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Monday, 15 August 2016

MIDEAST STOCKS-Gulf markets diverge, Egypt settles at 14-month high | Reuters

MIDEAST STOCKS-Gulf markets diverge, Egypt settles at 14-month high | Reuters:

"Stock markets in Dubai, Qatar and Egypt climbed to multi-month highs on Monday but Saudi Arabia was dragged lower by banking shares vulnerable to economic pressures due to low oil prices.

Dubai's index rose 1.0 percent to end at 3,602 points, just below technical resistance at its April peak of 3,605 points, as trading volume more than doubled from Sunday, a positive technical signal. Any break of resistance would point up to the October peak of 3,740 points.

Emaar Properties added 1.4 percent to 7.44 dirhams, taking its gains over the last week to 7.8 percent. The stock confirmed a break of resistance on the October peak of 7.01 dirhams, triggering a major reverse head & shoulders pattern formed by the highs and lows since August 2015 and pointing up in the very long term to around 9.75 dirhams."



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