Markets seen mixed ahead of quarter end

Middle East markets are seen mixed on Wednesday, with little incentive for investors to buy in ahead of the quarter-end, but any selling pressure likely to be limited."We're starting to decouple from global movements as international volatility subsides, which should enable us to follow more of our own path," says Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

Saudi petrochemicals, considered by many as a proxy for global trade, have gained nearly 10 percent since Aug. 25, with Saudi Basic Industries Corp (SABIC) ending Tuesday at 90 riyals."SABIC is relatively elevated compared to its performance over the last few months and it's a high risk strategy to be buying SABIC ahead of the Saudi Q3 results season, which is very unlikely to offer positive surprises," says a Riyadh-based trader who asked not to be identified.Further declines are forecast on markets in the United Arab Emirates in the medium term and with local companies among laggards in reporting quarterly earnings - Saudi Arabia and Qatar are usually first out - investors may have little incentive to buy.