By: Mahmoud Gamal
Mubasher: Thursday’s trading session is expected to see a calm performance as investors at GCC stock markets are not focusing on creating new positions before Eid Al-Adha holiday, in line with the mixed performance recently seen at global and oil markets, analysts told Mubasher.
Traders at the gulf markets are likely to continue the profit-taking performance before the holiday starts on Sunday, capital market analyst Thamer Al-Dhufairi said.
The long break, which may last to a whole week at some GCC markets, will push investors to lighten positions as traders would worry over any fluctuations in the global markets during the holiday, the analyst added.
Meanwhile, foreign investment portfolios at the gulf stock markets will continue to increase positions over operating stocks in line with the announcement of Q3 financial results, capital market analyst Muhammad Al-Shimiry said.
The regional markets will be vulnerable to further fluctuations, capital market analyst Muhannad Orykat said, noting that the real recovery will not be seen until OPEC members and non-OPEC members reach an agreement over oil production.
Translated by: Ingy ElSafy
