DUBAI Jan 3 Stock markets in the Gulf may rise
on Tuesday as both crude oil prices and Asian bourses start
their first trading day of 2017 with a firm tone.
MSCI's broadest index of Asia-Pacific shares outside Japan
is up 0.4 percent as most regional markets
reopen after New Year holidays. Brent crude oil is at
$57.16 a barrel, close to last year's high of $57.89, hit on
Most activity in Dubai, where the index rose 0.2
percent on Monday, was by short-term speculative investors as
many institutional and foreign funds were away for the holidays.
They may start returning on Tuesday, bidding up prices of
The petrochemical sector in Saudi Arabia, which lagged
slightly on Monday, may get a boost from the rise in oil prices.
Many analysts expect the sector's fourth-quarter earnings to
show improvement from the prior-year period.
Aljazira Capital said in a note that it expects sales in the
final quarter of 2016 to have increased on a quarter-on-quarter
basis, though margins may have contracted because of higher
(Reporting by Celine Aswad; Editing by Andrew Torchia)