DUBAI Nov 29 Stock markets in the Gulf may
remain driven by retail investors' speculative trade in small
and mid-sized shares on Tuesday with many institutional funds
staying clear of the markets until there is more clarity on
OPEC's decision this week.
The Organization of the Petroleum Exporting Countries will
meet officially in Vienna on Wednesday to discuss a planned
production cut in an effort to curb overproduction. Oil prices
have been volatile, with Brent crude at $47.96 a barrel
in early Asian trade on Tuesday.
Many investors, particularly in Dubai, have been using
margin trading in an effort to turn quick profits. "Margin
trading helps investors profit from intra-day movements in
stocks if the price moves in their favour," noted a Dubai-based
On Monday, Saudi Arabia's index climbed 0.9 percent
to 6,904 points, its highest close since Jan. 3; it rose above
major technical resistance on its April peak of 6,876 points,
with activity concentrated in second and third-tier stocks.
A second consecutive close above that level would be very
bullish technically, forming a major double bottom that would
point to the index reaching around 8,400 points in the long
In Dubai, construction firm Arabtec may attract
interest after it said it had appointed Hamish Tyrwhitt as its
new chief executive. Tyrwhitt served as chief executive of
Australian contractor Leighton Holdings, since rebranded CIMIC
Group, between 2011 and 2014.
(Reporting by Celine Aswad; Editing by Andrew Torchia)