DUBAI: Gulf stock markets may continue to be supported on Monday by signs that the global equities boom is continuing, while technicals suggest the rally by major Gulf indexes has further to run in the short term at least.
MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.7 percent at a record high, having finally cleared the former all-time top from late 2007, while Brent oil is at $69.84 a barrel, near last week’s 2-1/2 year highs.
The Saudi index rose 1.4 percent to 7,440 points on Sunday, climbing above last September’s peak of 7,429 points. A second straight daily close above that level would confirm a break, pointing up to stronger resistance on the July peak of 7,586 points.
Qatar’s index, last at 9,175 points, faces no major technical barrier before the July peak of 9,606 points. Dubai , last at 3,513 points, faces resistance at 3,538 points, the October low.
In Qatar, Gulf Warehousing could attract interest after saying its annual net profit rose to ??215.4 million riyals ($58.7 million) from 205.0 million; it proposed a higher dividend of 1.70 riyals per share for 2017 after 1.60 riyals for 2016.
In Saudi Arabia, Bank Albilad also delivered positive dividend news, proposing 0.4 riyal for the second half of 2017, up from 0.3 riyal for the first half.
Source: Brecorder.com
