MIDEAST STOCKS-Global mood is bullish; Saudi, Dubai near chart barriers

DUBAI – 12 September 2017: A bullish mood in global equities markets may support Gulf bourses on Tuesday, with the Saudi Arabian and Dubai indexes coming closer to testing technical resistances.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.2 percent at its highest level since late 2007, while on Wall Street on Monday, the S&P 500 Index surged over 1 percent to a record high close. Oil prices are little changed since Monday.

Saudi Arabia’s index, last at 7,411 points, has been in an uptrend since mid-August and is heading for a test of the June peak of 7,586 points.

Dubai, last at 3,654 points, faces resistance on the August peak of 3,681 points.

Dubai-listed GFH Financial may attract interest after saying it had sold a property in Atlanta, acquired three years ago, for over $43 million; the transaction will have a positive impact on GFH’s third-quarter earnings, it said without elaborating.