1100 GMT - Egypt's benchmark index advances 2.2
percent, boosted by better than expected fourth quarter results
for two of the market's blue-chips.
Commercial International Bank, Egypt's biggest
private bank by assets, surges 6.5 percent after it reported
that fourth-quarter net profit fell by a better-than-anticipated
9 percent.
Land-line monopoly Telecom Egypt rises 2.2 percent
after it said 2011 net income declined 6.8 percent. Analysts
praised cost cuts that kept its key profit margin flat despite a
decline in revenues.
Its finance chief said the company saw revenues little
changed in 2012 and it aimed to maintain profitability similar
to last year's as it continues the cost-cutting programme.
"People are picking up names that got good results," says
Teymour el-Derini of Naeem Brokerage, noting an increase in the
number of foreign investors in the market this week.
Orascom Telecom Media Technology (OTMT) climbs 6.6
percent after it said it hoped to wrap up within a few weeks
talks with France Telecom over the sale of most of its
stake in Egyptian mobile operator Mobinil.
OTMT is the most heavily traded stock on the Egyptian
Exchange on Thursday. Mobinil's shares are 2.7 percent higher.
The benchmark index rises to 5,122 points, with all 30 of
its stocks gaining.
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1010 GMT - Dubai's benchmark reaches a nine-month
closing high on continued buying of small-cap stocks, while Abu
Dhabi also extends gains.
Dubai's Gulf Navigation jumps 14.3 percent, Deyaar
Development surges 13.1 percent, Union Properties
gains 7.4 percent.
The emirate's index rises 1.5 percent to 1,632 points, its
highest close since May 2011.
"Dubai looks closer to stalling and moving into a pullback
lower or relatively sideways consolidation, while Abu Dhabi
looks like it has higher to go before that happens," says Bruce
Powers, head of research and analysis at Trust Securities.
Abu Dhabi's benchmark climbs 0.2 percent to 2,539
points, its highest close since September.
Brokers expect market-leading stocks to catch up with a
rally that was driven by an upbeat global backdrop and
improvement in local fundamentals, while the small-caps may see
a pull back.
"Because there's no bad news globally, our markets rallied
despite being technically overbought but investors will keep one
eye on global markets," says Amer Khan, fund manager, Shuaa
Asset Management.
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0719 GMT - Qatar's benchmark gains for a
fifth-straight session but continues to lag behind regional
peers for 2012 performance.
The index advances 0.3 percent to 8,717 points, trimming
2012 losses to 0.7 percent.
Dubai's index is up 19.6 percent and Saudi Arabia's
is up 9.6 percent so far this year.
"Qatar was overweight for most of the asset managers, but we
saw disappointing results and dividends, which are important for
retail investors," says Sebastien Henin, portfolio manager at
The National Investor. "The country still offers the best macro
picture in the region."
It will take time for the over-reaction from retail
investors to wears off and while other regional markets rally
interest will be difficult to shift back to Qatar, Henin adds.
Heavyweight Industries is the biggest support,
rising 1.2 percent. Masraf Al Rayan gains 0.6 percent,
Qatar Electricity and Water climbs 0.7 percent.
Elsewhere, Oman's index gains 0.3 percent to 5,688
points, while Kuwait's bucks the upbeat regional trend and slips
0.7 percent to 6,047 points.
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0620 GMT - Dubai's small-caps extend gains after the
emirate's index broke above a key psychological level.
National Central Cooling (Tabreed) jumps 8.7
percent, Deyaar Development surges 7.1 percent and
Gulf Navigation rises 6.5 percent.
The benchmark is up 0.6 percent to 1,619 points, a fresh
eight-month high. It broke above 1,600 on Wednesday, signalling
a bullish trend.
"DFM has been driven by names with weak fundamentals and we
would expect bluechips to catch up and speculative names to see
a pull back," says Amer Khan, fund manager, Shuaa Asset
Management.
Abu Dhabi's index ticks up 0.1 percent to 2,537
points.
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0558 GMT - Data showing the euro zone could slip into
recession may dampen sentiment on Gulf Arab markets on Thursday
and prompt some investors to book profits ahead of the weekend.
Asian shares are down in early trade as concerns also
resurfaced about Greece's debt restructuring challenges, but
Brent crude is steady, near a nine-month high of about $123.
"The global markets have been running up and a pull-back was
expected and we might see profit booking in our markets as well
ahead of the weekend," says Amer Khan, fund manager, Shuaa Asset
Management. "However Dubai and Saudi Arabia broke above key
psychological barriers and some people will be focused on the
break and will try to push ahead next week."
Dubai's benchmark crossed a 1,600 key resistance
level and Saudi Arabia's index broke above 7,000 points
on Wednesday, both signalling a bullish trend.
Abu Dhabi-listed telecoms operator Etisalat may
see selling pressure after saying it would shut down the
operations of its Indian joint venture, three weeks after an
Indian court cancelled the affiliate's licence amid a corruption
probe.
In Kuwait, Burgan Bank has reached a deal to buy a
70 percent stake in Turkey's Eurobank Tekfen, a partnership of
Greece's EFG Eurobank and Turkey's Tekfen Holding
, sources with knowledge of the deal said.
Elsewhere, Qatar's Al Khaliji Commercial Bank (Al
Khaliji) said it will seek approval for the issuance of non
convertible bonds up to a value of $750 million at an upcoming
annual general assembly meeting.
(Reporting by Nadia Saleem and Patrick Werr; Editing by Matt
Smith)
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