By: Mahmoud Gamal
Mubasher: Gulf stock markets are witnessing increasing foreign purchases, especially of blue chips, in line with the rise of global markets and oil prices, analysts told Mubasher.
Analysts went on to say that most GCC markets are expected to continue their sideways-to-bullish trend on Monday.
Most traders led by foreigners are tending to build new positions in blue chips, especially as the end of financial announcements approaches, Adnan Al-Dulaimi, general manager of Mena Financial and Economic Consultation, told Mubasher.
Local traders in most emerging markets tended to purchase, however, small- and mid-cap stocks on Sunday to exchange their positions later on and make use of stocks with attractive price levels, according to Ghada Al-Shaya, an analyst at Faya Traders.
Traders are expected to accumulate in Monday’s session most gulf stocks of companies which did not announce their first-half financials yet, capital market analyst Mohammed Al-Anzi told Mubasher.
Capital market Mohammed Al-Angari advised investors to be cautions until the upward trend of oil prices is confirmed.
Translated by: Julian Nabil
