MIDEAST STOCKS-Dubai may test chart support; Egypt to react to economic plan
United Arab Emirates stock markets

DUBAI: Dubai’s stock market may test technical support on Monday, while Egyptian investors will react to the announcement by the government of its economic policy plan.

The Dubai index fell 1.2 percent to 3,279 points on Sunday, nearing chart support on its mid-March low of 3,253 points. Any break would trigger a minor double top formed by the March peaks and pointing lower.

The global market environment is modestly positive, with oil prices firm and Asian stocks higher in response to strong U.S. gross domestic product data, so a break of support is by no means inevitable.

In Abu Dhabi, Etisalat may attract interest after appointing Saleh Abdullah al-Abdooli, a veteran of the company who headed its United Arab Emirates and Egyptian operations, as its new chief executive. Etisalat said Abdooli would oversee restructuring of the group but gave no details.

In Egypt, Prime Minister Sherif Ismail read out a 79-page policy agenda to parliament in which he promised to cut the budget deficit and make painful reforms such as subsidy cuts, though he did not give a firm timetable.

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