DUBAI, Sept 1 (Reuters) - Gulf stock markets may rise on Tuesday after oil prices surged overnight, although profit-taking has already erased some of crude’s gains and its persistent volatility, along with poor economic data from China, may keep some investors wary.
Oil futures soared more than 8 percent late on Monday, rising more than 8 percent before losing about 3 percent in Asian trade on Tuesday morning.
The surge was fuelled by an OPEC commentary saying the cartel was willing to talk to other producers to achieve reasonable oil prices, as well as by a downward revision of U.S. output data by the U.S. Energy Information Administration.
Gulf equities have closely tracked oil prices in the last few weeks, swinging wildly and prompting some relatively conservative investors to stay on the sidelines and wait for the energy market to stabilise. The OPEC commentary provided no evidence that oil producers would be able to engineer a lasting rebound of crude prices.
Gulf corporate news flow has remained thin. Saudi Arabia’s Al Tayyar Travel Group may rise after its founder Nasser bin Aqeel al-Tayyar said he would retain his 14.6 percent stake in the company despite his resignation as vice chairman and managing director. The stock has tumbled 10.7 percent in the last two sessions.
In Qatar, Ezdan Holding and Commercial Bank of Qatar may come under pressure from profit-taking after surging in the run-up to MSCI’s emerging markets index rebalancing, which increased their weightings at the end of Monday.
On global markets, Asian shares have fallen on Tuesday after twin surveys showed China’s manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy.
The Shanghai Composite Index and the CSI300 index have dropped about 2 percent each, while Japan’s Nikkei has fallen 3 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)