Weak global cues; Gaza-Israel conflict intensifies

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Gulf investors are likely to remain risk averse on Wednesday as air strikes in Gaza intensify.

Gulf investors are likely to remain risk averse on Wednesday as air strikes in Gaza intensify.

Gulf investors are likely to remain risk averse on Wednesday as air strikes in Gaza intensify, while truce talks continue and global cues are weak as Asian shares ease.

Israeli air strikes shook the Gaza Strip and Palestinian rockets struck across the border as US Secretary of State Hillary Clinton held talks in Jerusalem in the early hours of Wednesday, seeking a truce that can hold back Israel's ground troops.

Gulf markets were steady on Tuesday but investors remained cautious due to the conflict.

Dubai's index gained 0.8 percent to 1,591 points on Tuesday, but analysts remain bearish until the market recovers to 1,630 points.

Neighbouring Abu Dhabi's benchmark closed flat at 2,661 points. "The index is testing support at 2.655," MENA Corp says in a note. "We are waiting to see reversal signals in order to reinstate [buy] positions. Next important support is the 2,630 level."

In Saudi Arabia, petrochemical stocks may come under pressure after Saudi Industrial Investment Group (SIIG) highlighted fears of a possible rise in the price petrochemical producers pay for gas.

In Asian markets, investors refocus on the euro zone debt crisis after European officials failed to reach a deal on a bailout for Greece, while Federal Reserve Chairman Ben Bernanke highlighted the dangers of a U.S. fiscal crisis.

Brent crude futures were up 16 cents at US$109.99 a barrel by 0451 GMT, off an earlier session-high of US$110.55.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Egyptians vent post-revolt fury in litigation

Egyptians vent post-revolt fury in litigation

Bankers, stockbrokers say indiscriminate corruption probes may...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams