By: Mahmoud Gamal
Mubasher: Investors are expected to build new positions in Gulf stocks, most of which reached attractive price levels after OPEC and non-OPEC oil producers reached their first deal since 2001, according to capital market analysts.
Saudi and Qatar stock markets witnessed significant gains in Sunday’s trading session, while bourses in the UAE, Bahrain and Egypt were closed to mark the birthday of Prophet Mohammed.
The levels blue chips reached will attract mid- and long-term traders to build stock positions, capital market analyst Ahmad Akl told Mubasher.
Continuous rise of oil prices since last week will push most GCC bourses to see further gains, especially after OPEC and non-OPEC oil producers agreed to reduce oil production by 600,000 barrels per day (bpd), the analyst noted.
Gulf equities are expected to be backed by the performance of global indexes like the Dow Jones Industrial Average, in addition to the approach of annual financial announcements and dividends of listed firms, Akl said.
The results of the upcoming Federal Reserve meeting on interest rates will have a “great” impact on GCC stock markets, Akl noted.
Investors should demonstrate patience when it comes to their investment decisions till the oil markets set a clear trend, capital market analyst Ramy Kassab told Mubasher.
Translated by: Julian Nabil
