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Monday, 17 July 2017

MIDEAST STOCKS-Dubai rises above chart barrier, ex-dividend bank pulls down Saudi

MIDEAST STOCKS-Dubai rises above chart barrier, ex-dividend bank pulls down Saudi:

"Dubai's stock index rose above technical resistance on Monday, suggesting a long period of underperformance compared with the region and other emerging markets might be ending, while a bank going ex-dividend helped to pull down Saudi Arabia's market.

The Dubai index gained 0.8 percent to 3,602 points, eclipsing its April peak of 3,573 points. The next, strong resistance is at 3,737-9 points, the January and February peaks.

Islamic Arab Insurance, the market's most active stock, climbed 3.4 percent in unusually heavy trade, accounting for about a quarter of all volume. It has been trading near record lows and, with a price below half a dirham, is easily moved by short-term speculators."



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