UAE markets resume trade; Dana in focus
Dubai, October 29, 2012
UAE's two bourses will resume trading on Monday after a four-day Eid al Adha holiday but activity is likely to be muted with all other Gulf markets still closed.
Dana Gas may see increased interest as its $1 billion Islamic bond reaches maturity end of this month. The Sharjah-based company has said it was looking at options to handle the debt but has not announced specific plans to repay or restructure it.
Egypt is paying the energy firm for all fuel it is receiving from its operations in the north African country and the UAE-based company is optimistic outstanding payments will be settled, a Dana Gas board member told Reuters on Wednesday.
Dana Gas was still owed Dh729 million ($198.5 million) for unpaid fuel bills by Egypt as at June 30, 2012, but Cairo has been keeping up payments for current supplies.
In Abu Dhabi, state-owned Abu Dhabi National Energy Co (Taqa) has hired 10 banks to arrange a $2 billion syndicated loan to refinance debt maturing in December 2013.
Most of the third-quarter earnings numbers are out in the Gulf region and investors will be looking for other local and global catalysts to trade.
Mashreq, Dubai's second-biggest bank by stock market value, on Wednesday posted an 86 per cent year-on-year jump in net profit, citing a decline in bad loan provisions.
The stock is unlikely to see much change due to its small free-float.
Dubai's bellwether Emaar Properties fell 1.9 per cent on Wednesday after the developer posted a 4.7 per cent drop in third-quarter net profit and significantly missing analysts forecast.
Global backdrop is steady after as Asian shares edged higher on Monday. Investors took comfort in signs of stable growth in the United States, though caution over the uncertain global corporate earnings outlook capped prices.-Reuters
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