DUBAI, March 15 Gulf stock markets look set to
consolidate on Wednesday ahead of an expected U.S. interest rate
hike late in the day, but anticipation of a listing of Bahrain's
Khaleeji Commercial Bank in Dubai may buoy related
Although a U.S. rate hike is fully priced in by markets,
they are looking for indications of the outlook for further U.S.
hikes in coming months. Global equities and oil prices moved
Khaleeji Commercial said in a statement that its annual
general meeting had approved a listing of the bank on Dubai's
stock market, which could dramatically improve liquidity in the
stock while benefiting shareholders including GFH Financial
and Shuaa Capital.
GFH has previously declared its intention to list Khaleeji
Commercial and Wednesday's statement did not give a time frame.
It also said GFH would raise its stake in the bank to 55.38
percent from 46.97 percent by acquiring shares owned by Emirates
GFH confirmed on Tuesday that was in talks with Shuaa about
a possible merger but Shuaa has still not issued any statement
to the Dubai exchange.
Saudi Arabian petrochemical firm Yansab and
Dubai's Tabreed and Mashreq Bank go
ex-dividend on Wednesday, which may pressure their shares.
(Reporting by Andrew Torchia)