By: Mahmoud Gamal
Mubasher: Oil stability above $55 may push the investors to inject new liquidity in the GCC markets on Wednesday and Thursday.
GCC markets' performance declined on Tuesday, on the back of profit gaining, while the Qatari Exchange rose backed by a probable merger for banks in a $44 billion deal.
The un assured news about the probable merger for three banks in the Qatari Exchange may raise the banks shares in the Qatari Exchange, UAE markets and Kuwait bourse to record levels, technical analyst, Mohamed Al Shimary, told Mubasher.
Moreover, technical analyst, Amer Al Mohanady, expected that profit gaining will continue to control most of the GCC markets till the end of the week, among correction wave.
Al Mohanady noted that the approach of Saudi Arabia to announce 2017 budget coinciding the stability of oil prices above the safety levels will encourage investors to return to the markets.
Mohamed Al Ahbaby, technical analyst, advised traders to keep an eye on the oil levels, whether it will hold above the safety levels or will decline.
Tadawul closed Tuesday down 0.7% to 7,031 point.
Dubai Financial Market (DFM) also decreased 0.8% to 3,505 points, while Abu Dhabi Exchange (ADX) remained stable at 4,479 points.
The Kuwait Stock Exchange (KSE) went up 0.2% to 5,668 points, the Bahrain Bourse also added 0.2% to 1,191 points and the Qatari Exchange hiked 1.2% to 10,394 points.
The Muscat Securities Market (MSM) shed 0.3% to 5,715 points.
Translated by: Sara Ghali
