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MIDEAST STOCKS-Jittery global stocks, little fresh news may keep investors at bay
April 11, 2017 / 5:36 AM / 8 months ago

MIDEAST STOCKS-Jittery global stocks, little fresh news may keep investors at bay

DUBAI, April 11 (Reuters) - Stock markets in the Gulf may move sideways on Tuesday as investors choose to stay away from risky assets in light of the uncertain geopolitical climate and as they await first-quarter results.

Stock markets around the world have been jittery. MSCI’s broadest index of Asia-Pacific shares outside Japan swung between gains and losses and was last down 0.4 percent on Tuesday morning.

On Monday Brent crude traded as high as $56.05 a barrel, but is now slightly lower at just below $56.

Stock markets in the region have been trading in a narrow range for at least six weeks and now with the geopolitical uncertainty that trend may likely hold, restraining big moves.

“First-quarter results may jolt some life back to the stock markets in the region, which have seen very tepid movement in the last several weeks,” said a Jeddah-based fund manager.

The outlier to those small movements has been the Abu Dhabi stock index which has been volatile since April 1 on the back of swings in shares of First Abu Dhabi Bank and on the government increasing its stake in struggling energy company Abu Dhabi National Energy.

The index is up 5 percent since hitting a 3-month low in mid-March, but has lost almost 2 percent since April 5. (Reporting by Celine Aswad; editing by Sunil Nair)

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