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Gulf: Dubai below chart support

by Jonathan Adams

Gulf stock markets may have a weak tone on Tuesday after profit-taking pushed most of them lower on the previous day, and in the absence of any fresh, positive cues from abroad.

Global equities and oil prices moved little overnight, with U.S. markets closed for a holiday.

The Dubai index’s 1.2 per cent drop to 3,604 points on Monday brought it below technical support on the mid-February low of 3,608 points; another straight close below that level would trigger a double top formed by the January and February peaks and pointing down to around 3,500 points.

Qatar outperformed most of the region on Monday, closing nearly flat, and this pattern could continue as investors move into high-dividend stocks before the annual payout period.

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