DUBAI (Zawya Dow Jones) - is expected to move Gulf markets down on Sunday as investors affected by the steep decline in global equity on Friday, the payment of "Wall Street" and drop Osar oil amid renewed concerns about the pace of economic recovery.
His Dubai-based trader has taken him: "Saudi stocks tumbled on Saturday after a fall in U.S. markets over the weekend with the price of oil fell in turn to its lowest level in a month, it is likely that the movement is going on sale on Sunday."
Have pushed crude oil futures contracts for the third straight session on Friday. And closed, light sweet crude for March delivery down U.S. $ dropped 1.54, or 2%, to $ 74.54 per barrel in the New York Mercantile Exchange, its lowest closing levels since January 22 December. The crude "Brent" in the "Stock Exchange" Ice "futures contracts, ended the down 1.75 dollars at 72.83 dollars a barrel.
It should be noted that the shares used in the oil market, sometimes to measure the safety of the broader economy fell sharply on Friday.
Compromisers traders were forced to come out against the background of the proposal highlighted U.S. President Barack Obama light on it on Thursday, provides for restrictions on the size of the banks and their ability to trade in several markets.
United Arab Emirates: Close the main stock index in Dubai, a decrease of 1.5% to 1652.26 on Thursday. In Abu Dhabi, the market fell by 0.7% to 2636.73.
According to one trader Aldbeanyen: "Not a lot to investors dealing in shares of news on them as waiting for the corporate profits. Even in this regard, they seem to interact only with negative surprises in the moment."
And announced that "Emirates Integrated Telecommunications Company, or" Do "on Thursday that it intends to spend two billion dirhams (545 million U.S. dollars) to develop infrastructure projects in 2010. It should be noted that the shares of" du "fell 1.7% to 2.84 UAE dirhams on Thursday.
And announced, "Nomura" that the Dubai Declaration on the restructuring of "Dubai World" and an agreement to freeze debt put an end to any possibility of a real estate recovery in the context of the current year.
The company expects to reach sector Qara in the second quarter of 2010, that is the turning point in the Declaration on the successful restructuring of a successful offer for the "Dubai World".
So little that the Government of Dubai is not the only entity in the UAE, which stands in front of high value debt in 2010, as this year coincides with the date of payment of the largest banks in the country more than $ 5.4 billion, according to agency figures, "Zawya Dow Jones."
Saudi Arabia: a gap index "circulation" of all stocks by 1.4% to 6295.92 during the day Saturday.
He drew a trader with the Saudis, "Credit Suisse" in this regard, the index recorded the biggest drop since 6 weeks, but that decline was relatively lenient in general, due to the extension of the losses incurred by the United States and the decline of crude oil during the weekend. He added: "I do not doubt that the results" SABIC "for the fourth quarter, which was issued during the day Wednesday, contributed to the supply of stock support during the day on Saturday."
He pointed out that "SABIC" declined only 1.1% to 88.75 riyals during the day Saturday, after being closed up 0.6% in the previous session.
It is worth mentioning that "SABIC", which is the largest listed companies in the Middle East, announced the day last Tuesday that its net profit for the fourth quarter climbed to 4.58 billion riyals compared to 318.2 million riyals a year earlier, after increasing sales and higher commodity prices.
It is expected that the market remains stable within the positive range in the coming weeks, by the issuance of financial results for all listed companies, as confirmed by "Bakheet Investment Group."
The group added that the decision of investors to turn to some of the underlying shares "will be based on the company's abilities to achieve positive growth in the coming period."
On the other hand, Hot "Zen" Saudi Arabia "1% to 10.10 riyals during the day Saturday. Explain CEO said the company missed some of the objectives set by the income, rather than as payments related to the Islamic Murabaha loan in 2009.
Indication that the unit "Zen" Saudi Arabia, "issued earlier in the morning on Saturday, a statement posted on the Saudi bourse, according to which it was in talks with creditors after it received a waiver would not apply to certain conditions relating to payment of specific amounts for the year ended December 31 December 2009 in the context of facilitating the adoption of the principle of Murabaha financing, amounting to $ 2.6 billion.
Kuwait: Kuwait market ended the day unchanged at 7061.90 Thursday.
Commenting on this, "said one trader said the market in Kuwait:" The market received support from some of the purchases that took place at the level of almost 7 thousand points. The sizes gradually increases before earnings season, and this is a good sign since, during the past few months, keep many investors their money two years. "
Qatar: Doha market closed on Thursday, down by 0.3% to 6772.19, banking stocks were among the top losers.
, The shares fell, "Doha Bank" by 0.4% to QR 48.70. The lender said on Wednesday that its net profit for the overall in 2009 rose by 2.9% to 973.6 million riyals, compared with last year.
The shares have had it raised by 0.8% on Wednesday ahead of its results.
On the other hand, may suffer the first IPOs in Qatar this year launched the "benefits of Qatar Real Estate Development" to attract investors due to its strategy are not clear-cut, as reported by fund managers.
The "benefits" may have offered their shares for public subscription in January 17, in order to raise 500 million riyals (equivalent to 137 million dollars).
In the same vein, the President of investment funds to the company Fadi Al Said, "ING Investment Management," expressed doubts about the IPO process to achieve this remarkable success.
BAHRAIN: The main index rose by 1% to 1477.08 on Thursday. The banking stocks led the list of gainers.
Oman: Muscat market witnessed a decline by 0.5% to 6405.08 on Thursday, died of banking and industrial shares.
Egypt: index of "any GX 30" on Thursday, down by 0.4% to 6864.19. As stocks fell for the pilot "Orascom Construction Industries" by 0.9% and up to 270 pounds.
Syria: trade sessions take place in "the Damascus Stock Exchange" on Monday, Tuesday and Thursday.
Gulf News: The Government of Dubai on Saturday that it had allocated $ 10.74 billion dirhams (2.9 billion dollars) for "RTA" and that under the Heavily Indebted Emirate's goal to stimulate the growth and finishing existing projects.
On the other hand, the Crown Prince of Dubai announced on Thursday the establishment of five committees of the Executive Board, the executive body of the highest in the government, to consider the issues of economic development, security, justice, and social development, infrastructure, environment, as well as health and safety.
In Abu Dhabi, will be able to "source" of government to contain the first carbon emissions from steel production plant in 2012, in the framework of the project is intended to reduce greenhouse gas emissions and increase oil production in the emirate.
In Iraq, the officials at the Ministry of Oil to the consortium, which includes all of the "Eni" (E), Italian, and "Occidental Petroleum" (OXY) and "Korea Gas Company" (036460.SE), was signed in Baghdad on Friday to agree the latter to develop the "Al Zubayr oil" object in northern Iraq, noting that this Agreement is one of the many agreements that rely on war-torn Iraq to become the leading oil-producing countries in the world today.
By Nikhil Lohade
(END) Dow Jones Newswires