Gulf set to consolidate, Saudi money supply data is positive

December 29, 2016 10:30 am


Gulf stock markets look set to consolidate on Thursday with few fresh incentives, as global bourses and oil prices have moved little over the past 24 hours.

Saudi Arabian money supply data released late on Wednesday was modestly positive, showing commercial bank deposits rose to their highest level this year in November – a fresh sign that a liquidity crunch due to low oil prices is easing.

This could encourage a modest rise by the Saudi stock index , which remains in short- and longer-term technical uptrends after this week’s climb to a fresh year-high in active volume.

National Bank of Oman could attract some interest after saying it received a letter from Treasure Fleet International proposing to buy a stake in Oman’s third biggest lender.

However, the nature of Treasure Fleet’s background, resources and strategy are not clear. It is Singapore-based, according to the company’s website, which is incomplete and gives no details of its business; a Singapore business directory says it was incorporated in August this year.

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Reuters
By Reuters
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