Gulf bourses may weaken after oil prices retreat
Bourses in the Gulf may edge lower on Tuesday after oil prices pulled back overnight, but Abu Dhabi’s biggest real estate developer may lend support to the market there.
Brent oil futures are trading at $43.81 a barrel, near two-week lows, although they have stabilised in early Asian trade on Tuesday. Asian stock markets have edged down to two-month lows.
Earnings at real estate firms have been a mixed bag in the United Arab Emirates but the latest to report, Abu Dhabi’s Aldar Properties, posted results ahead of analysts’ expectations.
The state-linked builder of Abu Dhabi’s Formula One circuit reported a 14.1 percent rise in first-quarter net profit to 649.0 million dirhams ($176.7 million); analysts at SICO Bahrain forecasted Aldar to make 453.6 million dirhams.