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MIDEAST STOCKS-Gulf shares may have soft tone as oil, global shares move little
April 4, 2017 / 5:37 AM / 6 months ago

MIDEAST STOCKS-Gulf shares may have soft tone as oil, global shares move little

DUBAI, April 4 (Reuters) - Fractional moves in crude oil prices and skittish international bourses will give investors no fresh impetus to move funds into Gulf equity markets on Tuesday, leaving them vulnerable to short-term day traders.

Brent crude was trading at the previous session’s close of $53.12 a barrel at 0445 GMT after the commodity fell slightly overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent.

Most stock markets in the Gulf have been trapped in a narrow trading band over the last several weeks with many institutional funds keeping away until there is more clarity from first-quarter results.

Dubai’s index, which is more exposed to international funds compared to its regional peers, was the top performer on Monday, jumping 1.4 percent to close at 3,539 points.

“The trend is turning technically positive but a close over the 50-day moving average is required for it to gain further strength and target the 3,670 barrier,” said analysts at NBAD Securities.

In Abu Dhabi, shares of Invest Bank go ex-dividend on Tuesday, as do those of Doha’s Qatar International Islamic Bank. (Reporting by Celine Aswad; Editing by Sunil Nair)

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