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Most Gulf markets give preliminary exit - Analyst

Most Gulf markets give preliminary exit - Analyst
​ Photo Credit: Arabianeye-Reuters


By Mohamed Farouk


Kuwait-Mubasher: Arab and global market Technical Analyst Ibrahim Al Filkawy told Mubasher that all Gulf markets, with the exception of Bahrain's, witnessed a fluctuating performance during the last week. 


He added Bahrain Bourse ignored the change in oil prices to maintain its upward trend, backed by the transfer of stocks ownership.


The oil prices still affect all markets, the analyst said, adding that maintaining liquidity at the same levels will not boost most markets.


Al Filkawy said that most Gulf markets broke all the previously mentioned support levels. He expected the markets to exhibit a sideways-to-bearish trend till the end of February.


In case the benchmark index crossed the support levels, he gave investors three advices; the first of which is to sell and wait then enter once again to make up for losses after markets become more stable.


The second one is to keep shares in the market and wait, then take the right decision based on the status quo and prospects.


Al Filkawy also advised investors to sell half the amount at the best rebound then buy after stocks drop and stabilize at the best support levels.


Kuwait Stock Exchange (KSE) gave a sign of preliminary exit and its benchmark index may move sideways between the 6590-support level and the 6670-resistance level, Al Filkawy said, adding that in case of breaking the support level, investors are encouraged to follow one of the above recommendations.


 Al Filkawy went on saying that the Saudi Stock Exchange (TDWL) gave a sign of preliminary exit and its benchmark index may move sideways between the 9000 –support level and the 9400 –resistance level. In case of breaking the support level, investors are encouraged to follow one of the above recommendations.
 


Qatar Exchange (QE) gave a sign of preliminary exit and its benchmark index may move sideways between the 12400 –support level and the 12650 –resistance level. In case of breaking the support level, investors are encouraged to follow one of the above recommendations.


Muscat Securities Market (MSM) gave a sign of preliminary exit, the analyst noted, adding that its benchmark index may move sideways between the 6650 –support level and the 6550 –resistance level. In case of breaking the support level, investors are recommended to follow one of the above recommendations.


Dubai Financial Market (DFM) gave a sign of preliminary exit and its benchmark index may move sideways between the 3800 –support level and the 3900 –resistance level. In case of breaking the support level, investors are recommended to follow one of the above recommendations.

 

As for Abu Dhabi Securities Exchange (ADX), it is fine to stay and speculate above the 4650-support level. Breaking this level gives a sign of preliminary exit then its benchmark index may move sideways between the 4550 –support level and the 4650 –resistance level. 

 

Concerning Bahrain Bourse (BB), it is fine to stay and speculate above the 1450 -support level. The benchmark index targets 1470 and 1480 points respectively. Al Filkawy concluded his analysis, advising investors to stop trading in case the index closed below the mentioned support level.


Translated by Julian Nabil