Sunday, 5 June 2011

gulfnews : Gulf equities to come under selling pressure

GCC stock markets are expected to come under selling pressure in the week ahead amid softening international oil prices and concerns about the faltering US economy, market analysts say.

"The market in Saudi Arabia is down today...With oil prices going down, other major stock markets of the region in Dubai, Abu Dhabi and Qatar may see some more downsides," Mousa Haddad, Head Trader with National Bank of Abu Dhabi Asset Management, told Gulf News.

At 1,520, there's a very strong support level for the Dubai market, while for Abu Dhabi the support level is at 2,620. For the Saudi market the support level is around 6,500," Haddad added.

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