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Tue 30 Oct 2012 11:07 AM

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Kuwait, Qatar resume trade; Doha Bank in focus

Doha Bank may see increased interest after sources said the lender was considering selling shares in London

Kuwait, Qatar resume trade; Doha Bank in focus
Doha Bank may see increased interest after sources said the lender was considering selling shares in London.

Kuwait and Qatar's bourses will resume trading on Tuesday after the long Eid al Adha holidays, while some others, including the largest Gulf market Saudi Arabia, will stay closed until later this week.

Qatar's Doha Bank may see increased interest after sources told Reuters the lender was considering selling shares in London as part of a plan to boost capital by up to US$1.6bn in 2013.

Abu Dhabi's property stocks helped lift the bourse to a fresh 14-month closing high on Monday as advanced merger talks between its top two real estate developers, Sorouh Real Estate and Aldar Properties, attracted interest; investors believe an announcement of the merger may be imminent. The index rose 0.5 percent to close at 2,671 points.

The next resistance is at 2,700 points, according to a MENA Corp research note. "A [medium-high] probability entry signal to go long was given at 2,662 after the market broke the resistance level at 2,660. Only the downward break of 2,645 would cancel the bullish scenario," it says.

In other news, Abu Dhabi Islamic Bank is planning to raise its capital through the issue of a Tier 1 sharia-compliant debt instrument, a statement from arranging banks said on Tuesday.

Local news flow is thin after the holidays and investors may look to global markets for cues. Asian shares rose modestly on Tuesday but momentum was curbed by a giant storm that shut US markets overnight.

Oil prices fell as a forced closure of refineries due to the storm reduced demand in the world's largest oil consumer. Brent crude for December slipped for a second session, down 62 cents to US$108.82 a barrel by 0351 GMT.