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Sun 18 Nov 2012 12:04 PM

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Most Gulf markets low as investors shy from risk

Gulf markets near-flat as investors avoid risk amid regional political tension and worries over US fiscals problems

Most Gulf markets low as investors shy from risk
Trading volumes are focused in small-caps, a sign of risk-aversion.

Gulf markets are near-flat as investors avoid risk amid regional political tension and worries over US fiscals problems.

Dubai's Drake & Scull International falls 2.8 percent. The contractor reported a 93 percent plunge in third-quarter profit, widely missing analysts' forecasts.

Trading volumes are focused in small-caps, a sign of risk-aversion. Gulf Navigation gains 3.8 percent and Deyaar Development slips 0.6 percent.

Emaar Properties ticks up 0.3 percent.

The emirate's benchmark ticks up 0.07 percent to 1,618 points.

Abu Dhabi's benchmark edges up 0.03 percent to 2,692 points.

Small-cap Eshraq Properties jumps 10 percent, while Aldar Properties and Sorouh Real Estate slip 0.8 percent each.

Elsewhere, Qatar's index slips 0.3 percent to 8,424 points, having hit 8,419 points in early trade - a three-month low.

Qatar Telecom is the main drag, down 1 percent. The operator has sent out requests for proposals (RFPs) to banks for a syndicated loan of up to $1 billion, bankers said on Thursday.

Banks are lower with Qatar National Bank down 0.3 percent and Qatar Islamic Bank shedding 1.1 percent.

In Kuwait, the measure dips 0.3 percent to 5,785 points, declining for a second session since companies hit a deadline to post third-quarter earnings, with many under suspension.

Muscat's index adds 0.01 percent to 5,636 points.

Oil rose on Friday as a fire on a Gulf of Mexico platform and the escalating conflict between Israel and Palestinians stoked supply concerns.

Investors are hopeful politicians will find common ground to steer clear of the "fiscal cliff' that would hurt the US economy.