Sunday, 25 October 2009 at 10:37, Reuters
Emaar Properties is seen lifting Dubai's index on Sunday after the developer reported better-than-forecast third quarter earnings, while other Gulf markets are also expected to rise following Saudi's strong showing on Saturday.
Raysut Cement could see some selling after it reported a 22.9 per cent rise in third quarter profit, markedly below analysts' forecasts. Dubai Islamic Bank is another stock likely to be under pressure, with the lender's quarterly profit dropping 31 per cent. Fitch Ratings on Saturday cut its long-term issuer default ratings for seven UAE banks, including Emirates Bank International, a subsidiary of Emirates NBD , Commercial Bank of Dubai and Mashreqbank. Barwa Real Estate should be buoyant after its 9-month net profit doubled.
The link between Middle East and international equity markets could be weakening, albeit temporarily, with Saudi Arabia's index hitting a 12-month closing high on Saturday after bellwether Saudi Basic Industries Corp (SABIC) rose 1.5 percent and banks also gained, despite five Saudi lenders announcing fresh provisions against possible loan losses in Q3.
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