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Sun 29 Jul 2012 10:14 AM

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Gulf markets seen positive; Alafco in focus

Gulf markets likely to open positive on Sunday with strong upbeat lead from global markets expected to lift sentiment

Gulf markets seen positive; Alafco in focus

Gulf markets are likely to open positive on Sunday with strong upbeat lead from global markets expected to lift sentiment but trading should remain muted as investors avoid risk amid the slow summer months.

World stocks and oil prices rallied over the weekend on expectations the European Central Bank will tackle high borrowing costs hitting Spain and Italy.

Saudi Arabia's bourse rose 1.5 percent in the previous session, making its largest one-day gain since July 3.

"Regional markets are copy cats... they will trend higher. Saudi was up sharply yesterday and others will follow suit," says a Dubai-based trader who asked not to be identified.

Saudi Arabia said it arrested several "troublemakers" in its oil-rich Eastern Province on Friday while an activist said police wounded and detained protestors there after a peaceful demonstration.

In Kuwait, Aviation Lease and Finance Co (Alafco) will be in focus after the firm posted a 17.4-percent rise in third-quarter net profit.

In Oman, the board of Raysut Cement Co accepted on Saturday the resignation of Mohamed Ahmed Al Dheeb from his position of group chief executive officer, a bourse filing said.