DUBAI Oct 11 Gulf stock markets may be firm on
Tuesday after crude oil prices touched one-year highs overnight,
while Qatar may get a boost from positive earnings at its
largest listed company.
Brent oil futures surged as much as 3 percent on
Monday and are holding just over $53 a barrel on growing
expectations of an output cut by OPEC producers.
This bodes well for petrochemical shares across the region.
"Petrochemicals are at an advantage in this round of
earnings - on the one hand their valuations are attractive, and
on the other their exposure to international markets has kept
them relatively safe from the slowing domestic demand," said
Jassim Jubran, equity analyst at Aljazira Capital in Saudi
Shares in the first major bank to report earnings in the
region, Qatar National Bank, may be bid up after it
reported a 10.2 percent increase in third-quarter net profit.
The bank posted a profit of 3.45 billion riyals ($947.5
million) compared with 3.13 billion riyals in the corresponding
period of 2015. Three analysts polled by Reuters had on average
forecast 3.26 billion riyals.
However in Saudi Arabia, Riyad Bank, the first
Saudi bank to report, posted an 18.9 percent fall in
third-quarter net profit, missing analysts' forecasts as costs
It made 729 million riyals ($194.4 million) in the three
months to Sept. 30, down from 899 million riyals in the same
period of 2015. Five analysts polled by Reuters had on average
forecast 1.05 billion riyals.
(Reporting by Celine Aswad; Editing by Andrew Torchia)