DUBAI, May 26 (Reuters) – Gulf stock markets moved very little in early trade on Tuesday as oil prices slipped and corporate news flow was thin, but stocks upgraded by index compiler MSCI rose ahead of expected fund inflows.
Brent crude edged down 0.4 percent as the U.S. dollar hit a one-month high against a basket of major currencies on Tuesday after stronger-than-expected underlying U.S. inflation bolstered the Federal Reserve’s case for an interest rate hike later this year.
Dubai’s stock index inched up 0.1 percent in thin trade which focused on Dubai Parks and Resorts, up 1.0 percent at 1.05 dirhams.
The stock, which had initially suffered in a broad Gulf sell-off after listing in December, rose above its initial public offer price of 1.00 dirham for the first time this month. It faces technical resistance at 1.08 dirhams after pulling back from that level repeatedly.
Abu Dhabi’s bourse was flat but Abu Dhabi Commercial Bank climbed 0.4 percent. MSCI increased the stock’s weighting in its emerging markets index in its latest review, which will take effect at the end of this month.
Another stock upgraded by MSCI, Ezdan Holding, rose 0.9 percent and was the main support for Qatar’s index , which climbed 0.2 percent. Ezdan will join the emerging markets benchmark for the first time.
Markets in Oman and Kuwait were nearly flat.
(Reporting by Olzhas Auyezov; Editing by Andrew Torchia)