By: Mahmoud Gamal
Mubasher: GCC markets' investors returned to the small and medium stocks, amid the rise of the Saudi Stock Exchange (Tadawul) for the second session in a row.
Analyst expected that most of the markets will continue their upward horizontal performance on Tuesday, anticipating oil and the global shares' path after the holiday's end.
In Tadawul yesterday's session, Saudi Advanced Industries, Emaar The Economic City and Aseer Trading surged 10%, 4.6% and 4.2%, respectively.
The rise of Tadawul for the second session in a row encouraged the investors to gain the deals again in the banks and telecom sectors, technical analyst, Nawaf Al Ajamy, told Mubasher.
In the AUE markets, Islamic Arab Insurance, Dubai Islamic Insurance and Dar Al Takaful hiked 15%, 14.9% and 14.84%, respectively.
The application of the unified documents for the obligatory motor and health insurance in Dubai by the begging of January was the catalyst behind the notable activity of the insurance sector, al Ajamy added.
Moreover, technical analyst, Hamed Al Anqiry, said that the Saudi cabinet stress yesterday on its commitment towards the oil cut agreement will push oil market upwards and affect the Saudi petrochemical sector positively.
He added that most of the local portfolios tend to purchase the GCC stocks, which reached technically attractive levels.
Tadawul closed Monday adding 0.1% to 7,247 points.
Dubai Financial Market (DFM) increased 0.2% to 3,593 points, while Abu Dhabi Exchange (ADX) went down 0.3% at 4,534 points.
The Kuwait Stock Exchange (KSE) levelled down 0.5% to 5,775 points, the Bahrain Bourse shed 0.1% to 1,220 points and the Qatari Exchange also lost 0.1% to 10,429 points.
The Muscat Securities Market (MSM) decreased 0.8% to 5,700 points.
Translated by: Sara Ghali
