Gulf markets may consolidate before Eid

Gulf stock markets may consolidate on limited trading volume on Tuesday before closing for the rest of the week for the Muslim holiday of Eid al-Adha. Dubai property developer DAMAC and telecommunications operator du may fall as both stocks no longer carry dividends. News of a $100 million borrowing, however, may offset some pressure on DAMAC as investors may see it as a step towards expanding the company's business. Saudi Arabia's bourse has already closed for Eid al-Adha and most other markets in the Middle East will do so from Wednesday, so trading activity may be lower than usual on Tuesday, according to Reuters.

--Shuvo--