By: Mahmoud Gamal
Mubasher: The Bahrain Bourse is expected to witness more gains during 2017 with more liquidity likely to be pumped into blue chips as announcing annual results approaches, analysts told Mubasher.
Market analyst, Al Sayed Hussien, said that the technical outlook of the Bahraini bourse is expected to remain positive in case of the index maintained the level of 1,180 points.
Hussien noted that the index is likely to test resistances at 1,240-1,300 points and supports at 1,150-1,120 points if it failed to stay above 1,200 points.
In the fourth quarter of 2016, the index rose by about 4.66% or 59.75 points to 1,211.13 points.
Technical analyst, Raed Aref, suggested that the recovery in oil prices will support the Bahraini stocks during next years’ trading.
“The expected recovery in oil prices will dive traders’ attention to blue chips in the first half of 2017, especially in February when companies often announce their financial statements.
Translated by: Elwy el-Manzalawy
