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MIDEAST STOCKS-Gulf may have firm tone on oil, global bourses
October 6, 2016 / 5:41 AM / a year ago

MIDEAST STOCKS-Gulf may have firm tone on oil, global bourses

DUBAI, Oct 6 (Reuters) - Gulf stock markets may have a firm tone on Thursday because of strong oil prices and global markets, and after Saudi Arabia showed signs of pulling out of its slump for now at least.

Brent oil futures rose as high as $52.09 per barrel overnight, the highest since early June, and is now at $51.61, while U.S. and Asian stocks rose on positive U.S. economic data. <ID:nL3N1CC02U]

A rally in petrochemical shares boosted the Saudi index 1.1 percent on Wednesday in rising turnover - a positive near-term technical sign - and that rebound could continue on Thursday, encouraged by firm oil prices.

The positive international environment may encourage some buying-back in markets such as Dubai, where the index pulled back 1.3 percent to 3,362 points on Wednesday, hitting its lowest close in 12 weeks.

It turned technically bearish on Monday when it broke technical support on the August and September lows of 3,430-3,442 points, which is now resistance. (Reporting by Andrew Torchia)

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