By: Mahmoud Gamal
Mubasher: The GCC stock markets are likely to see speculative performance by creating new positions on Sunday, in line with Russia’s confirmation of supporting the talks over freezing oil production at Algeria OPEC meeting this month, analysts told Mubasher.
Following this statement, both Brent and US crude oil went up to $46.83 and $44.44 respectively.
Thus, the gulf markets will be positively affected at the beginning of the week by the recovery of oil prices.
If Russia’s statements are supported by the participation of Iran in the coming period, the performance of stock markets will be technically changed to rise from their current downward volatility, capital market analyst Amir Al-Mansour said.
Some of the GCC markets are still at key resistance levels despite the downward performance in the past two sessions, capital market analyst Muhammad Al-Shimimry said.
He noted that some investors tend to remain outside the gulf markets before Eid Al-Fitr break.
Trading activity will likely be speculative this week without investment focus, analyst Hamoud Al-Azmi said.
Translated by: Ingy ElSafy
