DUBAI Jan 10 Stock markets in the Gulf may
soften on Tuesday after crude oil prices suffered heavy losses
overnight, but Dubai may outperform because it is technically
Brent futures lost nearly 4 percent on Monday over
doubts that oil producers' agreed reductions to output would
rebalance an oversupplied market.
Petrochemical shares in Saudi Arabia, which make up roughly
one-fifth of the stock market's value, may weigh on a market
that has been correcting since the start of this year. The main
index is down 1.8 percent since Jan. 1; last at 7,082
points, it has technical support on its mid-December low of
However, shares in the second largest telecommunications
firm, Eithad Etisalat (Mobily), may be bid up after
the company announced it had appointed Ahmed Abdelsalam
Abdelrahman to replace its chief executive Ahmad Farroukh
effective Jan. 9. The appointment could help the company move
beyong its earnings restatement scandal.
Dubai's index, last at 3,721 points, may fare
relatively well after confirming a break in the last two days
above resistance at the mid-December peak of 3,659 points. That
level is now support.
(Reporting by Celine Aswad; Editing by Andrew Torchia)