By: Mahmoud Gamal
Mubasher: Gulf stock markets are expected to see more speculations and build-up of new positions on Tuesday, amid the possibility of renewing oil-output freeze talks, analysts told Mubasher.
The analysts went on to say that such potential discussions will back the rise of oil prices, as well as the recovery of GCC equities.
An informal meeting of OPEC member countries was scheduled to take place on the sidelines of the International Energy Forum, which brings together producers and consumers, in Algeria from 26 to 28 September, according to Qatar's energy minister and OPEC president Mohammad bin Saleh al-Sada.
Most gulf exchanges saw gains on Monday due to the recovery of oil prices and global stock markets, despite investors’ caution over the remaining first-half financials to be announced in the coming days, analysts noted.
Higher oil prices and the statement of Qatar’s energy minister on the coming OPEC meeting are expected to fuel investors’ appetite for making use of GCC stock which reached attractive price levels, analyst Ibrahim Al-Failakawi told Mubasher.
Most markets still stand at important resistance levels despite their fall on Sunday and Monday, reflecting that traders are holding their stocks, capital market analyst Mohammed Al Shammari said.
The exchanges saw strong purchases by foreign investors in the last two sessions, Al Shammari said, adding that they focus on blue chips which significantly affect trades.
Translated by: Julian Nabil
