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Tuesday, 29 November 2016

MIDEAST STOCKS-Saudi close to technical breakout; UAE firms in speculative trade | Reuters

MIDEAST STOCKS-Saudi close to technical breakout; UAE firms in speculative trade | Reuters:
"Saudi Arabia's stock market neared a bullish technical breakout in early trade on Tuesday while speculative activity in small caps boosted United Arab Emirates markets, though other bourses in the Gulf were little changed.

The Saudi index climbed 0.7 percent in the first half-hour to 6,950 points, its highest level since Jan. 3. A close above major technical resistance on the April peak of 6,876 points would confirm a major double bottom formed by the January and October lows and pointing up to around 8,400 points in the long term.

As on Monday, the banking and petrochemical sectors moved little and much activity focused on smaller stocks.

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