By: Mahmoud Gamal
Mubasher: The Gulf stock markets are trying to stabilise at their current levels on Wednesday, with investors’ tendency to exchange stocks amid the continuous rise of oil prices and global stocks.
Most GCC markets closed Tuesday’s trading session in the green zones, amid selective buying of small-cap and blue-chip stocks, analysts told Mubasher.
The exchanges are expected to maintain their sideways-to-bullish trend on Wednesday, according to Mahmoud Abou Zeid, a financial analyst at Namaa Consulting.
The markets started to witness the return of more long-term investors who are focusing on stocks of the companies which posted lower-than-expected annual results, Abou Zeid added.
Small caps are likely to continue seeing speculations, technical analyst Assem Al Jabali said, adding that foreign portfolio investors tend to accumulate such stocks during the period of annual financial disclosures.
Translated by: Julian Nabil
