DUBAI, Sept 6 Gulf stock markets may rise on
Tuesday after Saudi Arabia and Russia said they would cooperate
to support oil prices, but any gains look likely to be minor
because of scepticism about the deal.
Brent crude futures jumped almost 5 percent late on
Monday afternoon before a news conference at which the two
countries announced their agreement, but by Tuesday morning they
have given up most of those gains, standing at $47.71 a barrel.
The two countries did not announce specific steps and many
analysts think it would be difficult for them to join with other
big oil producers to restrain output, and that even if they
agreed on action, it might not do much to boost prices.
Riyadh's stock index rose 1.7 percent to 6,204
points on Monday as oil climbed, so it may have little further
to rise for now. The index faces technical resistance at
6,226-6,257 points, the lows in early August and June.
Other Gulf bourses closed on Monday before oil took off, so
they may have more room to rise; MSCI's broadest index of
Asia-Pacific shares outside Japan is up 0.5
Dubai- and Cairo-listed Orascom Construction's
board of directors approved a proposal to buy back up
to 1 million Cairo-listed shares, but that is a tiny fraction of
the stock's free float of 50.8 million shares.
(Editing by Andrew Torchia)