DUBAI May 30 Stock markets in the Gulf may move
sideways on Tuesday as crude oil prices barely moved overnight
and international bourses offer little guidance for investors to
move funds aggressively.
Brent oil futures are down 0.4 percent at $52.08 a
barrel and MSCI's broadest index of Asia-Pacific shares outside
Japan has fallen 0.2 percent.
With the holy month of Ramadan also dampening activity among
some Gulf investors, traders may stay on the sidelines. Despite
rebounds on Monday, stock indexes in Saudi Arabia and
Dubai remain in technical downtrends.
"Investors that are hunting for value are still doing their
homework, figuring out which company will be most profitable in
Q2 and Q3," said a Jeddah-based portfolio manager.
(Reporting by Celine Aswad; Editing by Andrew Torchia)