By: Mahmoud Gamal
Mubasher: GCC stock markets are forecasted to witness further profit-taking during the mid-week trading session amid a significant lack of buying appetite ahead of the US Federal Reserve two-day meeting which will commence today, analysts told Mubasher.
Investors in the Middle East are still concerned over any rise in US interest rates, which are likely to strengthen the US dollar against a basket of currencies and possibly leave a negative impact on regional markets, said market analyst Mytham Al-Shakhs.
Market analyst Mahmoud Abo-Zaid further pointed out that most traders are awaiting the announcement of third quarter financials that may increase interest in operational stocks in the Saudi, Qatari and UAE markets.
Minor investors are advised to limitedly carry out buying deals until the general trend of GCC markets is determined following the Fed's decision on US key rates and a possible rebound in oil prices, technical analyst Hamoud Al-Shammri concluded.
