By: Mahmoud Gamal

Mubasher: Gulf stock markets are expected to cling to current levels on Tuesday despite falling oil prices and low liquidity levels amid market-moving events, analysts told Mubasher.

Most GCC markets ended Monday in the red, with the exception of the Muscat Securities Market (MSM) and the Bahrain Bourse.

Crude Brent fell 3.3% on Monday to $45.83 per barrel, while US crude retreated 2.5% to $44.78 per barrel.

GCC indices are currently suffering a lack of strong market-boosting catalysts added to the continued negative effects of external factors, capital market analyst at Masaken Capital Mohannad Oriqat told Mubasher.

Regional market fluctuations in the past few sessions coincide with oil market instability, the analyst highlighted, adding that he expects GCC markets to hold to current levels until new liquidity enters the markets and pushes them towards a rise.

Meanwhile, analyst Mohamed El-Shamry, noted that despite a state of anticipation ahead global market data, regional markets hold good chances of gains, particularly in small-and-medium-sized stocks.

The analyst told Mubasher that GCC markets are seeing selling on selected stocks after portfolios purchases large amounts of these stocks.

Translated by: Nada Adel Sobhi