Mubasher: GCC stock markets are forecasted to log more losses on Monday after some major companies posted Q3 financial results below all expectations, according to an analyst.
Market analyst Hassan Al-Zawi said the downturn of GCC equity markets is likely to continue during Monday's trading session due to some blue-chip stocks' negative Q3 financials.
The Saudi bourse saw yesterday a 1.1% slide after the National Commercial Bank's profits declined to SAR 1.96 billion against an estimate of SAR 2.31 billion profits in the third quarter, Al- Zawi noted.
Further, the Dubai Financial Markets and Abu Dhabi Securities Exchange fell 1% and 0.7%, respectively, affected by Drake and Scull International (-3.7%) and Etisalat (-0.76%), he added.
Traders are to avoid freely involving in trading activities until new data help them take clear investment decisions, Al-Zawi concluded.
