DUBAI Dec 26 Saudi Arabia's stock index may
test technical resistance on Monday while other Gulf bourses
look set to move sideways in trade thinned by the absence of
many foreign investors for year-end holidays.
The Saudi index added 1.5 percent to 7,191 points on
Sunday in reaction to Riyadh's modestly expansionary state
budget for 2017. It faces technical resistance on this year's
peak of 7,235 points, hit earlier this month.
Elsewhere, there is little corporate news to stimulate
trading but Dubai's Shuaa Capital and Dubai-listed GFH
Financial Group may attract interest after Shuaa bought
14 percent of Bahrain's Khaleeji Commercial Bank, a
subsidiary of GFH, on Sunday for 9.6 million dinars ($25
GFH has said it intends to list KHCB in Dubai, and Shuaa
indicated on Sunday it hoped the listing would proceed.
Investors may hope an alliance of the two companies will
expedite the listing.
(Reporting by Andrew Torchia)