|11-20-2014, 05:59 PM||#1|
Middle East bourses fluctuate in early trade after China data
Stock markets in the Middle East fluctuated in early Thursday trade, amid a mixed global environment and as oil prices stabilized
Asian markets were mixed on Thursday after the China flash HSBC/Markit manufacturing PMI showed factory production decreased for the first time in six months.
China is a key market for major Gulf companies, and petrochemicals in particular, and fears of a slowdown in the world’s second-largest economy is expected to continue weighing on sentiment.
U.S. stocks finished little changed but with a negative bias, and European shares were slightly higher.
Brent crude prices remained atop the $78 a barrel level, with investors taking the sidelines ahead of a potential output cut in next week’s OPEC meeting.
A rise in oil prices is good news to Gulf stock markets by erasing fears of cuts in government spending, which have notably attributed to the recent sell-off in equities in local markets.
As of 08:08 GMT, Qatar was down 0.43%, but after having gained 0.56% earlier.
Dubai was up 0.02% and Abu Dhabi gained 0.11%.
Kuwait and Muscat gained while Bahrain fell.
Trading is expected to be thin in a absence of a clear catalyst for markets. Investors should look out for when European shares open Thursday’s session, as local markets tend to track that performance.
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