May 17, 2017 / 5:50 AM / 3 months ago

MIDEAST STOCKS-Gulf may follow crude oil, global shares down

DUBAI, May 17 (Reuters) - Stock markets in the Gulf may fall in shrinking trading volumes on Wednesday after crude oil prices fell back and global equity markets slipped.

Brent oil is at $51.24 a barrel while S&P 500 mini futures have dropped 0.5 percent in early Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.5 percent.

"Markets are not being spooked by very bad news, nor are they finding really good news to sustain a rally, and with Ramadan and summer holidays coming soon, we don't anticipate much activity," said a Dubai-based trader.

With the first-quarter corporate earnings reporting season now completed in the Gulf, some markets, such as Dubai's , appear to offer attractive entry points from a valuation perspective; the index is trading at a discount to its peers and the MSCI emerging market index.

"The first-quarter reporting season was decent, but investors clearly were not moved by those numbers, and Dubai has succumbed to short-term retail investors. No one wants to enter a market under those conditions," said the trader. (Reporting by Celine Aswad; Editing by Andrew Torchia)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below