By: Mahmoud Gamal
Mubasher: Gulf stock markets are expected to continue their sideways movement on Tuesday as investors are waiting for trends of global bourses, which are forecasted to witness temporary correction movement.
The Saudi Stock Exchange (Tadawul) closed Monday’s session on a negative note, while the UAE stock markets closed in green.
Technical analyst, Adam Zidan, told Mubasher that investors are waiting for new catalysts in light of expectations that some listed companies may be negatively affected by the US interest rate hike decision.
Zidan expected the volatile performance to continue in the GCC bourses until announcing the financial statements for the fourth quarter of 2016.
"Monday’s trading were not affected by speculations on oil pushed its prices up on Friday, as investors are waiting to determine the trend of oil prices” capital markets analyst, Mohammed Al-Hajri, said.
On Monday, Tadawul fell 0.3% to 7,166 points, while the Dubai Financial Market (DFM) leapt 0.8% to 3,552 points and the Abu Dhabi Securities Exchange (ADX) rose 0.4% to 4,456 points.
The Qatar Stock Exchange (QSE) declined yesterday by 0.6% to 10,344 points, the Kuwait Stock Exchange (KSE) increased 0.3% to 5,714 points the Muscat Securities Market (MSM) dropped 0.1% to 5,727 points and the Bahrain Bourse fell 0.3% to 1,208 points.
Translated by: Elwy el-Manzalawy
