February 11, 2018 / 5:31 AM / 10 days ago

MIDEAST STOCKS-Global volatility to weigh on region

DUBAI, Feb 11 (Reuters) - The volatility of global stock markets and oil looks likely to weigh on Gulf bourses on Sunday, with the United Arab Emirates, Qatar and Egypt at risk of foreign fund outflows.

The Dow Jones Industrial Average rose 0.4 percent on Friday, but that did not come close to regaining all of Thursday’s sharp losses.

Meanwhile, Brent oil, which two weeks ago was trading around $70 a barrel, sank more than 3 percent to $62.79, its lowest level since late December.

UAE energy producer Dana Gas will be in focus after it reported an annual net profit of 305 million dirhams ($83.04 million) in 2017, rebounding from a 323 million dirhams loss a year earlier, partly helped by the settlement of a payment dispute with the Kurdistan Regional Government.

In Qatar, however, Barwa Real Estate may attract interest after reporting a rise in its annual net profit to 1.71 billion riyals ($470 million) from 1.61 billion riyals in the previous year, while it kept its 2.5 riyal per share dividend unchanged, despite the slump in Qatar’s real estate market. In the first nine months of this year, profit had dropped. ($1 = 3.6728 UAE dirham) (Reporting by Andrew Torchia)

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