Gulf unlikely to move much as Saudi starts Eid holidays

DUBAI - 30 August 2017: Gulf stock markets look set to move sideways in very thin trading volumes on Wednesday because of Eid al-Adha holidays in the region and a lack of news.

Saudi Arabia starts its holiday on Wednesday while the United Arab Emirates, Qatar and Egypt will begin on Thursday. Trading volumes in the region have already shrunk in recent days, with Dubai recording its lowest volume on Tuesday since September 2015.

Global markets are slightly positive; MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.5 percent but Brent oil is little changed from Tuesday below $52 a barrel.