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Gulf markets predicted to open higher |
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08.31.2009 |
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Gulf markets are predicted to open higher on Monday, but declines in Asian stocks may weigh on sentiment and lead regional exchanges lower by the end of trading.
Increased volumes helped most Gulf indexes rise on Sunday, with investors accumulating stocks ahead of a widely anticipated rally in the fourth quarter.
"Gulf markets, especially those in the UAE, have been gradually increasing and today should see a continuation of that," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
"But given that most markets have gone up for the past few days, it's possible the fall in Asian stocks might trigger a pull back here. Dubai could continue up towards 2,000 points, but then turnaround at this level."
Zain, which hit an 11-month closing high on Sunday, is likely to again dominate trading on the Kuwait bourse ahead of an extraordinary shareholder meeting later on Monday that could pave the way for stake sale in telecoms operator.
"Zain will determine the mood of the market and it depends what the company will announce from the meeting," said Shahid Hameed, Global Investment House head of asset management for the Gulf region.
"There are different schools of thought, with some saying an acquisition premium has already been priced into the stock and from its price to earnings ratio it doesn't look cheap."
Chinese stocks tumbled 5 percent to a three-month low on Monday, weighing on Asian markets and sapping investor willingness to put money at risk.
Oil is down 0.5 percent at $72.37 a barrel at 9.25am UAE time as the slump in Chinese shares stoked worries about the country's economy.
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Source:www.arabianbusiness.com |
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