MIDEAST STOCKS-Gulf set to consolidate, supported by oil – Reuters


DUBAI Aug 21 Gulf stock markets look set to
consolidate on Sunday, supported by last week’s rebound in oil
prices but lacking other positive factors to spur buying of
individual stocks.

Brent crude oil closed above $50 a barrel on
Thursday and Friday for the first time since July 4. This may
continue to encourage the rebuilding of positions in Saudi
Arabian petrochemical shares.


Other parts of the global market environment are not as
positive, however, with global equities falling
back 0.4 percent on Friday because of renewed talk of a U.S.
interest rate hike by the end of this year.

Dubai’s stock index, which rose 0.4 percent to
3,572 points on Thursday, faces technical resistance on its
April peak of 3,605 points, after failing an initial test of
that barrier last week.

(Reporting by Andrew Torchia)

MIDEAST STOCKS-Gulf set to consolidate, supported by oil – Reuters}

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