By Mahmoud Gamal
Mubasher: GCC trading activities are forecast to deliver a fluctuating performance Monday as investors are looking for the updates of oil prices amid negative expectations, analysts told Mubasher.
On Friday, Brent crude futures fell 2.4% to $44.75 and Crude Oil (Nymex) went up 2.8% to $43.41 per barrel.
Market analyst Mohand Dyak said GCC traders are likely to urge a great caution in Monday's trading session due to the sharp decline in oil prices and expectations that one of the biggest world oil companies are to be on the edge of bankruptcy if oil quotes remain below $60 a barrel.
On the other hand, the newly elected US president Donald Trump's speech today are likely to leave an impact on world and regional markets, Dyak added, advising investors, therefore, to adopt a careful trading behavior as well as quick speculations to take the advantage of this mood.
Likewise, market analyst Mohamed Al-Azmi said regional markets are still under huge pressure due to oil's jittery performance, expecting more actions on this issue, namely after the statement of the Saudi energy minister Khalid Al-Falih.
"In this situation marked by a disruption in oil markets, it is imperative to reach a consensus among OPEC’s countries and to agree on an effective mechanism and accurate figures to activate the historic agreement of Algiers," Al-Falih said on Sunday.
Al-Azmi pointed out to the disclosure of Q3 financial as the only internal incentive for which traders are waiting and, thus, late announcements will likely leave a negative impact on markets' turnover and its indices.
