Mubasher: The oil rebound over $34 per barrel levels after Doha deal will likely push GCC stock markets return to the green zone on Thursday trading, especially as global markets performance strengthens, said Muhannad Erikat, analyst in Masaken Capital.
GCC markets performance was mixed on Wednesday, as Saudi Arabia and Egypt rose, while Qatar and Dubai declined.
Brent crude oil prices jumped on Wednesday by 7.2% or $2.32 to $34.50 a barrel.
US crude Nymex rose 5.6% or $1.62 to $30.54 a barrel.
Meanwhile, Standard & Poor's lowered its ratings to Saudi Arabia, Bahrain, and Oman.
The downgrade of the three Gulf countries’ credit ratings is expected to affect markets today, but oil rise can offset this, according to Ibrahim Al Failakawi, economic adviser and technical analyst.
Gulf and Egypt markets indexes closed by the end of Wednesday's session as following:
Saudi Arabia’s index rose by 1.1% to 5802 points.
Egypt’s index increased by 0.9% to 5948 points.
Dubai’s index dipped 0.3% to 3057 points.
Abu Dhabi’s index edged up by 0.2% to 4149 points.
Qatar’s index fell 0.6% to 9815 points.
Kuwait’s index rose by 0.2% to 5146 points.
Oman’s index declined by 0.4% to 5361 points.
Bahrain’s index inched down 0.1% to 1168 points.
