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Gulf markets mixed as Syria attack fear eases
Gulf markets mixed as Syria attack fear eases (UAE STOCK MARKETS) / 30 August 2013 Middle East stock markets were mixed on Thursday as heavy selling related to the Syrian war faded, but continued uncertainty over how and when the United States might strike Syria blocked solid rebounds. President Barack Obama told Americans that a military strike against Syria would be in their interest, but there were signs that any action would be delayed at least several days while the case was laid out to US and British lawmakers. This encouraged some Gulf retail investors to buy stocks on Thursday as margin calls eased, but the markets’ rebounds during the day lacked momentum. “We had a lot of speculation and hot retail money in the market and they’ve been caught be the news and reacted very promptly,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi. “If you analyse US involvement, it will most probably be limited in terms of timing and geography and shouldn’t impact the Gulf region much.” This week’s losses have taken some of the froth off Gulf markets; Amer Khan, fund manager at Shuaa Asset Management, estimated Dubai was now trading at 12.9 times 2013 earnings, not prohibitively high for a growth market. But Asim Bukhtiar, head of research at Saudi Arabia’s Riyad Capital, said: “We see a bit of risk until the geopolitical situation gets resolved in coming days — we expect volatility to continue in the market and it would be safer to stay on the sidelines.” Dubai’s index gained 0.3 per cent, trimming this week’s losses to 6.6 per cent and leaving the market up about 55 per cent year-to-date. Abu Dhabi eased 0.07 per cent, down 5.4 per cent on the week. In Qatar, the benchmark rose 0.8 per cent, snapping four sessions of declines from a five-year high. It lost 4.7 per cent this week. Saudi Arabia’s measure was little changed; it rose more than 1.0 per cent in early trade but then gave up most of those gains. Despite this week’s losses of 5.2 per cent, many Saudi valuations remain rich, especially in sectors such as banks and the retail sector, Bukhtiar said. In Kuwait, retail traders sold small-cap shares, which accounted for most trading volume. The index lost 1.0 per cent and was down 5.8 per cent for the week. “People are off-loading shares – the big players are pressuring smaller stocks to pick them up later from lower levels,” said Fouad Darwish, head of brokerage services at Global Investment House. But he added, “Fundamentally, it’s the best condition that the market has been in for years.” Kuwait is up 28.6 per cent year-to-date, backed by improving corporate earnings and increasing anticipation of progress on long-delayed infrastructure building plans. Cairo’s main benchmark climbed 0.8 per cent to 5,268 points, snapping a three-session losing streak. The market gained modest support from the cabinet’s approval of 22.3 billion Egyptian pounds ($3.2 billion) of spending on investment projects over the coming 10 months. Capital Economics said the spending plan might help the economy in the near term— Reuters Continue reading
Attacks kill at least 74 in Iraq, many more hurt
Attacks kill at least 74 in Iraq, many more hurt (AP) / 29 August 2013 A coordinated wave of bombings tore through Shia areas in and around the Iraqi capital early on Wednesday, part of a wave of bloodshed that killed at least 74 people and wounded many more, officials said. The blasts, which came in quick succession, mainly targeted residents out shopping and on their way to work. In addition to the bombings, the death toll included seven family members killed when gunmen raided their home and shot them as they slept. Insurgents deployed explosives-laden cars, suicide bombers and other bombs and targeted parking lots, outdoor markets and restaurants in predominantly Shia neighbourhoods of Baghdad, according to officials. A military convoy was also hit south of the capital. Security forces sealed off the bomb scenes as ambulances raced to pick up the wounded. The twisted wreckage of cars littered the pavement while cleaners and shop owners brushed away the debris. At one restaurant, the floor was stained with blood, and dishes were scattered on plastic tables. The northern neighbourhood of Kazimiyah, home to a prominent, gold-domed Shia shrine, was the worst hit. Two bombs went off in a parking lot, followed by a suicide car bomber who struck onlookers who had gathered at the scene. Police said 10 people were killed and 27 wounded in that attack. There was no immediate claim of responsibility for the day’s attacks, but they bore the hallmarks of the Iraqi branch of Al Qaeda. The Shia family shot dead at home were found in the largely Sunni town of Latifiyah, about 30km south of Baghdad. Three children, aged eight to 12, were killed along with their parents and two uncles in that attack, according to police. Authorities said they had previously fled the town after being threatened, and returned only three weeks ago. Many of the day’s blasts targeted morning shoppers. Among them was a parked car bomb that detonated in a commercial area in the northern Shaab neighbourhood of Baghdad, killing nine and wounding 25. More parked car bombs went off in outdoor markets in the sprawling slum of Sadr City, where five were killed and 20 were wounded. Similar attacks hit the northeastern neighbourhood of Shula, killing three and wounding nine; the southeastern Jisr Diyala in an outdoor market, killing eight and wounding 22; and the eastern New Baghdad area, killing three and wounding 12. Blasts also hit the neighbourhoods of Bayaa, Jamila, Hurriyah and Saydiyah, claiming a total of 12 lives. In Mahmoudiyah, about 30km south of Baghdad, a suicide bomber blew himself up outside a restaurant, killing five and wounding 25. And in Madain, about 25km southeast of Baghdad, a roadside bomb struck a passing military patrol, killing four soldiers and wounding six others. Medical officials confirmed the casualty figures, which included more than 180 wounded. Continue reading
Drums of war grow louder
Drums of war grow louder Staff Report / 29 August 2013 A US-led attack on Syria could be just days away and experts speculated on a ‘limited strike’ which will keep American and coalition personnel out of harm’s way if the regime retaliates as Syrian Prime Minister Wael Al Halqi said his country would become a ‘graveyard of the invaders’. The chorus for war grew louder on Wednesday with the Organisation of Islamic Cooperation calling for ‘decisive action’ over the alleged gas attacks last week, while in Israel people collected gas masks. In New York envoys from Britain, China, France, Russia and the United States held talks on Wednesday on a British drafted UN Security Council resolution that could allow military action in Syria. The meeting ended without any sign that the 15-nation Security Council could vote any time soon on a resolution condemning the use of chemical weapons in Syria. Ambassadors from Russia and China, who fiercely oppose any military strike against Syrian President Bashar Al Assad, left the closed-door negotiations after about 75 minutes. The US, British and French envoys carried on their talks but left the UN Security Council chamber without making any comment. The three countries are said to be considering a military strike over the chemical weapons use. “Britain presented a text and the Russians repeated the arguments Nato which is likely to play a major role in the strikes when they are launched, also joined the world community in condemning the Syrian government, but expressed concerns about its cache of chemical weapons, believed to be the third largest in the world. “The Syrian regime maintains custody of stockpiles of chemical weapons. Information available from a wide variety of sources points to the Syrian regime as responsible for the use of chemical weapons in these attacks,” said Anders Fogh Rasmussen, Nato Secretary-General. AP reported that the US government, based on intellegence inputs, is considering more than a single set of military strikes, and “the options are not limited just to one day” of assault. “If there is action taken, it must be clearly defined what the objective is and why” and based on “clear facts”, said one of the senior officials, speaking on condition of anonymity because he wasn’t authorised to discuss internal deliberations publicly. Meanwhile, defence experts said low-flying Tomahawk cruise missiles fired from US and UK warships and submarines will be the weapon of choice in the first phase of the campaign. “These would target the most significant Syrian military facilities and assets and would essentially be punishment for using chemical weapons rather than an attempt to decisively swing the balance of power in favour of the opposition,” said Jeremy Binnie, Middle East & Africa Editor, IHS Jane’s Defence Weekly. It is unlikely that the West will launch an all-out operation to neutralise Syria’s chemical warfare capabilities in the early stages. Such an operation will involve imposing a no-fly zone and deploying thousands of Special Forces on the ground to secure the chemical weapons storage, research and production facilities. He said the US military does not see a way of safely destroying chemical weapons using air and missile strikes alone. “The likelihood of small scale, precision strikes using Tomahawk cruise missiles has significantly increased since Britain, France and the US essentially accused Assad of using chemical weapons. UK and US submarines are likely already deployed to the eastern Mediterranean waters or in the Gulf for just such a contingency,” said Nick de Larrinaga, Europe Editor of Jane’s. Sources said the UK’s Cyprus airbase could also play a supporting role to any military action, although it was unlikely that manned sorties into Syrian airspace will occur at this point given the risks involved. But there is growing fear that such an action will destablise an already riven region. “The US is particularly concerned about the stability of the region, as the rapid escalation of the Syrian conflict will impact Lebanon, Iraq, and Israel.” Charles Lister, Analyst, IHS Jane’s Terrorism and Insurgency Centre, revealed that extremists and sympathisers are chatting online to avoid being the targets of the expected strikes. “There is a widespread perception within the jihadi community that strikes could also target their senior leadership in Syria. Lessons learned from Iraq, Afghanistan and Mali were being shared around this morning.” Lister said the extremist groups plan to move all senior leaders into hiding and keep their locations completely secret, planning all future attacks as soon as possible so operations can continue when commanders are in hiding, and stockpiling food and medicine supplies for days to weeks. “Syria has provided jihadists with an incredibly valuable opportunity to establish a concrete foothold in the heart of the Middle East. While there’s been no suggestion from the US or any other allied power that militants could also be targeted in any future strikes, it appears jihadists are essentially hedging their bets. There’s too much to lose if no precautions are taken.” He said the majority of strikes would target jihadist stronghold areas in Aleppo, northern Latakia, Al Raqqah and possibly also as far east as Deir ez Zour. — news@khaleejtimes.com Continue reading
