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MIDEAST STOCKS-Gulf may be vulnerable to overnight oil tumble, weak global shares
February 7, 2017 / 5:49 AM / 9 months ago

MIDEAST STOCKS-Gulf may be vulnerable to overnight oil tumble, weak global shares

DUBAI, Feb 7 (Reuters) - Stock markets in the Middle East may mostly be soft on Tuesday in line with global bourses and after crude oil prices fell sharply overnight, but Dubai’s index could outperform after Dubai Financial Market posted strong quarterly results.

Brent oil futures fell 1.9 percent on Monday, their biggest one-day loss since Jan. 18. MSCI’s broadest index of Asia-Pacific shares outside Japan has eased 0.1 percent; overnight, both U.S. and European stocks dropped.

DFM, the only listed exchange in the Gulf, may be bid up after the company made a fourth-quarter net profit of 78.5 million dirhams ($21.4 million), five times what it made in the prior-year period.

Shares in DFM rose 3.9 percent on Monday to 1.33 dirhams, a small discount to what analysts estimate is their fair value, according to Reuters data.

Qatar’s Gulf International Services, however, may retreat after the oil drilling rig company posted a wider fourth-quarter net loss of 122.1 million riyals ($33.5 million) versus a 20.8 million riyal loss in the same period a year earlier. Shares in GIS are down 8.4 percent year-to-date and trading near a four-year low. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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