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MIDEAST STOCKS-Gulf may move little in thin trade ahead of Eid holidays
August 27, 2017 / 5:48 AM / a month ago

MIDEAST STOCKS-Gulf may move little in thin trade ahead of Eid holidays

DUBAI, Aug 27 (Reuters) - Thin news flow and upcoming Islamic holidays towards the end of the week may keep stock markets in the Gulf trading within narrow ranges on Sunday.

U.S. stocks rose slightly on Friday after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much anticipated speech that day; the S&P 500 closed 0.2 percent higher. Brent oil ended 0.7 percent higher on Friday at $52.41 a barrel but down 0.6 percent on the week.

Equity trading volumes in the Gulf have been thin in recent weeks and this trend looks set to continue or may even strengthen this week, three traders told Reuters.

“Light trade, with many retail investors booking profits on some of the more speculative stocks ahead of the Eid al-Adha holidays, is what’s on the menu for the week,” said one trader.

The holidays will start on Wednesday in Saudi Arabia and Thursday in the United Arab Emirates.

Saudi Arabia Fertilizers Co may see selling after its board proposed a first-half cash dividend of 0.75 riyal per share, down from 1.5 riyals for the first half of 2016. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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