DUBAI, Sept 18 Major stock markets in the Gulf
are set to re-open weak on Sunday following a long Eid al-Adha
break as the global equity and crude oil market backdrop
During the 10 days the Riyadh bourse was closed,
between Sept. 9 and Sept. 17, oil prices fell roughly 5 percent
and international shares dropped in volatile trade.
"Investors are likely to be reactive to global affairs,
since crude oil prices fell petrochemical shares, which were
firm before the holiday, may be hit the hardest," said a
Jeddah-based portfolio manager.
Another drag on investor sentiment is the uncertainty over
Wednesday's U.S. Federal Reserve meeting following a week of
mixed U.S economic data - although as of Friday, most investors
think the likelihood of an increase is low.
The United Arab Emirates exchanges reopened on Thursday on a
weaker footing with Dubai's index dropping 1.1 percent
in very thin turnover as most investors were reluctant to trade
amidst a subdued global equities environment, and the tone will
remain negative although volumes are likely to pick up.
(Reporting by Andrew Torchia; Editing by Robin Pomeroy)