By: Mahmoud Gamal
Mubasher: Foreign purchases returned to rising in GCC markets, especially for the leading stocks, which pushed the markets towards the peak by the end of Wednesday's session, according to analysts.
Analysts expected that most of the GCC markets would continue to see an upward horizontal performance on Thursday.
Traders in the GCC markets, led by foreign investors, tend to form new purchasing positions on the leading stocks, technical analyst, Adnan Al Dabas, told Mubasher.
In the Saudi Stock Exchange (Tadawul), advanced Petrochemicals added 02% after posting SAR 210 million profits in the fourth quarter of 2016, with a 44% increase year-on-year.
In Dubai Financial Market (DFM), Emirates NBD rose 2.9%; Dubai Islamic Bank also added 0.4% after it announced selling its 20.8% stake Jordan Dubai Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Company.
In the Qatari Exchange, United development Co. levelled up 4.9%.
Local investors in most of the emerging markets tend to purchase small and medium shares in the GCC markets, to exchange their positions and benefit from their attractive levels, Mohamed Al Enzy, technical analyst, added to Mubasher.
Foreign portfolios tend to stick to the purchase pathbetween GCC stocks and especially the medium and leading ones, the analyst added.
Tadawul closed Wednesday falling 0.7% to 7,198 points.
Dubai Financial Market (DFM) increased 0.4 % to 3,617 points, while Abu Dhabi Exchange (ADX) went down 0.1% at 4,588 points.
The Kuwait Stock Exchange (KSE) added 0.2% to 5,788 points, the Bahrain Bourse shed 0.3% to 1,208 points and the Qatari Exchange levelled up 0.8% to 10,689 points.
The Muscat Securities Market (MSM) went up 0.4% to 5,757 points.
Translated by: Sara Ghali
