By: Mahmoud Gamal
Mubasher: The GCC stock markets are expected to see calm trading on Thursday as investors are shying away from building new positions ahead of the Eid Al Fitr holiday, amid the decline of oil prices to their ten-month low, analysts told Mubasher.
Traders in the GCC markets are expected to continue profit-taking, in line with the beginning of the Eid Al Fitr vacation, capital market analyst Thamer Al Zufairi said.
The Eid holiday, which may be around one week long, will push investors to decrease their positions, amid worries over the performance of global stocks, Al Zufairi added.
However, foreign portfolios are increasing their positions in operations stocks, in line with the approach of first-half financial results, technical analyst Mohammed Al Shammari told Mubasher.
The Saudi Stock Exchange (Tadawul) saw foreign purchases after the deputy crown prince Mohammed bin Salman was promoted to the position of crown prince, as well as the Kingdom's addition to the MSCI Emerging Market (EM) Index Watch List, Al Shammari added.
The GCC stock markets are expected to continue their fluctuations, and they will not recover until oil prices stabilise above $50 per barrel, capital market analyst Mohannad Deyak told Mubasher.
Translated by: Julian Nabil
