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Abu Dhabi, UAEMonday 24 September 2018

Fall in oil may depress regional markets

Arabian Gulf stocks may be roiled by crude

While Opec may be satisfied with its target price of around $65, the boost supply cuts had on the US oil industry may have come as a surprise. Giampiero Sposito / Reuters
While Opec may be satisfied with its target price of around $65, the boost supply cuts had on the US oil industry may have come as a surprise. Giampiero Sposito / Reuters

A sharp fall in oil prices at the end of last week may dampen Arabian Gulf stock markets on Sunday, while Qatar could pull back after events at the weekend failed to point to progress in resolving its diplomatic crisis.

Brent oil fell 2.7 per cent on Friday to US$47.98 a barrel, while global stock markets stalled.

In the UAE, Abu Dhabi Commercial Bank came in at the low end of forecasts by reporting a 10.4 per cent fall in second-quarter net profit to Dh1.01 billion ; three analysts polled by Reuters had on average forecast Dh1.11bn.

Dubai's Deyaar Development reported a second-quarter net profit Dh35.2 million, down sharply from Dh60.3m a year ago, although revenues surged.

But in Saudi Arabia, Saudi British Bank may attract interest after proposing a cash dividend of 0.71 Saudi riyals per share for the first half, up from 0.35 riyals a year ago.

Egypt's Heliopolis for Housing and Development may also see buying after saying it would launch a housing project at New Heliopolis, and start marketing units during October. The three-phase project would be implemented in five years at a cost of about 2bn Egyptian pounds, bringing revenue of 4bn pounds.

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