By: Mahmoud Gamal
Mubasher: The Gulf stocks markets are expected to maintain their sideways-to-bearish trend, in line with weak liquidity resulted from anxiety over upcoming events and anticipations of oil prices and global stocks’ performance, analysts told Mubasher.
The GCC market will see a cautious trading as investors awaits the 2016 US election results, in addition to the rest of third-quarter financials, GCC markets analyst Mohamed Mahdi told Mubasher.
Failure of Opec and non-Opec cooperate to reach a deal on oil production in their meeting in Vienna will negatively affect the Gulf stocks, the analyst noted.
The Gulf exchanges are likely to test important support levels on Sunday and Monday, Mahdi said, adding that the general indexes of Saudi, Qatari and Dubai’s bourses see support at 5,830, 9,715 and 3,130 points respectively.
On another note, analyst Hamoud Al-Shammari expected the GCC exchanges to witness a build-up of new positions in operational stocks which reached attractive price levels.
Translated by: Julian Nabil
