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Thu 3 May 2012 10:54 AM

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Gulf seen weak; Omantel in focus

Dubai's index fell to a 10-week closing low in the previous session

Gulf seen weak; Omantel in focus

Gulf markets are likely to be muted on Thursday with Saudi Arabia, the largest Arab bourse, closed for the weekend while the negative global backdrop on weaker than expected US jobs data is expected to weigh on local sentiment.

Dubai's index fell to a 10-week closing low in the previous session and has weak technical support. Analysts say it may break out of its sideways range on Thursday.

"The numbers coming out of US were not good at all, which will definitely affect the sentiment in the region," says Ali Adou Portfolio Manager at The National Investor.

"Dubai for the short-term will be volatile and retail investors might get scared and start selling. But for a long-term investor, it will help us find better positions to build portfolios."

Oman Telecommunications will be in focus after it reported a 12.9 percent rise in first-quarter net profit, in-line with analysts' forecasts.

Asian shares slipped on Thursday and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.

Brent crude steadied above US$118 a barrel, reflecting caution among investors ahead of a key U.S. employment report.