By Mohammed Farouk

Kuwait-Mubasher: GCC stock markets are witnessing temporary speculative movement due to the summer vacation approaching, a time when the bourses show bearish performance, an expert told Mubasher.

To benefit from this period, the markets should break their support levels, said capital market expert Ibrahim Al-Failakawi.

GCC markets closed out last week on a positive note, except for the UAE exchanges, which ended slightly lower, said Al-Failakawi.

He added that the bourses got a boost from geopolitical events in the region, especially the Saudi-led campaign against Houthi rebels in Yemen, and rising oil prices which greatly enhanced investors' sentiment.

Most markets maintained their bullish performance despite profit-taking because of the continued rise, the expert said, adding that the UAE and Saudi Arabia are still trading above their weekly support levels.

Translated by Abdul Maguid Aboshahla