MIDEAST STOCKS-Gulf markets consolidate, no clear direction | Reuters:
"Gulf stock markets consolidated in quiet trade with no clear direction early on Tuesday as concern about weak oil prices and tightening bank sector liquidity offset a positive global market environment.
Foreign equity markets were higher because of talk that the U.S. central bank would further delay any monetary tightening. But banking liquidity across the Gulf is already tightening because of lower government oil revenues; after hovering around 0.10 percent for over two years, the United Arab Emirates' overnight interbank rate has shot up as high as 0.46 percent in the past several weeks.
Dubai's stock index was 0.1 percent higher after an hour of trade with blue chip Emaar Properties up 1.2 percent but second-tier real estate stocks sluggish."
'via Blog this'
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