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Tuesday, 6 September 2016

MIDEAST STOCKS-Gulf mixed in quiet trade, Saudi rebound fades | Reuters

MIDEAST STOCKS-Gulf mixed in quiet trade, Saudi rebound fades | Reuters:

"Gulf stock markets were mixed in quiet trade on Tuesday as Riyadh's bourse pulled back after rising sharply on the previous day, when Saudi Arabia and Russia said they would cooperate to support oil prices.

Riyadh's stock index gained early on Tuesday but closed 0.2 percent lower at 6,190 points, failing a test of technical resistance at 6,226-6,257 points, the lows in early August and June. Daily trading volume was at its second-lowest level this year; the lowest occurred last week.

Many analysts think the Saudi-Russia deal may do little to boost oil prices in the long term. The two countries did not announce specific steps and it might be difficult for them to join with other big producers to restrain output."



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