By: Mahmoud Gamal
Mubasher: The Gulf stock markets are expected to continue their speculative rise on Wednesday, in line with the recovery of oil prices and positive news related to the oil-output cut, analysts told Mubasher.
The increase of oil prices will push the markets to see a sideways-to-bullish performance in Wednesday’s session, capital market analyst Ibrahim Al Failakawi said.
Most exchanges were positively affected by the continuous rise of Saudi’s stock market on Tuesday, in line with investors' purchases of selective stocks and halt of profit-taking, Al Failakawi added.
The GCC markets’ performance throughout the rest of this week will be linked to major oil-producing countries’ stance towards the supply cut agreement, which is expected to bring more liquidity for the bourses once completed, Al Failakawi noted.
Low-priced GCC stocks will continue to attract foreign investors on Wednesday and Thursday, capital market analyst Abdullah Al Ali told Mubasher.
Stability of most Gulf bourses above their support levels will enable them to rise amid the existence of new positive catalysts like the possibility of extending OPEC-backed oil supply cuts, technical analyst Mohamed Al Azmi told Mubasher.
Translated by: Julian Nabil
