Emirates NBD, Dubai’s largest lender by market value, will
be in focus Monday after reporting a quarterly net profit jump of 87 percent,
helped by a drop in loan loss provisions.
Gulf markets are expected to trade sideways in lackluster
trade on Monday despite volatility in world stocks.
Asian stocks fell overnight while the Swiss franc rose and
gold hit a record high on Monday, owing to its safe haven status, as hopes for
a political deal to avert a US default began to fade, though investors largely
sought to protect their portfolios with no signs of panic selling.
“Markets have been slightly detached from global rally
in past week – I expect them to remain slightly indifferent to global news
flow,” said Shahid Hameed, Global Investment House head of asset
management for the Gulf region.
“The general consensus on the ground here is that the
debt ceiling will be increased,” seen key to avoid a US default.
Oman’s Bank Dhofar SAOG may see an upside after saying a
primary court ruling will lead to transfer of funds back to Bank Dhofar.
The court overruled an order for the bank to pay 26.1
million rials in a suit by Oman International.
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