|10-22-2014, 09:38 PM||#1|
Strong corporate results continue to buoy Middle East stock markets
Middle Eastern stock markets are in for another recovery session on Wednesday, with help from a string of strong corporate results and a buoyant global sentiment.
Global markets climbed on Tuesday. U.S. shares were lifted by solid technology earnings, and European shares edged higher on the prospect of new bond purchases by the European Central Bank.
The S&P 500 gained 2.0%, and the Dow Jones Industrial Average gained 1.3%.
Global equities have stabilized following a massive selloff over the last two weeks, with oil prices appearing to settle back to normal levels, after having a high impact on Gulf equities. Brent futures were trading over $86 a barrel.
Also, sentiment in the Gulf has been notably boosted by strong third-quarter earnings reports.
Dubai`s largest bank, Emirates NBD, said third quarter net profit doubled on Wednesday to AED1.56 million ($425 million), which was widely higher than estimates.
Shares of the Abu Dhabi Commercial Bank are seen higher on Wednesday, after reporting strong results as well.
Saudi Cement, Samba Financial Group, and Qatar`s Doha Bank should be among today`s main movers.
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