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MIDEAST STOCKS-Gulf may have weak tone; Dubai below chart support
February 21, 2017 / 5:34 AM / 9 months ago

MIDEAST STOCKS-Gulf may have weak tone; Dubai below chart support

DUBAI, Feb 21 (Reuters) - Gulf stock markets may have a weak tone on Tuesday after profit-taking pushed most of them lower on the previous day, and in the absence of any fresh, positive cues from abroad.

Global equities and oil prices moved little overnight, with U.S. markets closed for a holiday.

The Dubai index’s 1.2 percent drop to 3,604 points on Monday brought it below technical support on the mid-February low of 3,608 points; another straight close below that level would trigger a double top formed by the January and February peaks and pointing down to around 3,500 points.

Qatar outperformed most of the region on Monday, closing nearly flat, and this pattern could continue as investors move into high-dividend stocks before the annual payout period.

Fourth-quarter net profit at Qatar Gas Transport Co (Nakilat), one of the world’s largest shippers of liquefied natural gas, fell to 207 million riyals ($57 million) from 226 million riyals a year earlier; the result came in under QNB Financial Services’ prediction of 241 million riyals. The company’s board recommended distributing a cash dividend of 1 riyal per share, down from 1.25 riyals for 2015. (Reporting by Andrew Torchia)

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