benchmark climbs to a two-month
high as local retail investor funds increase buying and Gulf
Finance House spikes.
Shares in GFH are up 7.5 percent, its highest level since
July 7.
"There's a rumour that full-year corporate action is going
to be better than expected," says a Kuwait-based trader who
asked not to be identified. "What that means, no one knows, are
they in the position to give dividends or not, we'll have to
see."
The index is up 0.2 percent to 5,877 points, its highest
level since Dec. 7.
"Local traders are trying to trade cheap stocks...retail
flow has increased," he adds.
In Qatar, the index declines 0.3 percent to 8,662
points, extending 2012 losses to 1.3 percent.
Heavyweight Qatar National Bank slips 0.9 percent,
Masraf Al Rayan sheds 0.7 percent and Qatar Navigation
dips 0.7 percent.
QNB said on Thursday it is planning to tap global debt
markets with a benchmark bond and has picked five banks to
arrange investor meetings ahead of a likely offering.
--------------------------------------------------------------
0609 GMT - Abu Dhabi-listed telecoms operator Etisalat
slips after writing off its operations in India,
weighing on the emirate's index, and Dubai's bourse halts
its recent rally.
Shares in heavyweight Etisalat fall 1.6 percent. It wrote
off the $827 million value of its India operations, a week after
the country's Supreme Court ordered the cancellation of licences
awarded during a scandal-tainted 2008 auction, including those
held by the Gulf carrier's joint venture.
Abu Dhabi's benchmark declines 0.4 percent to 2,457 points,
down in four of last five sessions.
Dubai's Emaar Properties dips 1.4 percent ahead of
expected earnings, while contractor Arabtec extends
gains, rising 1.5 percent.
Dubai's index eases 0.05 percent to 1,486 points,
down from Thursday's five-month closing high.
Elsewhere, Oman's Raysut Cement gains 3.2 percent
after reporting a 2011 profit of 14.9 million rials.
--------------------------------------------------------------
0550 GMT - Dubai's market is expected to halt its recent
rally as investors look to lock in gains, while Abu Dhabi-listed
telecoms operator Etisalat may come under pressure
after taking a $827 million hit on its Indian operations.
Dubai's index climbed to a five-month high on
Thursday as real estate-linked stocks helped extend a rally that
started in late January.
"I would be surprised to see this momentum continue," says
Sebastien Henin, portfolio manager at The National Investor.
"There has been a sentiment lift in real estate but most
probably, we could expect some profit-taking."
Etisalat wrote off the $827 million value of its operation
in India, a week after the country's Supreme Court ordered the
cancellation of licences awarded during a scandal-tainted 2008
auction, including those held by the Gulf carrier's joint
venture.
Global stocks may add pressure after snapping a five-week
winning streak on Friday as planned wage and pension cuts in
Greece hit a new obstacle, raising fear the country may not get
the aid it needs to avoid a messy default. Oil prices also
slipped.
Saudi Arabia's bourse edged higher a day earlier,
closing up 0.1 percent, with real estate stocks supporting.
(Reporting by Nadia Saleem; Editing by Dinesh Nair)
There are no comments yet