DUBAI, Feb 7 (Reuters) - A relapse in oil prices and a sell-off in global bourses may weigh on Middle East stock markets on Sunday, erasing some of the previous session's gains.
Brent futures
Global stock markets slumped on Friday after a key U.S. jobs eport painted a mixed picture of the labor market. The Nasdaq Composite Index fell to its lowest close since October 2014.
Bourses in the Middle East ended their last trading week on a high note as investors gathered the courage to buy stocks after crude prices staged a two-day rally.
Some markets, especially Dubai and Egypt, have turned technically short-term bullish. Dubai's index
Egypt
"Stock prices have come down by more than 15 percent in the majority of the region's markets and this is an opportunity for long-only investors who are keen on buying those cheaper shares," said a Riyadh-based portfolio manager.
But he added that any accumulation of shares would be piecemeal and hesitant as unstable oil prices and a downbeat outlook for the health of the regional economy curbed risk appetite.
Dubai Financial Market
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +9714 44536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Keywords: MIDEAST STOCKS