January 13, 2019 / 7:59 AM / 2 months ago

MIDEAST STOCKS-Gulf edges up ahead of results season, DP World gains on Chile deal

DUBAI, Jan 13 (Reuters) - Gulf markets were slightly higher in thin trading volume early on Sunday, mirroring last week’s muted close in global stock markets as investors took a breather ahead of company results reporting, which will start this week.

In Dubai, major port operator DP World was up 0.7 percent after saying on Sunday it had agreed to acquire a 71.3 percent stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.

DP World said it would offer $502 million for 100 percent equity ownership and that it expected the deal to be “earnings accretive in the first full year of consolidation” and would be financed from existing balance resources.

The Dubai main index was up 0.2 percent, with DAMAC Properties up 2 percent, although in small trading volumes.

In Abu Dhabi, where the index was up 0.4 percent, most trading volume was concentrated on property developers Aldar Properties and Eshraq Properties, which were up 1.9 percent and 1.6 percent, respectively.

But the stock registering the highest trading volume was Emirates Telecommunications Group, which was down 0.4 percent.

The Saudi index gained 0.4 percent, lifted by Dar Al Arkan Real Estate Development Company, up 0.9 percent, Mobile Telecommunications Company, up 1.3 percent, and Al Tayyar Travel Group Holding Company, which gained 3.6 percent.

In Kuwait, Kuwait Finance House gained 0.3 percent after a report which cited the chief executive saying that the bank will sell assets in the range of 100 million dinars to 120 million dinars in 2019.

The sale would include the headquarters of its unit in Malaysia and its stake in Kuwait Energy, Mazin Saad al-Nahedh was quoted as saying.

The Kuwaiti main index moved up in line with the rest of the Gulf, gaining 0.2 percent. (Reporting by Davide Barbuscia; Editing by Kirsten Donovan)

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