DUBAI: Middle Eastern stock markets may edge up on Thursday in line with a positive global trend and because many have shown signs of bottoming out for the short term at least.
There is almost no fresh corporate news to push up regional stocks, and any extended rally in the Gulf may be impossible without firmer oil prices. But MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.6 percent on Thursday morning.
Meanwhile, several markets have appeared to confirm or establish technical support in the past few days. Dubai’s index , which last closed at 3,214 points, rebounded on Wednesday after approaching support on its November low of 3,128 points.
The Saudi index, last at 7,208 points, has triggered a minor double bottom formed by the November lows at 6,828-6,861 points.
And Egypt, last at 6,391 points, bounced on Wednesday from near its November low of 6,302 points.