Major shareholder, the Kharafi group, is leading a
consortium selling a controlling stake in Zain to Etisalat.
On Wednesday, Kharafi unit National Investments Co. (NIC)
said it had not been notified by the group or Etisalat about extending the Jan.
15 deal deadline. NIC and Etisalat both ended flat.
"Trading in blue chips is very low, with many
investors unwilling to commit more cash until we hear more on Zain," said
a Kuwait trader who asked not to be identified. "A lot of Zain
shareholders have already given their shares to the Kharafi consortium and so
these can't be traded."
The Kuwaiti index slipped 0.03 percent to 6,948 points.
Vodafone Qatar dropped 0.6 percent. Late Tuesday, the
operator said its earnings before interest, tax, depreciation and amortization
(EBITDA) was positive for the first time in the third quarter. Its financial
year starts on April 1. The Qatari index rose 0.9 percent to 9,221 points.
Abu Dhabi's Aldar Properties and Dubai's Arabtec fell 1.3
and 1.6 percent respectively, declining for a second session since each
announced financing plans that are seen as dilutive to minority shareholders.
Dubai's index dropped 0.4 percent to 1,628 points - a
2011 low in its fourth straight decline. The Abu Dhabi index eased 0.01 percent
2,740 points.
Saudi Arabia banks were mixed, with investors waiting for
fourth-quarter earnings to see if they took further provisions, while lending
remains subdued.
The Tadawul All-Share Index (TASI) climbed 0.24 percent
to 6,717.18 points. The sector activity for the day was mostly positive with 11
out of 15 gained ranging from 0.03 percent by the Building & Construction
sector to 0.80 percent by the Real Estate Development sector. On the other hand
the losing sectors ranged from 0.01 percent by the Media and Publishing sector
0.31 percent by the Telecommunication & Information Technology sector. The
overall market breadth for the day was positive with 66 advancers against 51
decliners giving it an AD ratio of 1.29, the Financial Transaction House (FTH)
said in its daily market commentary.
The stock market turnover for the day reached SR3.97
billion on Wednesday.
"Saudi Arabia is approaching fair value, so there's
not a big chance of a rally," said a Riyadh-based fund manager who asked
not to be identified.
Oman's index rose 0.9 percent to 6,983 points, its
biggest gain for five months and highest finish since Nov. 5, 2008.
"Earnings expectations are the main driver, with
results likely to start coming in over the next couple of days," said Adel
Nasr, United Securities brokerage manager.
"Positive sentiment on global markets and oil above
$90 is also providing support to our stocks."
Bank Muscat rose 1.2 percent and National Bank of Oman
added 0.9 percent.
The Bahraini index dropped 0.1 percent to 1,427 points.
- With input from agencies
