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Wed 12 Sep 2012 10:31 AM

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Gulf investors eye euro; US cues

Gulf investors are likely to look for cues from global markets in the absence of local catalysts

Gulf investors eye euro; US cues

Gulf investors are likely to look for cues from global markets in the absence of local catalysts but a lack of a clear direction will keep risk-takers on the sidelines. Gains in world shares may support sentiment.

Asian shares rose to three-week highs on optimism that a German court will approve the legality of the euro zone's bailout fund later on Wednesday and the US Federal Reserve may deliver further stimulus measures this week.

Brent crude was steady on Wednesday after four days of gains, staying above US$115 a barrel.

Gulf markets were mixed on Wednesday as investors failed to find catalysts to justify taking the market higher. Dubai's index edged up 0.02 percent to close at 1,557 points.

"For the second session in a row, the DFMGI closes outside the uptrend channel. The 1540 level remains key [support]," MENA Corp says in a note. "The index should stay above it to avoid any decline on the short-term."

In Kuwait, logistics firm Agility says it is gearing up for expansion in emerging markets, much of it in countries that experienced Arab Spring political upheavals as new governments there spend more on their oil industries and infrastructure.

Agility's shares rallied to a 20-month high on Monday, on speculation it will win court cases against the US government.

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