MIDEAST STOCKS-Most markets to be sluggish; new c.bank chief watched in Egypt
The Saudi Arabian stock market

DUBAI: Most Middle Eastern stock markets look set to be sluggish on Sunday with little economic or corporate news to buoy them.

Brent oil slipped back below $45 a barrel at the end of last week, while global equity markets were soft.

Weak Saudi Arabian money supply and bank lending data for October, released late on Thursday, suggested the economy was slowing, though technical support established recently by the Saudi and some other Gulf stock indexes mean markets may have little room to fall for now.

In Egypt, investors will be watching the level of the Egyptian pound at official auctions and in the parallel market as new central bank governor Tarek Amer starts work.

Many people expect the well-regarded Amer to work with the government to try to resolve Egypt’s foreign currency shortage by regulating imports and supporting exports, which could benefit many listed firms. But it remains unclear whether the shortage can be resolved without a devaluation of the Egyptian pound at some stage.

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