By: Mahmoud Gamal
Mubasher: The GCC stock markets are expected to suffer losses on Wednesday following the decline of oil prices near their lowest level in five weeks, amid trading on non-oil small caps and anticipation of further first-quarter financial results, analysts told Mubasher.
Most GCC bourses saw a negative performance on Tuesday, in line with the decline of Arabtec Holding which pushed Dubai’s bourse to close in the red zone. Meanwhile, the Saudi exchange rose on the back of gains generated by a few stocks.
The markets saw a volatile performance in the past period, dragged down by lower oil prices and announcements of quarterly financials, according to Raed Diab, vice president of the Investment Research Department at KAMCO.
The Gulf exchanges’ performance is expected to be affected by further financial results to be posted by blue-chip companies, in addition to the possible extension of OPEC’s oil-cut deal in the oil producers’ upcoming meeting, he added.
The markets are expected to continue their decline amid weak trading activity with the beginning of the holy month of Ramadan which will begin late May and last until mid-June, Diab noted.
Quick speculations are currently controlling the GCC markets, capital market Hamoud Al Azmi said.
Translated by: Julian Nabil
