MIDEAST STOCKS-Region may rebound slightly as global bourses firm

Wed, Feb. 7, 2018
DUBAI - 7 February 2018: Middle Eastern stock markets may rebound slightly on Wednesday after global bourses regained some strength, although U.S. stock futures suggest the outlook remains uncertain.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.8 percent, but E-Mini futures for the S&P 500 are down 0.7 percent in after-hours trade.

Several Gulf indexes closed on Tuesday near technical support, indicating a chance for a rebound. Dubai closed well off its intra-day low, ending at 3,326 points; support on the December low is at that level.

The Saudi Arabian index, last at 7,466 points, has support at 7,427-29 points, where it peaked last September.

In Saudi Arabia, Al Yamamah Steel Industries may be under pressure after saying quarterly net profit tumbled to 6.7 million riyals ($1.8 million) from ‍29​ million riyals a year ago because of a slowdown in projects and stiff competition; SICO Bahrain had forecast a profit of 22.3 million riyals.

In Abu Dhabi, Dana Gas may attract interest after saying Goldilocks Investment, managed by a subsidiary of Abu Dhabi Financial Group, had raised its stake in the company to 5 percent. It did not elaborate.
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