By: Mahmoud Gamal
Mubasher: The GCC markets are expected to maintain their sideways-to-bullish trend in the coming sessions in January, amid anticipation of coming OPEC meeting over oil output cut and remaining annual financials of major companies, according to analysts.
To be hold on Sunday, the meeting will adopt a compliance mechanism to verify that producers are following through on their pledge to reduce a combined 1.8 million barrels a day.
The indexes of Gulf markets stand technically at important resistance levels, and wait for the return of liquidity and annual results, especially of major firms, to be able to recover, Gulf financial analyst Ahmed Akl told Mubasher.
Companies’ news will be the main drivers of the indexes’ performance in the coming period amid portfolio investors’ rebuild-up of positions in certain stocks, Akl added.
Current low liquidity will push small investors to be cautious and not to increase their positions, capital market analyst Mohamed Al-Azmi.
Translated by: Julian Nabil
