DUBAI May 1 Gulf stock markets look set to consolidate on Monday with no leads from overseas bourses, although a few individual stocks in the United Arab Emirates may react to first-quarter earnings.
Asian stocks are marginally higher on Monday morning while crude oil prices have dropped marginally. Many markets in Asia and Europe are closed for a Labour Day holiday, which may limit foreign investor activity in the Gulf.
In the UAE, Abu Dhabi Commercial Bank may attract buying after posting an 8 percent rise in first-quarter profit to 1.11 billion dirhams ($302.2 million); three analysts polled by Reuters had on average forecast 995.4 million dirhams.
But Dubai-based courier Aramex missed estimates by reporting a 5 percent fall in profit due to a rise in provisions related to the company's incentive scheme; profit was 91.8 million dirhams while EFG Hermes and SICO Bahrain had forecast 109.1 million dirhams and 105.6 million dirhams.
Property firm Deyaar reported that profit dropped to 32 million dirhams from 51 million dirhams, but the fall was largely because the year-earlier figure included a write-back of a provision for impairment of investment in an associate; revenues in the first quarter of this year jumped to 142 million dirhams from 60 million dirhams. (Reporting by Andrew Torchia)
India's Maharashtra state to waive $5.27 billion in farm debts
MUMBAI, June 24 India's Maharashtra state, home to the country's financial capital Mumbai, will waive $5.27 billion of farm loans, the latest state to offer relief to farmers reeling from losses caused by bad weather.