By: Mahmoud Gamal
Mubasher: Long-term investors have returned to GCC stock markets and have resumed purchasing leading stocks, analysts told Mubasher, noting that they expect bourses to continue their jittery-to-rising performance on Sunday.
Most GCC bourses were up at the closing of Thursday’s trading session, led by the UAE’s Abu Dhabi Securities Exchange (ADX), and including the Dubai Financial Market (DFM).
Last week, GCC markets continued their fluctuating performance amid the absence of new incentives for investors, particularly with the beginning of Ramadan, which is usually characterised by lower trading activity, market analyst Ines Mguidich told Mubasher.
She added that the meeting held by the Organization of Petroleum Exporting Countries (OPEC) late last month and which involved an extension of the oil output reduction deal did not help oil markets, which the analysts views as a major driver across the GCC, and did not result in significant gains for GCC bourses.
The DFM was among the top gainers last week, backed by several positive news regarding the UAE economy, Mguidich added.
Meanwhile, analyst Amir Al Mansour noted that a large number of blue chips have reached attractive price levels, resulting in a “better and positive mood” for investors, prompting them to seize available opportunities.
Foreign investors were mostly buyers across the GCC last Thursday, Al Mansour said, indicating the increase in turnover in the Emirati and Kuwaiti bourses.
Translated by: Nada Adel Sobhi
