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Elham AbolFateh
AR
Saturday 29 July 2017

Business

MIDEAST STOCKS-Gulf may follow crude oil، global shares down

Wednesday 17/May/2017 - 08:40 AM
Sada El Balad
Edited By: Nada Moustafa
Stock markets in the Gulf may fall in shrinking trading volumes on Wednesday after crude oil prices fell back and global equity markets slipped، Reuters reported.

Brent oil is at $51.24 a barrel while S&P 500 mini futures have dropped 0.5 percent in early Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.5 percent.

"Markets are not being spooked by very bad news، nor are they finding really good news to sustain a rally، and with Ramadan and summer holidays coming soon، we don't anticipate much activity،" said a Dubai-based trader.

With the first-quarter corporate earnings reporting season now completed in the Gulf، some markets، such as Dubai's، appear to offer attractive entry points from a valuation perspective; the index is trading at a discount to its peers and the MSCI emerging market index.

"The first-quarter reporting season was decent، but investors clearly were not moved by those numbers، and Dubai has succumbed to short-term retail investors. No one wants to enter a market under those conditions،" said the trader.

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