0545 GMT - Dubai's index is likely to remain in doldrums on Monday and may fall further before it resumes a near year-long rally, while Omani day traders could return home to lead Muscat higher from the third quarter. Dubai has fallen for the past three sessions and is **w 4.4 percent below May 6's six-year peak to end Sunday at 5,136 points. There's ** clear direction." Oman's benchmark is down 1.3 percent in 2014, while all other Gulf markets apart from Kuwait have made double-digit gains this year. "Blue chips' results maintained growth and STOCKS like Bank Muscat, Omantel and National Bank of Oman are at attractive valuations." Foreign institutions have maintained their holdings in Oman stocks, but local day traders have switched their attention to markets in the United Arab Emirates, Qatar and Saudi Arabia.
05-20-2014, 03:06 PM
STOCKS NEWS MIDEAST-Dubai seen extending drop; Saudi upbeat
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