MIDEAST DAYBOOK: Egypt Trading Cancellation; Union Properties
Egyptian regulators, confronted by investors angry over stock losses and a closed exchange, said they will weigh the cancellation of transactions that led to the biggest tumble in the EGX 100 Index in more than two years.
Bahraini protesters may rally for a third day today after the funeral for the second demonstrator killed during clashes in the Persian Gulf state.
Investment Dar Co.’s agreement to change Shariah-compliant debt terms last week may help revive sukuk sales after their 2010 tumble.
WHAT TO WATCH: * Deadlines expire today for offers by Kingdom Holding Co. and Bahrain Telecommunications Co. to acquire Zain’s 25 percent stake in its Saudi Arabian unit. * Bonds of Manchester United rose to a record amid speculation the 18-time English soccer champion may be sold to the Qatari royal family. * GCC 5th Annual Regulator’s summit in Abu Dhabi.
MARKETS: * Dow Jones Industrial Average fell 0.3 percent. * Oil for March delivery rose 0.3 percent to $84.59 a barrel in electronic trading on the New York Mercantile Exchange at 8:55 a.m. Dubai time. * Gold futures fell 0.1 percent to $1,373.3 an ounce. * Dubai Financial Market General Index and QE Index advanced 0.5 percent each, ADX General Index rose 0.2 percent, while Bahrain All Share Index gained 0.1 percent. Saudi Arabia’s Tadawul All Share Index dropped 0.3 percent, while Kuwait Stock Exchange Index and Muscat Securities Market fell 0.1 percent each.
EQUITY MOVERS: * Commercial Bank of Dubai PSC (CBD UH) has begun talks with banks to extend a $400 million loan that matures in September, Chief Executive Officer Peter Baltussen said. * Saudi Electricity Co (SECO AB), the state-controlled utility, plans to sell dollar bonds and has asked banks to submit proposals, two people familiar with the transaction said.
FINANCIAL RESULTS: * Union Properties (UPP UH) loss widened to 1.53 billion dirhams in 2010 from 498 million dirhams a year earlier. * Kuwait Foods Co. (FOOD KK), known as Americana, posted a 27 percent increase in 2010 profit to 46.2 million dinars from a year ago. * Abu Dhabi Ship Building PSC (ADSB UH), a United Arab Emirates maker of military and commercial vessels, said 2010 profit declined to 88.9 million dirhams compared with 114.3 million dirhams in 2009. * United Development Co. (UDCD QD) announces financial results.
To contact the editor responsible for this story: Shaji Mathew at email@example.com