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MIDEAST STOCKS-Gulf markets to consolidate, technicals weak; Egypt faces resistance
May 29, 2017 / 5:15 AM / 6 months ago

MIDEAST STOCKS-Gulf markets to consolidate, technicals weak; Egypt faces resistance

DUBAI, May 29 (Reuters) - Gulf stock markets look set to consolidate in quiet trade on Monday, with weak technicals in some major markets limiting any rebounds even though the initial, disappointed reaction to last week’s oil output deal among global producers may fade.

Thin trading during the holy month of Ramadan may also limit any recovery of stocks. Asian equities are marginally lower while Brent oil is down 0.3 percent at $52.00 per barrel.

Saudi Arabia’s stock index dropped 1.3 percent to 6,783 points on Sunday, falling below technical support at 6,826-27 points, its lows in late March and May. It has stronger support at the March low of 6,710 points.

Dubai’s index, which slipped 1.0 percent to 3,294 points on Sunday, has been in a downtrend throughout this year and has no significant technical support before the March low of 3,195 points.

Egypt’s index, which gained 0.9 percent to 13,205 points on Sunday, faces major chart resistance at 13,407-13,544 points, the peaks in April and January. (Reporting by Andrew Torchia)

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