By: Mahmoud Gamal
Mubasher: Long-term investors in GCC stock markets have returned to buying medium-sized stocks as portfolios tend to take risks following the recovery in oil prices, analysts told Mubasher.
Gulf bourses are expected to continue their volatile performance on Tuesday amid exchanges in positions between traders.
Technical analyst, Ibrahim Al Filkawy, said that traders will return to medium-sized stocks and some small-sized ones as blue chips are facing selling pressures.
On the Dubai Financial Market (DFM), Asmak, Sudatel and Ajman Bank rose by 14.9%, 14.5% and 7.8% respectively, while on the Saudi Stock Exchange (Tadawul), Al Sorayai Group leapt 7.5%, Nama Chemicals increased 3.8% and Al Hokair Group grew 3.5%.
Financial analyst, Mahmoud Al Shemry, suggested that the GCC markets are facing important resistance levels, and need support to break above these levels.
Tadawul's main index ended Monday’s session down 0.8% to 7,082 points, while the DFMGI added 0.8% to 3,721 points and the Abu Dhabi index gained 0.6% to 4,664 points.
The Qatar index declined yesterday by 0.2% to 10,702 points, the Kuwait index grew 0.9% to 5,951 points, Oman’s MSM 30 index advanced 0.6% to 5,793 points and Bahrain's benchmark index fell 0.3% to 1,206 points.
Translated by: Elwy el-Manzalawy
