MIDEAST STOCKS-Gulf to consolidate, ex-dividends may weigh in Saudi
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. REUTERS/Mohamed Abd El Ghany

Gulf share markets look set to consolidate on Tuesday with few fresh catalysts, while high-profile stocks going ex-dividend in Saudi Arabia may dampen that market.

Indexes around the region have come off multi-month highs in the past several days, suggesting the easiest stage of their recovery in response to firmer oil prices has ended.

But with oil staying near 2016 highs and given the positive buzz surrounding Saudi Arabia’s economic reform plan, there is little incentive for sharp falls in the markets.

In Saudi Arabia, Jarir Marketing and Saudi Hollandi both go ex-dividend on Tuesday.

Shares in Aluminium Bahrain may face pressure after it reported an 88.6 percent fall in first-quarter net profit on Monday as a result of a collapse in aluminium prices.

April purchasing managers’ indexes for Saudi Arabia and the United Arab Emirates, released on Tuesday, showed moderate growth continuing, but new orders and output continued to decline in Egypt.

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