DUBAI: Middle Eastern stock markets look set for further losses on Tuesday as the global bull market in equities appears to have gone into reverse.
MSCI's broadest index of Asia-Pacific shares outside Japan is down 3.7 percent and Brent oil has dropped to a one-month low of $66.90 per barrel.
As has been the case in past global downturns, the Gulf markets which are part of emerging market indexes - Dubai, Abu Dhabi and Qatar - may be most vulnerable because foreign portfolio investors are relatively active there.
However, the Gulf in general may outperform the rest of the world in the downwturn, since it greatly underperformed during last year's global bull run.
Dubai's index, last at 3,378 points, has immediate technical support at the December low of 3,326 points and stronger support at last June's low of 3,264 points.
Among individual stocks, Saudi Telecom may attract interest after the Saudi Arabian sports authority said it had signed a tentative deal to give the company exclusive rights to broadcast Saudi professional soccer matches over 10 years for 6.6 billion riyals ($1.8 billion).
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