DUBAI Feb 7 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)