Gulf bourses edge higher on strong global backdrop . . . . . . . . . . Gulf stock markets opened higher on Wednesday morning, supported by a positive global background as oil prices edged up. European and U.S. stock markets climbed on Tuesday as investors bet the European Central Bank could unveil a quantitative easing program as early as this Thursday. Asian shares also surged overnight. Oil prices regained some of the week’s losses early Wednesday, although the outlook is still vulnerable and there is still room for more fluctuations. Brent crude oil futures were last up 0.6%. However, a number of disappointing earnings results for the fourth quarter pressured sentiment. Qatar’s Doha Bank reported weaker-than-estimated increase in net profit in the fourth quarter. The National Bank of Kuwait missed profit estimates as it failed to book a gain from a stake sale in the fourth quarter. In Saudi Arabia, Saudi Arabian Mining Co., known as Maaden, and retailer Fawaz Alhokari, reported worse than estimated results. Dubai’s main index gained 0.23%, Abu Dhabi advanced 0.61%, Qatar added 0.44% while Muscat and Kuwait gained 0.16% and 0.25% respectively. The market behavior over the last four sessions reiterates the correlation between regional markets and global oil prices and global sentiment, rather than market fundamentals as Gulf bourses are dominated mostly by retail investors. #egyptyard
Posted on: Wed, 21 Jan 2015 08:59:22 +0000
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