By Mahmoud Gamal
Mubasher: GCC and Egypt equity markets are likely to maintain its current stance on the positive note up till the end of this week, amid the downtrend of oil prices and global stock markets, financial analysts said.
Most equity markets finished yesterday in the green zone, stepping closer to resistance levels that will make investors focus on some selective stocks.
On the other hand, Brent oil and WTI crude oil dropped to $33.27 and $31.87 respectively, followed by a decline of most U.S and European indices.
Accordingly, stock markets are expected to show mixed performance on Wednesday and Thursday, trying to keep the same relatively good previous level, said Mahmoud Abu Zeid, financial analyst, adding that “real recovery cannot be recognized unless oil prices move above $35 a barrel”.
Waddah Al Taha, capital market expert, clarified that uncertainty surrounding stock markets does not suggest a tangible evidence whether equity markets are stepping out the dangerous corner.
Therefore, he advised investors to adopt quick speculations so as to take the best of such instable trading atmosphere.
Translated by Ahmed El-Sayed Ali
