By: Mahmoud Gamal
Mubasher: The GCC stock markets are forecast to continue their downward volatile performance this week, following the statements made by the Saudi energy minister Khalid Al-Falih.
Al-Falih had eased expectations that the world's major oil producers would look to freeze production next month, according to Reuters.
Al-Falih’s statements confirm the downward performance for the gulf stock markets, capital market analyst Fahd Hussien said.
The GCC markets are likely to face large caution from investors who are anticipating the global markets’ performance after the latest statements made by the US Federal Reserve Chairwoman Janet Yellen, capital market analyst Muhannad Orykat said.
The KSA stock market is currently facing resistance at 5,900 points, while both ADX and DFM are targeting the levels 4,460 and 3,420 points respectively, technical analyst Ibrahim Al-Filkawy noted.
He added that both the Kuwaiti and Qatari stock markets target 5,350 and 10,850 points respectively.
Translated by: Ingy ElSafy
