DUBAI, Jan 31 (Reuters) - Stock markets in Dubai and Qatar, which are the Gulf bourses most exposed to foreign fund flows, may be hit on Tuesday by negative sentiment towards global equities due to the travel curbs ordered by U.S. President Donald Trump.
Global equity markets posted their biggest fall in 1-1/2 months overnight while Brent crude oil moved sideways just above $55.0 a barrel.
Dubai's index, which last closed at 3,679 points, has technical support on last week's low of 3,643 points; any clean break would trigger a minor double top formed by the January peaks and pointing down to about 3,575 points.
In Abu Dhabi, many institutional investors may stay on the sidelines as they await earnings announcements after the close from major lenders National Bank of Abu Dhabi, First Gulf Bank and Abu Dhabi Commercial Bank.
In Qatar, Vodafone Qatar, an affiliate of Vodafone Group, may outperform after reporting a narrower third-quarter loss of 31.5 million riyals ($8.7 million) versus a loss of 72.2 million riyals in the prior-year period.
After spectacular gains this month the Kuwaiti index pulled back 1.5 percent on Monday, its largest single-day drop in one year, and it could fall further after Monday night's briefing by government ministers on economic development plans.
The market had risen partly in anticipation of the briefing but the ministers announced very little in the way of new policy initiatives, efforts to accelerate economic development or policies to boost economic growth.
Timetables for privatisation and corporate tax reform were not given, and the ministers' reluctance to tackle issues like subsidy reform in any detail suggested they are still hesitant to challenge opposition to reforms in parliament.
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Global equity markets posted their biggest fall in 1-1/2 months overnight while Brent crude oil moved sideways just above $55.0 a barrel.
Dubai's index, which last closed at 3,679 points, has technical support on last week's low of 3,643 points; any clean break would trigger a minor double top formed by the January peaks and pointing down to about 3,575 points.
In Abu Dhabi, many institutional investors may stay on the sidelines as they await earnings announcements after the close from major lenders National Bank of Abu Dhabi, First Gulf Bank and Abu Dhabi Commercial Bank.
In Qatar, Vodafone Qatar, an affiliate of Vodafone Group, may outperform after reporting a narrower third-quarter loss of 31.5 million riyals ($8.7 million) versus a loss of 72.2 million riyals in the prior-year period.
After spectacular gains this month the Kuwaiti index pulled back 1.5 percent on Monday, its largest single-day drop in one year, and it could fall further after Monday night's briefing by government ministers on economic development plans.
The market had risen partly in anticipation of the briefing but the ministers announced very little in the way of new policy initiatives, efforts to accelerate economic development or policies to boost economic growth.
Timetables for privatisation and corporate tax reform were not given, and the ministers' reluctance to tackle issues like subsidy reform in any detail suggested they are still hesitant to challenge opposition to reforms in parliament.
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
