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MIDEAST STOCKS-Gulf shares may fall on oil tumble, subdued risk appetite
February 8, 2017 / 5:59 AM / 9 months ago

MIDEAST STOCKS-Gulf shares may fall on oil tumble, subdued risk appetite

DUBAI, Feb 8 (Reuters) - A fresh pull-back in oil prices and waning risk appetite towards equity markets in general may drag Gulf stock markets lower on Wednesday.

Brent oil futures lost 1.2 percent on Tuesday and have continued to fall in Asian trade on Wednesday; they were at $54.66 a barrel at 0524 GMT. MSCI’s broadest index of Asia-Pacific shares outside Japan is down 0.3 percent.

Dubai’s index, last at 3,719 points, has risen strongly in the past two days but faces major technical resistance at 3,737-38 points, the peaks in January.

In Qatar, Barwa Real Estate may attract some interest after swinging to a fourth-quarter net profit of about 100 million riyals ($27.5 million) in the three months ended Dec. 31 versus a loss of 518 million riyals a year earlier. The board recommended a cash dividend of 2.5 riyals per share, higher than the 2.2 riyals proposed for 2015.

United Development reported a fourth-quarter net profit of 171.4 million riyals, an 81 percent jump from the prior-year period. But the board recommended a cash dividend for the full year of 1.25 riyals, lower than the 1.5 riyals for 2015. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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