Mubasher: The Gulf stock markets expected to move higher as the oil prices moved higher near the level of $55 per barrel, said Amar EL – Mohandy.
“Gulf markets ended last week almost in red zone after the US Federal Reserve decision of raising interest rate which pushed investors to reduce their positions at leading stocks,” added EL – Mohandy in a statement to Mubasher.
Gulf markets forecasted to hike this week on good news about oil and as long as the oil keep its position above $55 pb and moves near $56 pb, he noted.
Oil prices increased last week on signs that oil producers will stick to their agreement to cut production in 2017.
On other hand, Abdullah Al-Otaibi, market analyst said he believes the markets’ turnovers will increase as the year end in sight in addition the companies prepare to release both their quarterly and full year financial results.
