|11-03-2014, 06:35 AM||#1|
Middle East bourses seen higher on positive global sentiment
Middle East stock markets could be supported by a positive global sentiment on Sunday. Qatar’s Barwa Real Estate and Dubai’s Emaar Malls Group could be on the move today.
Most Major stock markets in Europe and the U.S. climbed more than 1% on Friday, following a surprising decision by the Bank of Japan to ramp up its massive economic accommodation program.
All three benchmarks in the U.S. gained more than 1.1%, while most European markets added more than 2%. Asian shares surged as well.
Meanwhile, a traditional catalyst for stocks in the Middle East, Brent crude has stabilized around $85 per barrel recently, despite an uncertain long-term outlook.
In Saudi Arabia, arrangers said the retail portion of the National Commercial Bank IPO is now nearly 500% covered with SAR64 billion riyals ($14.6 billion).
The IPO will end today, and funds held by the IPO will be returned to individual investors, which could boost markets this week as a huge amount of equity investor money will return to the market.
In Dubai, the Emaar Malls Group (EMG), the subsidiary of Emaar Properties, is expected to provide some support after a late-Thursday report showed revenues increased, and net profit surged 55.2% in the third quarter.
Things seem to have come round for Barwa Real Estate.
Barwa reported a 44% jump in nine-month profit last week, before announcing a QAR500 million ($137 million) commercial development project in Doha.
Barwa seems to have started focusing on new organic growth, after having been plagued with debt for many years.
Generally, what happens in the global market, is highly reflected on Middle East markets, and in the last few weeks of volatility, investors seem to have ignored company performance and followed the global trend.
Until markets stabilize, stock markets in the region are expected to follow suit of major global markets.
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