By: Mohamed Farouk

Kuwait-Mubasher: Gulf markets closed above the support levels expected last week, amid a downward trend, speculative exits and trimming of positions due to the start of Ramadan, in which markets tend to slow down, an analyst told Mubasher.

Technical analyst Ibrahim Al-Failakawi said that the sluggish trend may continue until the last ten days in Ramdan amid lower liquidity compared to previous weeks.

The markets will likely break the support levels, the analyst added.

Al-Failakawi advised non-professional investors to stop trading until the markets rebound above the undermentioned support levels, while speculators should follow stocks which have high trading volume on a daily basis.

The Kuwait Stock Exchange may move towards 6,200, 6,100 and 6,000 points, respectively. Breaking the 6,300-resistance level, the index will likely target the 6,350 and 6,400 points, respectively.

The Saudi Stock Exchange may be aimed at the levels of 9,400 and 9,250 points, respectively. Breaking the 9,550-resistance level, the index will likely target the 9,600 and 9,650 points, respectively.

The Qatar Stock Exchange may move towards 11,800, 11,660 and 11,550 points, respectively. Breaking the 11,900-resistance level, the index will likely target the 12,000 and 12,100 points, respectively.

The Dubai Financial Market may shoot for 4,000, 3,888 and 3,850 points, respectively. Breaking the 4,070-resistance level, the index will likely target the 4,115 and 4,200 points respectively.

The Abu Dhabi Securities Exchange may see the area ranging between 4,500, 4,430 and 4,400 points, respectively. Breaking the 4,600-resistance level, the index will likely target the 4,650 and 4,670 points respectively.

The Muscat Securities Market may move towards 6,400 and 6,300 points, respectively. Breaking the 6,480-resistance level, the index will likely target the 6,500 and 6,530 points respectively.

The Bahrain Bourse may face the levels of 1,360 and 1,350 points, respectively. Breaking the 1,370-resistance level, the index will likely target the 1,375 and 1,380 points, respectively.

Translated by: Julian Nabil