MIDEAST DAYBOOK: Egypt T-Bills Sale, Banks Closed; Sorouh Loss
Egypt paid yields that were close to the highest in two years at its first debt auction since the ouster of President Hosni Mubarak amid investor concern over the economic effects of 18 days of demonstrations.
Islamic bonds from the Persian Gulf may extend last week’s rally as the resignation of Mubarak bolstered investor confidence that turmoil in the Arab’s world’s most populous nation will subside.
Sorouh Real Estate PJSC reported a loss of 199 million dirhams ($54 million) in the fourth quarter after Abu Dhabi’s second-biggest property developer by market value set aside money to cover impairments and provisions.
WHAT TO WATCH: * Egypt has ordered the country’s banks to close on Feb. 14 due to protests by some bank employees. Banks will also be shut for a public holiday on Feb. 15.
CONFERENCES: * U.A.E. Oil Minister Al-Hamli Speaks at OPEC commemorative event in Abu Dhabi. * Gulf Navigation Holding holds a press conference to discuss the company’s strategy for 2011-2015.
MARKETS: * Dow Jones Industrial Average gained 0.4 percent. * Oil for March delivery rose 0.1 percent to $85.63 a barrel in electronic trading on the New York Mercantile Exchange at 8:16 a.m. Dubai time. * Gold futures fell 0.2 percent to $1,358 an ounce. * QE Index climbed 0.7 percent, ADX General Index and Muscat Securities Market rose 0.6 percent each, Dubai Financial Market General Index advanced 0.4 percent, while Bahrain All Share Index gained 0.1 percent. Kuwait Stock Exchange Index fell 0.3 percent, while Saudi Arabia Tadawul All Share Index dropped 0.1 percent.
EQUITY MOVERS: * Drake & Scull International PJSC (DSI UH), a Dubai-based construction and engineering company, won a contract valued at 2 billion riyals from Saudi Aramco. * Abu Dhabi Commercial Bank PJSC (ADCB UH) hired Sapnesh Varma as head of bond trading. Varma joined Abu Dhabi Commercial Bank from Emirates NBD PJSC (EMIRATES UH). * Kingdom Holding Co. (KINGDOM AB), controlled by Prince Alwaleed bin Talal, sold 1 million square meters of land to Real Estate Investment Co. Ltd. at 250 riyals a square meter to develop the second “Kingdom City.” Banque Saudi Fransi will finance the project (BSFR AB). * Banque Saudi Fransi (BSFR AB), a Saudi lender part-owned by Credit Agricole SA, said provisions for bad assets fell 89 percent in the fourth quarter. * Saudi Electricity Co. (SECO AB) signed five contracts valued at 766 million riyals ($204 million) with local companies to build and expand transformer stations and a power link in the kingdom, the Saudi Press Agency reported.
FINANCIAL RESULTS: * Kuwait Finance House (KFIN KK), the country’s largest Islamic lender, said full-year profit dropped to 105.9 million dinars from 118.7 million dinars in 2009. * Tamweel PJSC (TAMWEEL UH), the home finance company majority owned by Dubai Islamic Bank PJSC (DIB UH), reported a profit of 26 million dirhams in 2010 after a loss of 54.5 million dirhams a year earlier. * National Cement Co. (NCC UH), a United Arab Emirates maker of the building material, said full-year profit declined to 59.5 million dirhams from 133.7 million in 2009. * Abu Dhabi Islamic Bank (ADIB UH) to announce results. * Qatar Electricity & Water Co. (QEWS QD) announces results.
To contact the editor responsible for this story: Shaji Mathew at email@example.com