By: Mahmoud Gamal
Mubasher: Most of Gulf stock markets will continue their positive performance on Sunday and Monday, backed by the stability of oil prices above $44 per barrel and in line with the recovery of global bourses, analysts told Mubasher.
The global Brent crude oil benchmark levelled down 0.05%, yet it closed at the “safe level” of $44.27.
Liquidity is expected to return to the Gulf markets amid the recovery of global indexes and oil prices, Muhannad Oraikat, analyst at Masaken Capital said.
Such factors will encourage gulf investors to build new positions in stocks, Oraikat explained, traders should study the support and resistance levels of each stock to generate profits.
The main index of Saudi Stock Exchange (Tadawul) sees important resistance at 6,650-6,850 points, while the benchmark of Qatar Stock Exchange (QSE) targets 10,800 points, according to market analyst Mohamed Sonbol.
Dubai’s DFMGI index is fluctuating at 3,200-3,600 points, Sonbol said, adding that Abu Dhabi bourse’ main index is moving sideways between 4,250 and 4,700 points.
Translated by: Julian Nabil
