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MIDEAST STOCKS-Saudi may test technical barrier, most of Gulf to consolidate
December 26, 2016 / 5:37 AM / a year ago

MIDEAST STOCKS-Saudi may test technical barrier, most of Gulf to consolidate

DUBAI, Dec 26 (Reuters) - 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 million).

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)

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