DUBAI May 29 Gulf stock markets look set to
consolidate in quiet trade on Monday, with weak technicals in
some major markets limiting any rebounds even though the
initial, disappointed reaction to last week's oil output deal
among global producers may fade.
Thin trading during the holy month of Ramadan may also limit
any recovery of stocks. Asian equities are marginally lower
while Brent oil is down 0.3 percent at $52.00 per
Saudi Arabia's stock index dropped 1.3 percent to
6,783 points on Sunday, falling below technical support at
6,826-27 points, its lows in late March and May. It has stronger
support at the March low of 6,710 points.
Dubai's index, which slipped 1.0 percent to 3,294
points on Sunday, has been in a downtrend throughout this year
and has no significant technical support before the March low of
Egypt's index, which gained 0.9 percent to 13,205
points on Sunday, faces major chart resistance at 13,407-13,544
points, the peaks in April and January.
(Reporting by Andrew Torchia)