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MIDEAST STOCKS-Global trend may buoy Gulf bourses; Dubai set to test chart barrier

Sunday 16/July/2017 - 09:20 AM
Sada El Balad
Edited By: Nada Moustafa
Stock markets in the Gulf may have a firm tone on Sunday after global bourses continued surging at the end of last week، partly because of expectations of a dovish stance by the U.S. central bank، Reuters reported.

MSCI's gauge of equity performance in 47 countries gained 0.65 percent on Friday. Brent oil settled up 49 cents at $48.91 per barrel.

Second-quarter earnings announcements in the Gulf have so far have been mixed، so they may give little impetus to the markets.

However، short-term technicals for some indexes have improved considerably، particularly for Dubai، which rose late last week above its 100- and 200-day averages. The index، last at 3،537 points، faces technical resistance on its April peak of 3،573 points.

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