DUBAI May 11 Gulf equities are likely to rise
on Thursday as oil prices edge up, while the final batch of
quarterly results from Saudi Arabia may also drive market
Brent crude contracts were trading at $50.48 a
barrel, climbing 0.52 percent from Wednesday, after trading
below $50 since Friday. More institutional funds may favour Gulf
equities by oil's increase above $50.
Thursday is the last day for Saudi companies to report
interim earnings. The market has not reacted hugely to results
so far, with the exception of some stocks like Fawaz Alhokair
and Zain Saudi after their earnings came in
ahead of expectations.
Shares in Abu Dhabi National Energy Co (TAQA), the
state-controlled oil explorer and power supplier, may rise after
the company swung to a tiny profit in the first quarter due to
higher commodity prices.
TAQA, 75 percent owned by the government of Abu Dhabi, made
a net profit attributable to equity holders of 77 million
dirhams ($21 million) in the three months to March 31, compared
with a net loss of 608 million dirhams a year ago, the statement
($1 = 3.6729 UAE dirham)
(Reporting By Tom Arnold; Editing by Biju Dwarakanath)