By: Mahmoud Gamal
Mubasher: Foreign investors are increasingly selling leading stocks in Gulf stock markets in line with the anticipation for the first quarter’s financial statements and the current geopolitical tension, analysts told Mubasher.
The majority of the GCC stock markets are likely to continue their downward-to-sideways performance on Monday, according to capital market analysts.
Tadawul’s main index is being traded below the main resistance level of 7,200 points, which may lead to testing new levels at 7,350 and 7,500 points; however, the levels from 6,700 to 6,600 points will remain the market's key support, capital market analyst AlSayed Hassan said.
Traders in GCC bourses, namely foreign investors, tend to liquidate their blue chips-based purchasing positions that were created in the recent sessions, capital market analyst Badr Fawaz said.
The markets which did not yet see disclosures of Q1 financials are expected to see further accumulation on Monday and for the rest of the week, capital market analyst Muhmmad Al-Anzi said.
