By: Mahmoud Gamal
Mubasher: The recovery of oil and reaching technically goof levels these days will push the GCC markets towards more risings till the end of the week, coinciding the end of the year.
GCC markets' performance varied by the end of Sunday, topped by the Saudi Stock Exchange (Tadawul) which hiked after the estimates of 2017 budget.
The announcements of GCC markets of their new Al Sayed Hussein, told Mubasher.
Hussein anticipated that Tadawul would continue in the horizontal performance between 7,250 – 7,500 points, noting that abandoning the previous levels will make it decline to 6,600 – 6,800 points.
If Dubai Financial Market (DFM) was able to break through 3,620 points, it will further rise to 3,700 – 3,800 points, maintaining 3,420 points, He added.
The analyst noted that Abu Dhabi Exchange (ADX) is still holding on 4,350 points and targeting rising to 4,560 – 4,700 points.
Hussein pinpointed that the stability of the Qatari Exchange above 10,200 points promotes its increase above the important resistance of 10,500 points.
Tadawul closed Sunday rising 1.5% to 7,191 points.
Dubai Financial Market (DFM) increased 0.2% to 3,525 points, while Abu Dhabi Exchange (ADX) went up 0.1% at 4,439 points.
The Kuwait Stock Exchange (KSE) added 0.4% to 5,700 points and the Bahrain Bourse also levelled up 1% to 1,211 points.
The Muscat Securities Market (MSM) shed 0.1% to 5,731 points and the Qatari Exchange went down 0.3% to 10,395 points.
Translated by: Sara Ghali
