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MIDEAST STOCKS-Qatar, Dubai may test technical support
March 8, 2017 / 5:34 AM / 7 months ago

MIDEAST STOCKS-Qatar, Dubai may test technical support

DUBAI, March 8 (Reuters) - Stock markets in Dubai and Qatar may test technical support on Wednesday as oil prices stay within a tight range around $55.50 a barrel and global shares offer little direction.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up by a quarter of a percent but Wall Street slipped overnight and U.S. stock futures are slightly lower.

Qatar’s index, last at 10,417 points, dropped on Tuesday below major technical support at around 10,500 points, where the February lows coincide with the December peaks. It may now test support at 10,324-356 points, where the 100- and 200-day averages coincide.

Dubai’s index, last at 3,502 points, is testing support at the late December lows around 3,500 points. Any break would point down to a test of the 200-day average, now at 3,360 points.

Saudi Arabia’s index may continue moving sideways, as it has for six weeks. However, Advanced Petrochemical goes ex-dividend on Wednesday. (Reporting by Andrew Torchia)

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