By: Mahmoud Gamal
Mubasher: Gulf stock markets are in need for new liquidity on Monday to be able to pass important resistance levels and limit speculation, analysts told Mubasher.
GCC markets witnessed varying performance at the end of Sunday’s trading session.
Gulf markets have neared important resistance levels after their indices saw minimal gains last week, commented capital market analyst at Masaken Capital Mohannad Oriqat.
He told Mubasher that last month’s gains were important as they made up for most losses incurred and have allowed the markets to maintain their upward trend begun earlier this year.
The most important levels for markets at this point are the level of 6,780 points for the Saudi Stock Exchange (Tadawul), and the levels of 3,500 and 4,550 for the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX), respectively.
Meanwhile, Abdullah Al-Gebeily, member at the International Federation of Technical Analysts (IFTA), advised traders to limit speculation and avoid increasing their stock positions.
Tadawul ended Sunday at a decline of 0.8% to 6,754 points, while the DFM and ADX retreated 1.3% and 0.8% to 3,447 and 4,506 points, respectively.
On the other hand, the Qatar Exchange (QSE), Kuwait Stock Exchange (KSE) and Muscat Securities Market (MSM) were up 0.02%, 0.2% and 0.1%, respectively.
The Egyptian Stock Exchange (EGX) and Bahrain Bourse were closed on Sunday on the occasion of International Workers’ Day.
Translated by: Nada Adel Sobhi
