UAE, Qatar may stay firm, Saudi stagnates on oil
* In Dubai, Amlak Finance may attract interest
* MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.1 per cent
* Middle East fund managers bullish on regional equities in general: survey
Stock markets in the United Arab Emirates and Qatar may stay firm on Wednesday after healthy gains on the previous day, but Saudi Arabia stalled on Tuesday and lower oil prices may cause that pattern to continue there.
MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.1 per cent but oil prices pulled back two per cent overnight.
In Dubai, Amlak Finance may attract interest after saying it renegotiated parts of a debt restructuring which the Islamic mortgage provider agreed with creditors following the local property market crash of 2008.
Amlak said creditors agreed to waive a number of covenants, adjusting restrictions to allow the company to expand its mortgage book, raise more funds and add new business.
A monthly Reuters survey of leading Middle East fund managers at the end of December found them bullish on regional equities in general, especially the UAE and Qatar, where they intended to capture high annual dividend yields.
But they were more cautious on Saudi Arabia for now because they felt valuations were starting to become rich again.