United Arab Emirates stock markets look set to consolidate in quiet trade on Sunday as they reopen after a break for Eid Al-Adha, with the global market environment slightly negative.
The Dubai stock index, which last closed at 3,633 points in thin trade, faces technical resistance around 3,700 points, which has capped it since the end of August.
Global market moves late last week do not suggest Dubai will stage a strong test of this resistance. Since Dubai last closed, Brent oil has edged down nearly 1 percent to $48.60 a barrel, while MSCI's all-country world equities index has dropped 0.6 percent.
There was an upward revision to US gross domestic product data on Friday and on Thursday, US Federal Reserve Chair Janet Yellen said she and other Fed policymakers do not expect recent economic and financial market turmoil to significantly alter the central bank's policy.
While this was positive for US stocks, expectations for US monetary tightening tend to be slightly negative for Dubai's property-related stocks.
Most other major Middle East bourses remain closed for Eid on Sunday, with Saudi Arabia and Qatar due to reopen on Tuesday and Egypt on Monday this week.
