By: Mahmoud Gamal
Mubasher: The Gulf stock markets are expected to maintain their sideways-to-bullish performance on Thursday, amid a rise in oil prices and portfolio investors’ tendency to improve monthly closures, analysts told Mubasher.
Most GCC markets saw lower trading activity on Wednesday, reflecting that some investors shied away from purchases. However, the Saudi Stock Exchange (Tadawul) saw a positive performance on the back of blue chips.
The Gulf stock markets are expected to be supported by the rise of global stocks, financial analyst Mohamed Al Ahbabi told Mubasher.
The markets’ steady performance will be confirmed when oil prices stabilise above $50-52 per barrel (pb), Al Ahbabi added.
The rise of global stocks will push medium-term investors to increase their positions in low-priced stocks, especially in the UAE and Qatar bourses, technical analyst Hareb Omar explained.
Translated by: Julian Nabil
