DUBAI, Nov 30 (Reuters) - Gulf stock markets look set to consolidate on Wednesday ahead of an OPEC decision expected late in the day on proposed oil production cuts to prop up prices.
Most analysts believe the Organization of the Petroleum Exporting Countries will cobble together a deal to reduce some production at its meeting on Wednesday in Vienna, which starts at 1000 GMT.
But there is a lot of uncertainty on the terms of the deal and whether it will have much effect on the oil market, and in this environment, many institutional funds may stay on the sidelines with stock markets continuing to focus on short-term trade by retail speculators.
Saudi Arabia’s stock index, which dropped 0.1 percent to 6,897 points on Tuesday, has not so far confirmed a clear break of major technical resistance on its April peak of 6,876 points.
Dubai’s index, last at 3,334 points, faces immediate technical resistance on its late October peak of 3,368 points, which it tested and failed to break at the end of last week. (Reporting by Andrew Torchia)