DUBAI Feb 26 Gulf stock markets may consolidate
in quiet trade on Sunday with little fresh news to stimulate
trading and the global market environment uninspiring. A
surprise loss at Qatar Navigation (Milaha) could
dampen the market there.
Major global bourses lost ground on Friday as investors
scaled back bets that U.S. President Donald Trump's policies
would promote faster economic growth, while Brent crude oil
settled down 1.04 percent at $55.99 a barrel.
In Qatar, Milaha swung to a surprise fourth-quarter net loss
of 47.7 million riyals ($13.1 million); QNB Financial Services
had forecast a profit of 142.4 million riyals.
Shares in seven small companies are to start trading as
Saudi Arabia's Parallel Market opens; it has less onerous
listing requirements than the main market and aims to attract
family firms to list, among others.
Fund managers said activity in the Parallel Market could be
slow initially because of investors' lack of familiarity with
it, but trading volumes might increase quickly. All Gulf
Cooperation Council-incorporated companies and GCC-listed funds
can invest in the market.
(Reporting by Andrew Torchia)