DUBAI, Dec 27 (Reuters) - Gulf stock markets barely moved in thin, early trade on Tuesday with some foreign investors absent for New Year holidays and few fresh cues from corporate news or global markets.
Saudi Arabia’s index edged up 0.1 percent to 7,172 points in early trading. It faces technical resistance at this year’s peak of 7,235 points.
Saudi Electricity, which had risen on Sunday after Riyadh’s 2017 state budget promised power tariff hikes later this year, pulled back, losing 2.0 percent.
Much activity focused on second- or third-tier stocks favoured by local retail investors, such as Tihama Advertising , up 6.8 percent. It resumed trading this week after being suspended because it delayed announcing its financial results.
Dubai’s index edged down 0.2 percent but Abu Dhabi added 0.4 percent on the back of a 1.1 percent gain in telecommunications blue chip Etisalat. Qatar’s index fell 0.3 percent. (Reporting by Andrew Torchia, editing by Louise Heavens)