Little near-term upside for regional markets

Middle East stock markets may have little upside on Monday as global bourses are subdued and there is a lack of fresh, positive corporate news.

Asian stock markets and U.S. S&P stock futures are marginally lower, restrained by the U.S. government shutdown, while Brent crude oil futures are at $68.86 a barrel, up 0.4 percent from their last close.

The Saudi stock index slipped 0.3 percent on Sunday to 7,513 points, retreating from technical resistance on the July peak of 7,586 points, below which it has been consolidating for several days. It is not clear that the market has the energy to break through resistance for now.

In Dubai, ports giant DP World may attract some interest after saying it had agreed on a venture with India’s National Investment and Infrastructure Fund that would invest up to $3 billion of equity to invest in ports, terminals, transport, and logistics businesses in India.

Source: Reuters

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