March 1, 2017 / 5:43 AM / 6 months ago

MIDEAST STOCKS-Gulf bourses to consolidate; global markets offer little direction

DUBAI, March 1 (Reuters) - Stock markets in the Gulf look set to consolidate on Wednesday after U.S. President Donald Trump's speech overnight did little to move global bourses.

Reaction in Asian stock and energy markets to Trump's speech has been minimal because it was short of details on his economic policies. MSCI's broadest index of Asia-Pacific shares outside Japan is down about 0.2 percent and the Brent oil price is up 0.2 percent to $56.64 a barrel.

Qatar's stock index, which tumbled 2.2 percent to 10,702 points on Tuesday, could continue to underperform the region. The index has technical support on its February lows of 10,505-14 points.

A monthly Reuters poll, published on Tuesday, found 62 percent of Middle Eastern fund managers expect to decrease their allocations to Qatari equities over the next three months and none to increase them. That was the most negative outlook towards Qatar since the survey was launched in September 2013. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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