DUBAI Oct 12 Stock markets in the Gulf may have
a soft tone on Wednesday as investors await third-quarter
corporate results and after the rise in oil prices stalled, at
Brent oil futures are trading a little over $52.50 a
barrel in Asian trade. The commodity has rallied more than 13
percent in less than two weeks since OPEC proposed its first
production curbs in eight years.
The oil-sensitive petrochemical sector triggered the Saudi
stock index's 1.5 percent bounce on Tuesday, but with
little fresh information on which to trade, the sector may move
little on Wednesday.
Banque Saudi Fransi, the second major Saudi bank
to report earnings, posted third-quarter net profit of 1.01
billion riyals, a 1.0 percent dip from the same period last
year. That was in line with the expectations of analysts, who
had predicted 1.04 billion riyals. The bank cited higher
expenses and impairment charges.
Other Gulf bourses may also pull back on profit taking;
MSCI's broadest index of Asia-Pacific shares outside Japan
is down 0.4 percent after the U.S. S&P 500 Index
fell 1.2 percent to near a one-month low overnight.
On Tuesday, Dubai's index rebounded 1.0 percent to
close at 3,391 points, but technical analysts at NBAD Securities
said the recovery in the near term would likely be short-lived
as trading volumes remained modest.
(Reporting by Celine Aswad; Editing by Andrew Torchia)