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MIDEAST STOCKS-Gulf may consolidate with firm tone, Dubai faces chart barrier
January 8, 2017 / 5:55 AM / a year ago

MIDEAST STOCKS-Gulf may consolidate with firm tone, Dubai faces chart barrier

DUBAI, Jan 8 (Reuters) - Gulf stock markets may consolidate with a firm tone on Sunday although Dubai faces technical resistance that could hold in the near term at least.

The international market environment is modestly positive, with Wall Street firm and oil prices having edged up at the end of last week.

Dubai’s index rose 2.7 percent to 3,628 points last week but faces resistance at the mid-December peak of 3,659 points, and pulled back from near that level on Thursday.

In Qatar, Gulf Warehousing may attract modest interest after recommending an annual cash dividend of 1.60 riyals per share, up slightly from 1.50 riyals in the previous year. It said net profit climbed 11 percent last year.

In Saudi Arabia, builder Abdullah Abdul Mohsin al-Khodari and Sons could rise after saying it secured a 69 million riyal ($18.4 million) contract with the Ministry of Environment, Water and Agriculture.

The amount is small but Khodari, like other Saudi construction companies, suffered from a severe cut-back in state contract awards last year and the new contract may indicate money is flowing again. (Reporting by Andrew Torchia)

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