By: Mahmoud Gamal
Mubasher: The Gulf markets are witnessing increased purchases of blue chips by local and foreign investors due to the approach of annual financials, and stability of oil prices and some global stocks, analysts told Mubasher.
Most GCC markets are expected to continue their sideways-to-bullish performance, analysts added.
Companies’ annual results and dividend recommendation strongly supported the exchanges in the past sessions, capital market expert Al Sayed Hussein explained.
Stability of the Saudi Stock Exchange (Tadawul) above 6,800 points will enable the index to test 7,000-7,200 points, the analyst added.
Closure of Dubai’s bourse above 3,650-3,620 points will push its benchmark index to continue its rise to 3,800-4,000 points, on the back of active speculations and current liquidity, Hussein noted.
Abu Dhabi’s main index will move higher to 4,800-5,000 points for being above 4,550-4,600 points, the analyst.
Shaky performance of global stock markets due to cancellation of Trans-Pacific Partnership will have a negative impact on investors’ sentiment in Tuesday’s session, capital market analyst Mohammed Al-Hajri.
Translated by: Julian Nabil
