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MIDEAST STOCKS-Gulf may have firm tone in line with global markets
December 28, 2016 / 5:48 AM / in 10 months

MIDEAST STOCKS-Gulf may have firm tone in line with global markets

DUBAI, Dec 28 (Reuters) - Gulf stock markets may have a slightly firm tone on Wednesday in line with global bourses, with some investors in Saudi Arabia tempted to push up shares after the index hit a new high for the year on Tuesday.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.5 percent, while oil prices rose overnight, with Brent crude now around $56 a barrel.

On Tuesday, banking stocks boosted the Saudi index 1.3 percent to 7,257 points in its highest trading volume for two weeks, above technical resistance at this year’s previous peak of 7,235 points hit in early December.

The index next faces a significant chart barrier at 7,867 points, its October 2015 peak. (Reporting by Andrew Torchia)

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