July 16, 2017 / 6:00 AM / 7 months ago

MIDEAST STOCKS-Global trend may buoy Gulf bourses; Dubai set to test chart barrier

DUBAI, July 16 (Reuters) - Stock markets in the Gulf may have a firm tone on Sunday after global bourses continued surging at the end of last week, partly because of expectations of a dovish stance by the U.S. central bank.

MSCI’s gauge of equity performance in 47 countries gained 0.65 percent on Friday. Brent oil settled up 49 cents at $48.91 per barrel.

Second-quarter earnings announcements in the Gulf have so far have been mixed, so they may give little impetus to the markets.

However, short-term technicals for some indexes have improved considerably, particularly for Dubai, which rose late last week above its 100- and 200-day averages. The index, last at 3,537 points, faces technical resistance on its April peak of 3,573 points. (Reporting by Andrew Torchia)

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