Mubasher TV
Contact Us Advertising   العربية

GCC markets suffer weak liquidity, await new catalysts – Analysts

GCC markets suffer weak liquidity, await new catalysts – Analysts
GCC markets are expected to cling to their current levels (Photo Credit: Arabianeye-Reuters)

 

By: Mahmoud Gamal

Mubasher: Gulf stock markets are expected to hold to their current levels on Tuesday, despite the oil price decline and continued low liquidity amid lacking market-boosting catalysts, analysts told Mubasher.

Brent crude fell 2.8% to $43.44 per barrel on Monday, while US crude dropped 3.8% to $43.63 per barrel.

Speaking to Mubasher, Masaken Capital analyst Mohannad Oriqat commented that GCC markets were currently lacking in strong catalysts which would allow them to see positive performance, all while being pressured by continued negative external impacts.

The analyst said he expects GCC markets to cling to their current levels until new liquidity enters the markets.

Meanwhile, market analyst Hammoud El Shamry noted that GCC markets were seeing selective buying on certain stocks after portfolios had increased positions on these stocks.

In the UAE, Air Arabia, Abu Dhabi Commercial Bank (ADCB) and Etisalat grew 3.2%, 1.3% and 0.8%, respectively, while Drake & Scull International (DSI) jumped 8.6% at Monday’s closing.

Meanwhile, in the Qatar Exchange (QSE), Al Rayan Bank and Ooredoo gained 1.8% and 4.4%, respectively, while in the Egyptian Stock Exchange (EGX), Orascom Construction (OC) added 0.5%.

The Saudi Stock Exchange (Tadawul) ended Monday at a 0.3% rise to 6,694 points, while the Dubai Financial Market (DFM) retreated 0.3% to 3,316 points. The Abu Dhabi Securities Exchange (ADX) gained 0.6% to close at 4,476 points.

The QSE and EGX ended yesterday’s session in the green, adding 1.3% and 1% to 9,855 points and 7,646 points, respectively.

The Kuwait Stock Exchange (KSE) and Bahrain Bourse (BHB) slipped 0.1% and 0.5% to 5,364 points and 1,106 points, respectively, whereas the Muscat Securities Market (MSM) added 0.4% and closed at 6,020 points.

 

Translated by: Nada Adel Sobhi