Upbeat global markets likely to boost Gulf bourse

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Upbeat global markets are likely to boost sentiment on Middle East bourses after Cyprus made a deal with lenders for a 10 billion euro ($13 billion) bailout to avert a financial collapse.

Contagion impact from the small Mediterranean island on Middle East companies would have been limited in reality, but Cyprus's recent travails have made regional investors jittery, especially with little other news to trade on.

Dubai builder Arabtec will be in focus after it signed a 500 million dirham ($136 million) contract to build a 23-storey hotel and residential complex in Cairo.

Shares in Arabtec rose 3.8 percent to 2.18 dirhams on Sunday.

"Buy position holders should take profit at a target of near 2.50 dirhams," MENA Corp says in a note, urging investors not to buy Arabtec shares at current prices.

Also in the United Arab Emirates, energy firm Dana Gas postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum.

Elsewhere, Saudi Arabia banks may attract increased interest after sources said a $2 billion loan to fund the construction of the Rabigh 2 independent power project should be signed by the end of the month.

Local banks financing the deal are Alinma Bank, Al Rajhi Bank, Banque Saudi Fransi, National Commercial Bank and Samba Financial Group.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Popular
Most Discussed