August 22, 2017 / 5:37 AM / a year ago

MIDEAST STOCKS-Global environment positive; Maather REIT lists in Saudi

DUBAI, Aug 22 (Reuters) - Gulf stock markets may have a modestly firm tone on Tuesday because of a positive global environment, while the listing of a new real estate investment trust in Saudi Arabia looks set to capture a lot of attention in that market.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.6 percent while Brent oil has stayed firm just under $52 per barrel.

Base metals prices hit multi-year highs overnight, which could spark interest in Saudi Arabian miner Ma’aden.

Maather REIT Fund lists in Riyadh on Tuesday, becoming the market’s fifth REIT. Analysts at NCB Capital estimated that based on its subscription price of 10 riyals per share, its dividend yield for 2017 would be 7.2 percent, and its subscription was covered 15.2 times, signalling strong investor appetite.

However, low trading volumes in the Gulf during recent weeks - on Monday, Qatar posted its lowest volume this year - suggest many investors have withdrawn from trading regional markets actively, limiting chances for any extended rally. (Reporting by Andrew Torchia)

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