Dubai, Qatar bourses continue to climb

Dubai, Qatar bourses continue to climb
Published: 5 January 2017 - 6 a.m.
By: Reuters

Stock markets in Dubai and Qatar, where foreign funds are most active, may continue climbing on Thursday as global markets extend their gains and after oil bounced overnight.

MSCI's broadest index of Asia-Pacific stocks outside Japan is up 0.6 percent and U.S. shares ended higher on Wednesday. Brent oil futures rose 1.8 percent to settle at $56.46 a barrel overnight.

Stock indexes in Dubai and Qatar are each up a little over 2 percent so far this year, in line with emerging markets. Dubai's index, last at 3,617 points, faces near-term technical resistance at the mid-December peak of 3,659 points.

Saudi Arabia's index has been vulnerable to profit- taking over the last two sessions as investors cashed out of stocks trading above what analysts estimate to be fair value.

But petrochemical shares, which were the main drag on Wednesday, may attract some interest after oil prices bounced back overnight.

Riyad Bank may come under some pressure after it proposed paying a cash dividend of 0.30 riyal per share for the second half of 2016, down from 0.35 riyal for the corresponding period of 2015.

In Kuwait, logistics firm Agility may attract some interest after a senior executive told Reuters that it expects profit and revenue in its logistics business to grow faster in 2017 than it did in the previous year. 

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