Gulf to Consolidate, Some Saudi Earnings Weak; Dubai Charts PositiveSource: www.export-egypt.com 7/24/2017, Location: Middle East |
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Gulf stock markets look set to consolidate because of a lack of fresh, positive factors while a couple of weak earnings in Saudi Arabia may cap that market.
Dubai's index remains short-term bullish technically, however. MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.2 percent while oil prices have barely moved. Saudi Arabia's National Commercial Bank, the kingdom's largest lender, reported a 0.9 percent fall in second-quarter net profit to 2.42 billion riyals ($645.30 million) as a drop in operating expenses was offset by lower operating income; SICO Bahrain had forecast 2.63 billion riyals. Meanwhile, telecommunications firm Etihad Etisalat Dubai is technically bullish, however; the index, last at 3,596 points, has held support at the April peak of 3,573 points for the last several days, showing a good chance of a rise off that base. |
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