MIDEAST STOCKS-Global mood is bullish; Saudi، Dubai near chart barriers
Tuesday 12/September/2017 - 08:54 AM
A bullish mood in global equities markets may support Gulf bourses on Tuesday، with the Saudi Arabian and Dubai indexes coming closer to testing technical resistances، Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.2 percent at its highest level since late 2007، while on Wall Street on Monday، the S&P 500 Index surged over 1 percent to a record high close. Oil prices are little changed since Monday.
Saudi Arabia’s index، last at 7،411 points، has been in an uptrend since mid-August and is heading for a test of the June peak of 7،586 points.
Dubai، last at 3،654 points، faces resistance on the August peak of 3،681 points.
Dubai-listed GFH Financial may attract interest after saying it had sold a property in Atlanta، acquired three years ago، for over $43 million; the transaction will have a positive impact on GFH’s third-quarter earnings، it said without elaborating.