Most Gulf Arab markets fell on Wednesday as Oman's bourse hit a 17-month low on low investor demand, while Egypt's market ended a seven-day rally on concerns over company earnings. In a ninth straight loss, Oman's index .MSI fell 1.4 percent to its lowest close since Dec 10, 2009 on muted buying interest after lower-than-expected earnings.
"We expect to face a strong support at 5,965 points -- this level depends on the movement of the index within the next week," said Osama Ibrahim al-Qinna, head of brokerage at Oman Arab Bank.
Yet the market will find it difficult to stay above 6,000 point, he added.
No comments:
Post a Comment