|10-15-2014, 02:13 PM||#1|
Middle East bourses stabilize, quarterly profits buoy
Middle East bourses moved on the sidelines again on Wednesday as global markets regained their poise, but concerns still linger about economic growth in China and Europe and a slide in oil prices.
Most stock markets in the Middle East declined yesterday, in line with global equities, but the fall was far weaker than Sunday’s selloff. But a stabilizing U.S. stock market helped Asian markets put up a solid rebound on Wednesday.
The S&P 500 and the NASDAQ gained overnight. Some traders showed concerns though from data showing consumer inflation slowed down to the lowest since 2010.
Investors in the Gulf say the health of China’s economy is more important for local petrochemical firms such as Sabic than oil prices.
Early Wednesday, markets in the United Arab Emirates were buoyant, while Qatar and Bahrain were down slightly.
Most third-quarter corporate results have been either better than or in line with estimates, with some major companies posting multi-digit net profit increases.
HSBC Bank Oman, Riyad Bank in Saudi Arabia and the National Bank of Oman all posted solid quarterly profit.
Markets in the region are expected to recoup losses as soon as global markets stabilize enough, with strong support coming from economic growth and significant corporate fundamentals.
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