By: Mohamed Farouk
Kuwait – Mubasher: Global markets rebounded at the end of last week after the Chinese government supported its markets by temporary selling halt, a step that boosted optimism, according to Arab and global market technical analyst Ibrahim Al-Filkawy.
The extension given to Greece and knowing the results of the Eurozone meeting regarding the Greek crisis will temporarily have a positive impact on markets, he told Mubasher, adding that the Greek issue will remain open for a while.
Market movements are bound by what the media announces, the analyst noted, adding that Brent crude and gold have risen given the recent developments.
Gulf markets also rebounded on Thursday coinciding with the state of general optimism, which was used by some speculators on stocks affecting the general indices of several markets, pushing them to the green, Al-Filkawy revealed, noting that the only exception was the Kuwaiti market, where speculators bought ineffective stocks.
“This week is set to see strong speculations compared to previous week,” he told Mubasher, adding that this may be used by seasoned speculators. He recommended that investors stay away from the market in the event of a negative decline and closing below important support levels.
The Saudi Stock Exchange (Tadawul) is set to see sideways negativity if it retreats to the support level of 9,000 points, or positivity if it rises above 9,350 points.
Meanwhile, the Kuwait Stock Exchange (KSE) may see negative sideways performance if it targets the level of 6,100 points and positivity if it exceeds 6,180 points.
The Abu Dhabi Securities Exchange (ADX) will see downward sideways performance if it targets 4,600 points, and positive if it heads for the level of 4,750 points.
On the Dubai Financial Market (DFM), negativity will be seen if the markets retreats to 3,900 points, whereas the positivity will be see if the markets rises above 4,080 points once more.
The Qatar Stock Exchange (QSE) is set to see negative performance if its index falls to 11,600 points and positive performance at 12,000 points.
Meanwhile, the Bahrain Bourse (BHB) continues to see negativity as its general index moves sideways between the resistance level of 1,340 points and the support level of 1,320 points with tendency to decline.
Finally, Oman’s Muscat Securities Market (MSM) is set to see positive sideways movement if it nears or passes the level of 6,450 points; however, breaking the level of 6,400 points will result in further negativity.
Translated by: Nada Adel Sobhi
