الرئيسية
0652 GMT - Dubai's index extends its decline with
Emaar Properties leading the way lower as the market
consolidates after recent gains and Abu Dhabi's bourse also
slips.
Shares in Emaar fall 2.8 percent and carrier Air
Arabia sheds 1.1 percent.
Contractor Drake & Scull declines 1.1 percent. It
said it signed a 352 million dirhams ($95.8 million) deal to
build a commercial development project in Riyadh.
The benchmark sheds 1.1 percent to 1,384 points, down for a
second session from Sunday's five-week high.
Abu Dhabi's property stocks weigh on the index which
slips 0.7 percent to 2,454 points.
Aldar Properties sheds 2 percent and Sorouh Real
Estate slips 2.2 percent.
Investors are holding back building new positions ahead of a
Dec. 14 MSCI decision on whether UAE and Qatar will be included
in the emerging market index.
"Most traders prefer not to start fresh postions ahead of
year end, to avoid any unexpected profit and loss changes," says
a Dubai-based trader on condition of anonymity.
In Kuwait, the index slips in thin trade, down 0.1
percent to 5,831 points, extending year-to-date losses to 16.1
percent.
Trading is thin as investors sit on the sidelines, waiting
for the political situation to stabilise amid demands for the
parliament to dissolve.
Last week, Kuwait's emir named outgoing Defence Minister
Sheikh Jaber al-Mubarak al-Sabah as new prime minister and asked
him to form a government.
--------------------------------------------------------------
0545 GMT - In thin companies news, Gulf traders are likely
to look to global markets for sentiment, with technical analysis
supporting investment decisions.
Stocks in focus include DP World, the world's
third-largest port operator, after it said it will invest $850
million over the next three years to create additional capacity
at one of its key ports in the United Arab Emirates.
The Saudi unit of Dubai contractor Drake & Scull
said it signed a 352 million dirhams ($95.8 million) deal to
build a commercial development project in Riyadh.
Dubai's index slipped on Monday, closing at 1,399
points, with analysts saying it may test 1,385 and probably
1,375 points.
Saudi Arabia petrochemical stocks drove a rally on the
kingdom's index on Monday, backed by higher oil prices
and after oil minister Ali al-Naimi announced a new gas field
find.
Saudi Arabia has discovered commercially viable quantities
of natural gas in the Red Sea and Empty Quarter, but has no
plans to immediately start production, the minister said.
Most Gulf markets rose on Monday, with a global improvement
in sentiment helping regional equities.
The upward momentum is likely to wane after ratings agency
Standard & Poor's warned it might downgrade euro zone countries
en masse if European leaders fail to produce a credible plan to
solve the region's debt crisis at a summit later this week.
Asian shares are down on Tuesday.
(Reporting by Nadia Saleem. Editing By Matt Smith)
Emaar Properties leading the way lower as the market
consolidates after recent gains and Abu Dhabi's bourse also
slips.
Shares in Emaar fall 2.8 percent and carrier Air
Arabia sheds 1.1 percent.
Contractor Drake & Scull declines 1.1 percent. It
said it signed a 352 million dirhams ($95.8 million) deal to
build a commercial development project in Riyadh.
The benchmark sheds 1.1 percent to 1,384 points, down for a
second session from Sunday's five-week high.
Abu Dhabi's property stocks weigh on the index which
slips 0.7 percent to 2,454 points.
Aldar Properties sheds 2 percent and Sorouh Real
Estate slips 2.2 percent.
Investors are holding back building new positions ahead of a
Dec. 14 MSCI decision on whether UAE and Qatar will be included
in the emerging market index.
"Most traders prefer not to start fresh postions ahead of
year end, to avoid any unexpected profit and loss changes," says
a Dubai-based trader on condition of anonymity.
In Kuwait, the index slips in thin trade, down 0.1
percent to 5,831 points, extending year-to-date losses to 16.1
percent.
Trading is thin as investors sit on the sidelines, waiting
for the political situation to stabilise amid demands for the
parliament to dissolve.
Last week, Kuwait's emir named outgoing Defence Minister
Sheikh Jaber al-Mubarak al-Sabah as new prime minister and asked
him to form a government.
--------------------------------------------------------------
0545 GMT - In thin companies news, Gulf traders are likely
to look to global markets for sentiment, with technical analysis
supporting investment decisions.
Stocks in focus include DP World, the world's
third-largest port operator, after it said it will invest $850
million over the next three years to create additional capacity
at one of its key ports in the United Arab Emirates.
The Saudi unit of Dubai contractor Drake & Scull
said it signed a 352 million dirhams ($95.8 million) deal to
build a commercial development project in Riyadh.
Dubai's index slipped on Monday, closing at 1,399
points, with analysts saying it may test 1,385 and probably
1,375 points.
Saudi Arabia petrochemical stocks drove a rally on the
kingdom's index on Monday, backed by higher oil prices
and after oil minister Ali al-Naimi announced a new gas field
find.
Saudi Arabia has discovered commercially viable quantities
of natural gas in the Red Sea and Empty Quarter, but has no
plans to immediately start production, the minister said.
Most Gulf markets rose on Monday, with a global improvement
in sentiment helping regional equities.
The upward momentum is likely to wane after ratings agency
Standard & Poor's warned it might downgrade euro zone countries
en masse if European leaders fail to produce a credible plan to
solve the region's debt crisis at a summit later this week.
Asian shares are down on Tuesday.
(Reporting by Nadia Saleem. Editing By Matt Smith)