DUBAI, April 16 Stock markets in the Gulf may
trade sideways on Sunday as investors await a fresh batch of
first-quarter results and because most other markets were shut
for the Easter holiday.
Brent crude June contracts closed at $55.89 a barrel
on Thursday. Last week the commodity recouped more of March's
losses on increased hopes world supply and demand were nearing
balance. The contracts did not trade on Friday in observance of
MSCI's broadest index of Asia-Pacific shares outside Japan
fell 0.2 percent on Friday, though many markets
in the region, including Australia, Singapore and Hong Kong,
European, and U.S. markets are also shut for the holiday.
Last week stock markets in the Gulf saw some positive
momentum as first-quarter results, especially from banking
firms, encouraged some institutional funds to buy up shares in
"For the momentum to be extended into this week, asset
managers will be waiting for more positive surprises but will be
very prudent with their allocation," said a Riyadh-based fund
The Dubai-listed shares of Bahrain investment firm GFH
Financial Group may attract buying interest after the
company said one its units had signed a deal to acquire a U.S.
based data centre, in partnership with a New York Stock Exchange
listed real estate investment trust, with a market value
exceeding $100 million.
The subsidiary plans to offer the investment for private
(Reporting by Celine Aswad; Editing by Muralikumar