29/01/2015
"Abu Dhabi" and "Masqat" contravene direction
Most Gulf markets rise amid anticipation positive results for companies
Most Gulfmarketsroseyesterday,withtradersawaitingpositive resultsofthe annualprofitcompanies,andoptimisticrecoveryof oil pricesafter returningto riseabove $49a barrel, whichreinforceda growingbeliefamonginvestors that thedrop in crudeprices maycome to an end.
AndDubai's indexrose0.4 per centamidmeagernewsflow,andthe Qatari marketindexrose0.5per cent to11981points,asthe Bahraini marketindex rose0.5percent to1424points.
TheKuwait Stock ExchangeIndexincreased0.3 per cent,with the rise ofZain1.9 per centafter itannouncedthe possiblesaleof thetransmissiontowers.TheGulf Bank sharesrose3.4 percentafterits net profitfor the fourth quarterofthe yearincreased10.7 per centto8.97million dinars ($ 30.4million),according to Reuters calculations, the bank said,that hehas recovered fromthe global financial crisis.
Whilethe overall indexfellfor theAbu Dhabi0.3 per centdespite thestrongperformanceof theUnion National Bank, which rose5.8 per cent.The bank hadannouncedyesterdayan increase of42 per cent infourth-quarter netprofit, whichincreasedsignificantlyin linewithanalysts' expectations.The bank said,thatits Board of Directorsproposeda dividend ofAED 0.25per sharefor2014.This compareswitha dividend ofAED 0.14per share, in2013.
TheMSMindex fell0.1 per centbutsharesof Bank Dhofar-the third largestbank inthe Sultanate-rose1.7 percentafter theBoard of Directors proposeda cash dividendof 10per cent for2014,in addition to theissue of bonus sharesbytenper cent.
Thedecline in globalcrudemeasurement"Brent"inthe firsttradingyesterdayaftera reportsaid thatcrude oilinventories in the UnitedStates increasedto the highestlevelintwenty yearslast week.But recovereddramaticallyand tradedabove $49a barrel.
The indexPresidentof the EgyptianStock Exchange0.8 per centafterits highest closeshisrecord insixand a half years.
