Gulf seen steady, awaits Iran decision Sunday, 22 January 2012 09:06

Gulf markets are likely to take support from a recovery in Saudi Arabia's stocks a day earlier, while steady U.S. markets also support.

Investors in Saudi, disappointed by fourth-quarter earnings,  reduced positions last week but the index regained losses on Saturday, closing 1.4 percent higher.

"There is a positive sentiment from U.S. with a low record of unemployment benefits and confident homebuilders, good results etc," says Talal Touqan, head of research at Al Ramz Securities. "But people are waiting for Europe's decision on Iran."

Major powers seeking to negotiate an end to Iran's suspected pursuit of nuclear weapons are soon to lay out what Tehran would need to do to return to talks.

A rally in world stocks and the euro lost steam on Friday as investors awaited a Greek debt restructuring deal aimed at avoiding a disorderly default. Wall Street ended a stellar week on a mixed note after dismal earnings from Google and GE.

Qatar's Vodafone Qatar will be in focus after it reported a narrower third-quarter net loss on Thursday. Some pressure may be seen as its numbers missed analysts' estimates.     (Reuters)