MIDEAST STOCKS-Markets may edge up after oil, global equities bounce – Reuters

11 months ago Comments Off on MIDEAST STOCKS-Markets may edge up after oil, global equities bounce – Reuters

DUBAI Feb 22 Stock markets in the Middle East
may edge higher on Monday after oil prices recovered some of the
losses incurred late last week, helping lift Asian bourses. But
Qatar’s index may be weighed by a loss at a blue-chip real
estate developer.

Brent futures have added 1.4 percent to $33.46 a barrel,
although analysts said general oversupply was weighing on the
market. MSCI’s broadest index of Asia-Pacific shares outside
Japan is up 0.7 percent.

“A confirmation of a bullish trend in stock markets will
only come when we see hard evidence that oil prices have
healed,” said a Dubai-based analyst.

Qatar’s index, which has climbed 15.4 percent from a
month ago, has been lifted by fourth-quarter earnings.

But Barwa Real Estate swung to a loss of 518
million riyals ($142.3 million) in the fourth quarter, it
reported on Sunday. It made a profit of 2.10 billion riyals in
the same period a year ago. Barwa’s board has recommended paying
a cash dividend of 2.2 riyals per share, the same payout as the
previous year. The shares have surged 24.4 percent from a month
ago.

Al Baraka Banking Group, the Bahrain-based
Islamic lender, may find some buying interest after it reported
a 15 percent rise in fourth-quarter net profit on Sunday. The
bank made a net attributable profit of $42 million and the board
proposed paying a cash dividend of $0.02 per share and a stock
dividend of 3 free shares for every 100 held.

Shares in the lender, which is usually thinly traded, are up
1.8 percent from a month ago.

(Reporting by Celine Aswad; Editing by Andrew Torchia)

MIDEAST STOCKS-Markets may edge up after oil, global equities bounce – Reuters}