By: Mahmoud Gamal
Mubasher: Most GCC stock markets will see a sideways-to-bearish trend on Tuesday, in line with anticipation regarding the performance of European stocks, analysts told Mubasher.
Traders in the GCC bourses are focusing on mid-cap stocks and some small-cap ones, amid profit-taking on blue chips which are pressuring bourses down, capital market analyst Nawaf Al Ajmi said.
Investors’ positive sentiment was negatively affected by the decline of the Saudi Stock Exchange (Tadawul) in the past period, pushing them to trade on small caps and liquidate blue chips.
The stocks of companies which will announce their quarterly financials are rising amid strong purchases and a positive outlook for their results, Al Ajmi added.
Banks’ Q1-17 financials, especially in the Saudi bourse, had a significant impact on stocks’ trend this week, technical analyst Hamed Al Anqari said in a statement to Mubasher.
Most local portfolio investors are buying stocks which reached attractive price levels, Al Anqari noted..
Translated by: Julian Nabil
