By: Mahmoud Gamal
Mubasher: It is expected that gulf markets will lose more momentum on Tuesday, with the tendency of investors to exchange positions with shares and the mixed performance of most of the global markets after the Italians voted with "No" in the constitutional referendum, according to analysts.
It is probable that most of GCC markets would see a downward performance in today's session, with the state of concern that Italy would be the second country to exit from the European Union, after the failure of the last constitutional referendum, technical analyst, Mahmoud Abu Zayed, said.
He noted that some of the GCC stocks currently see profit gaining, after the strong gains achieved in the previous sessions, after getting support from oil rises.
Moreover, technical analyst, Nawaf Al Ajamy, told Mubasher that quick speculations became the controlling pattern to make use of the unstable conditions.
Tadawul and Qatar Stock Exchange (QE) ended Monday shedding 0.3% and 0.8% to 7,106 points and 9,932 points, respectively.
Dubai Financial Market (DFM) also decreased 0.3% to 3,408 points, while Abu Dhabi Exchange (ADX) increased 0.9% to 4,301 points.
The Kuwait Stock Exchange (KSE) and the Bahrain Bourse went down 0.2% and 0.3% to 5,546 points and 1,173 points, respectively, while the Muscat Securities Market (MSM) added 0.1% to reach 5,617.
Translated by: Sara Ghali
