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Lacklustre oil, foreign markets may keep funds away in Gulf
May 30, 2017 / 5:46 AM / 6 months ago

Lacklustre oil, foreign markets may keep funds away in Gulf

DUBAI, May 30 (Reuters) - Stock markets in the Gulf may move sideways on Tuesday as crude oil prices barely moved overnight and international bourses offer little guidance for investors to move funds aggressively.

Brent oil futures are down 0.4 percent at $52.08 a barrel and MSCI’s broadest index of Asia-Pacific shares outside Japan has fallen 0.2 percent.

With the holy month of Ramadan also dampening activity among some Gulf investors, traders may stay on the sidelines. Despite rebounds on Monday, stock indexes in Saudi Arabia and Dubai remain in technical downtrends.

“Investors that are hunting for value are still doing their homework, figuring out which company will be most profitable in Q2 and Q3,” said a Jeddah-based portfolio manager. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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