By: Mahmoud Gamal
Mubasher: The Gulf bourses are expected to maintain their sideways-to-bullish performance, in line with the rise of global stocks, analysts told Mubasher.
Long-term investors have tended to purchase blue-chips in some stock markets like the Saudi's which closed Tuesday’s session higher for the fourth successive session on the back of the Kingdom’s plan to complete payments owed to the private sector.
Some small caps witnessed selling pressures as traders invested in heavy weight stocks, leading to the decline of some bourses, capital market analyst Mohamed Al-Azmi told Mubasher.
As a result, blue chips like Saudi-listed Samba’s increased 21.9% over the past 30 days. In addition, UAE’s Aldar Properties, Emaar Properties and Arabtec Holding grew 1.5%, 2.3% and 3.1% respectively on Tuesday, the analyst added.
Most local portfolio investors are currently purchasing Gulf stocks which reached attractive prices, amid anxiety over the results of US elections and the rest of third-quarter financials, capital market analyst Amir Mansour said in a statement to Mubasher.
Translated by: Julian Nabil
