(P)GCC Bourses Weaken
World Economy

(P)GCC Bourses Weaken

Bourses in the (Persian) Gulf Cooperation Council Arab states weakened on Monday as oil prices dipped and global event risks keep investors away from riskier assets for now, Reuters reported. Brent contracts fell 0.6% to $49.03 a barrel in Asian trade as a strong dollar weighed on markets. Although the top two bourses in the United Arab Emirates have been making some gains, the momentum has been subdued, as volumes shrink ahead of the Islamic holy month of Ramadan, where activity tends to soften. Dubai’s index, last at 3,360 points, faces resistance at its 50-day moving average of 3,382 points. But Saudi Arabia’s index, currently at 6,428 points, faces some further declines as traders book profits in recent outperformers which have been driven by last month’s government announcement of reform plans to diversify the economy away from its oil dependency. If the index breaks below the support level at 6,400 points, it could trigger further declines.


Short URL : http://goo.gl/NEa08l
  1. http://goo.gl/mJleYD
  • http://goo.gl/6xt0sZ
  • http://goo.gl/gI8IMD
  • http://goo.gl/2OkUkI
  • http://goo.gl/xePMua

You can also read ...

India Hits Back at US With Tariffs
Responding to the US import tariffs on certain steel and...
American farmers are losing sales as trading partners hit back with duties of their own.
Only a few months ago, the global economy appeared to be...
Few Will Want to Invest in High-Risk North Korea
US President Donald Trump dangled the carrot of foreign...
Refugees now comprise about 20% of Jordan’s population.
Saudi Arabia, the United Arab Emirates and Kuwait pledged $2.5...
Ministers Fired After Argentina Currency Collapse
Argentina’s President Mauricio Macri has replaced two cabinet...
Businesses in Gaza are cutting back production as a result of falling consumer demand, the prevailing financial sanctions, restricted access to goods and materials, and lack of freedom of movement.
Humanitarian, socioeconomic, political and security conditions...
Greece Creditors Debate Extensions on Bailout Loans
Greek bailout talks are reaching the final stretch and...
Suez Canal is the fastest shipping route between Europe and Asia.
Egypt’s revenue from the Suez Canal for the 2017-2018...