By: Mahmoud Gamal
Mubasher: Analysts have mixed opinions about the Gulf bourses’ trends amid a struggle between selling and purchasing power on the back of lower prices, despite the rise of global markets, ahead of the 2016 US elections.
The election, which will be held on Tuesday, is the 58th quadrennial one.
Most GCC markets are technically expected to see a negative performance and any rise will be a result of speculations, capital market analyst Doaa Farouk told Mubasher.
Trader should be cautious till the markets set a clear trend after the results of US elections, the analyst added.
The Saudi market’s main index is expected to continue its rise to 6,190 points after concerns over the government’s financial position and the liquidity in the banking system dissipated, Farouk noted.
Stability of Dubai bourse’s general index above 3,280 will push it to maintain its sideways-to-bullish trend, backed by blue chips.
Qatar’s benchmark index should stabilise above 9,960 points to be able to move higher above 1,000 points, she added.
Some portfolio investors will tend to sell on Tuesday, a precautionary step to make profit-taking, capital analyst Mohamed Al-Azmi said in a statement to Mubasher.
Rise of global markets will push investors to build positions in stocks which reached their target prices and listed on “promising” markets like the UAE, according to Gulf markets analyst Maher Al-Harbi.
Translated by: Julian Nabil
