By: Mahmoud Gamal

Mubasher: Gulf markets are expected to cling to their current levels on Monday, backed by positive oil-related statements and as portfolios increase their stock positions, analysts told Mubasher.

On Saturday, Iran's oil minister Bijan Namdar Zangane said that last week's Doha meeting to freeze oil production, despite its failure, was a positive step. He added that Iran would support any plan to stabilise the oil market.

Brent crude ended last week at a 4.5% rise to $45.11 per barrel, while US crude surged 8.4% to $43.73 per barrel.

GCC stock markets saw varied performance on Sunday, whereas the Saudi Stock Exchange (Tadawul) rose significantly on the back of petrochemical stocks, as well as the approach of the announcement pertaining to Saudi’s economic transformation.

Deputy Crown Prince Mohammed bin Salman is set to announce Saudi Arabia’s “Vision 2030” on Monday, which is expected to set the nation’s goals for the next 15 years and set a timetable to achieve them.

Commenting on Gulf markets, market analyst Mohamed Al Ahbaby told Mubasher that the positive statements regarding oil are likely to boost portfolio managers’ confidence, prompting them to purchase more stocks in the remaining sessions of the week.

Regarding Tadawul, the analyst highlighted that a group of aspects will back the Saudi market’s positive performance in the coming period, particularly the Saudi vision for the post-oil era.

Meanwhile, Masaken Capital analyst Mohannad Oraykat told Mubasher that leading companies’ positive results particularly the banking sector’s, which are closely watched by many investors will create a strong push for the benchmark indices of various GCC stock markets.

Most Gulf stocks witnessed positive performance last week and succeeded in ending in the green, amid growing liquidity, the analyst noted, adding that this has allowed many indices to trade above important resistance levels.

On Sunday, Tadawul’s general index surged 1.7% to 6,669 points, while the Dubai Financial Market (DFM) slipped 0.01% to 3,583 points. The Abu Dhabi Securities Exchange was down 0.3% to 4,621 points, while Qatar Exchange (QSE) retreated 1.3% to 10,263 points.

The Kuwait Stock Exchange (KSE) grew 0.5% to 5,372 points, while the Muscat Securities Market (MSM) gained 1.3% to 5,892 points. Lastly, Bahrain Bourse shed 0.2% to 1,120 points.

Translated by: Nada Adel Sobhi