MIDEAST STOCKS-Positive global backdrop may support markets – Reuters

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DUBAI Nov 10 (Reuters) – A positive global environment and
recovering oil prices may support markets in the Middle East on
Monday, although falling trade volumes in Dubai and Abu Dhabi
could indicate potential weakness.

Asian shares gained on Monday morning after U.S. jobs data
pointed to solid economic growth and Chinese inflation and
foreign trade figures did little to change expectations that
Beijing will roll out more stimulus measures to support the

Oil prices also rose on Monday on renewed geopolitical
tensions in Iraq and Ukraine, with Brent crude gaining
0.6 percent, extending its recovery from four-year lows hit last

Although short-term oil price movements have little, if any,
effect on Gulf economies, they tend to influence the mood of
retail investors in the region.

Most stock markets in the region rose on Sunday, led by the
United Arab Emirates and Qatar after they secured weighting
increases in MSCI’s emerging markets index. However, trading
volumes in Dubai and Abu Dhabi fell for a second
day in a row, indicating that the leg up could be short-lived.

Dubai’s bourse said on Sunday that it would include two
newly listed stocks, Emaar Malls Group and Marka
, in its index starting on Monday.

Elsewhere in the region, Burgan Bank, Kuwait’s
third-largest lender by assets, said on Sunday it would open
subscriptions for its rights issue in a week, with shares priced
at a discount to the current market price. While that would
benefit existing shareholders, the expected dilution could put
pressure on the stock.

Oman Telecommunications (Omantel) reported a 3.1
percent rise in third-quarter profit which met analysts’

(Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

MIDEAST STOCKS-Positive global backdrop may support markets – Reuters}