Emaar expectations to keep market mood positive

Expectations of solid numbers at Emaar Properties , combined with positive global sentiment, should help keep markets in the United Arab Emirates moving in an upward direction.

Dubai's largest developer by market capitalisation is due to publish full-year results in the coming days, with market hopes of good numbers pushing the stock to a six-month high on Wednesday.

"A wave of optimism is sweeping the market. We have seen a strong performance globally and this has been reflected in the markets here," Fadi Al Said, head of investments at ING Investment Management, says.

"There are expectations of solid numbers at Emaar, helped by the recurring income portfolio and maybe some deliveries in its international business, while Arabtec has also been performing well."

Bahrain Telecommunications Co will be in focus after it said it was selling its 43 per cent stake in Indian affiliate S Tel for $175 million.

The thinly-traded stock closed at 0.39 dinar ($1.03) on Wednesday before the announcement.

Meanwhile, Egypt's Orascom Telecom Media and Technology , which surged 9.9 per cent on Wednesday after its founder Naguib Sawiris detailed new expansion plans in Europe, the Middle East and Africa in a Reuters interview, will be eyed.

In the United Arab Emirates, Waha Capital will gain attention after its CEO told Reuters that it was aiming to double its assets over five years and invest in the regional maritime and oil and gas sectors.

Meanwhile, in Dubai, Damas International hired Japan's Nomura to advise it on a potential offer from Qatari conglomerate Mannai Corp, sources told Reuters on Wednesday.

The stock has already gained 63 per cent year-to-date on the back of the deal.

Commercial Bank of Qatar will be in focus after it signed a $455m term loan with a club of seven regional and international banks.

National Bank of Abu Dhabi was sole-coordinating bank, with Samba Financial Group and Commerzbank in mandated lead arranger slots.