By: Mahmoud Gamal
Mubasher: The GCC stock markets need more liquidity to break above important resistance levels, analysts told Mubasher.
The GCC stock markets rose on Thursday, backed by an increase in oil prices and global markets.
Market analyst, Ahmed Aql, said that the GCC indices are currently facing important resistance levels, which need more liquidity to break above them.
“Most GCC bourses saw positive performance and selective purchase last week as oil prices stood between $55 and $56 per barrel,” Aql said.
Technical analyst, Hamid Al Ankari, expected the Saudi Stock Exchange (Tadawul) to reach the level of 7,220 points this week.
Al Ankari also forecasted the Dubai Financial Market to reach 4,200 points, the Abu Dhabi Securities Exchange (4,640 points) and the Kuwait Stock Exchange (6,100 points).
Translated by: Elwy el-Manzalawy
