DUBAI Feb 12 Gulf stock markets could move
higher on Sunday, fuelled by a strong rebound in oil prices last
week and sentiment on global exchanges that is generally
Global benchmark Brent crude settled at $56.70 a
barrel on Friday, up 1.9 percent on the day; it touched a
session high of $56.88. The MSCI's world index,
which tracks shares in 46 countries, rose after evidence of
Chinese growth lifted shares in Asia and Europe.
Saudi Arabia's stock market has been lacking vigour
over the last two weeks, with investors unwilling to make
sizeable allocations in the absence of a catalyst, but any
sustained oil price rise may encourage investors, who have been
sitting on the sidelines, to mobilise their funds.
Shares in Kingdom Holding are set to gain after it
announced it had traded 90 percent of its shares in Euro Disney
into Walt Disney Co stock, gaining a net
profit of $61 million through the deal.
Shares in Kuwait's Jazeera Airways, which are
often thinly traded, may fall after the firm reported a drop of
29.9 percent in 2016 full year net profit to 10.8 million dinars
($35.4 million) and the board recommended a cash dividend of 35
fils per share.
Telecommunication operator Zain, however, may
attract buyers after the company said it won a contract for 22
million dinars by the Ministry of Electricity and Water.
Kuwait's general index, which had jumped almost 20
percent last month, is now down 3.8 percent sine Feb. 1 and many
analysts believe risks for a further drop are likely since the
market is trading at a premium to its expected fair value.
In Dubai, shares in Dubai Investment may be bid up
after a subsidiary acquired a 153,000-square-foot (14,214-sq-m)
neighbourhood shopping centre in Ventura, California. The value
of the acquisition was not disclosed.
The Dubai-listed shares of Bahrain's GFH Financial Company
, often traded by short-term investors, may also rise
after the company said a subsidiary had raised $50 million in
one of its funds and the financial impact is expected to be
reflected in the first quarter results.
(Reporting by Celine Aswad; Editing by Clarence Fernandez)