By Mahmoud Gamal
Mubasher: GCC stock markets are forecast to witness deeper losses on Monday as the ongoing downturn of oil quotes will likely prompt investors to decrease their positions ahead of the OPEC meeting during 26-28 September, analysts told Mubasher.
Market analysts Mohamed Alazmi and Mohamed Alharbi expected portfolios and fund managers to initiate a broad selling wave today in order to hedge against any future stock dips amid shaky oil prices and strong speculations about higher US interest rates, which will be coupled with stronger US dollar.
"Traders on GCC markets are still suffering a big lack of buying appetite, by which the Middle East's leading emerging market, the Saudi bourse, hit a twelve-month low yesterday", Al-Azmi said.
Likewise, economic analyst Fouad Darwish stated that most regional markets are likely to deliver a negative performance, noting quick speculation is currently the dominant trading mood for making the optimum use of the present jittery performance all over the remaining sessions this week.
