By: Mahmoud Gamal
Mubasher: GCC markets will continue their slight increases on Wednesday, while portfolios tend to increase positions before the profits and dividends' season, amid higher oil and enhanced global indices, according to analysts.
After the reach of some small shares to the targeted speculations on Tuesday, it is expected that while the oil is holding above $55, portfolios of medium and leading stocks would tend to benefit from their good levels of purchase, technical analyst, Adnan Al Delemy, told Mubasher.
Moreover, Badr Fawaz, an investment manager of a fund, said that the enhancement in oil price and reaching its highest levels in 18 months supported that Saudi Stock Exchange (Tadawul) yesterday and pushed it towards the top at the last hours of trades.
Foreign investors tend to form new purchase positions in the GCC stocks, approaching the annual results' announcements, Mohamed Al Enzy, technical analyst, added to Mubasher.
Tadawul closed Tuesday adding 0.1% to 7,251 points.
Dubai Financial Market (DFM) increased 1.8 % to 3,602 points, while Abu Dhabi Exchange (ADX) rose 1.2% at 4,590 points.
The Kuwait Stock Exchange (KSE) stood at 5,775 points, the Bahrain Bourse shed 0.7% to 1,211 points and the Qatari Exchange levelled up 1.6% to 10,600 points.
The Muscat Securities Market (MSM) went up 0.6% to 5,733 points.
Translated by: Sara Ghali
