Gulf offers few defensive stock options

* username: rupertbu

As banks in the United Arab Emirates and elsewhere in the region enter their reporting season, many expect profits to be hit by higher non-performing loans and write-downs of assets based on falling land values.

But the options for investors seeking to avoid this sector are limited, according to analysts.

Typically, in developed markets, they might identify defensive stocks that are less correlated to the economic cycle. Telecommunications and utilities, for example, are usually thought to deliver consistent earnings because people still make telephone calls and use about the same amount of power in good times as in bad.