By: Mahmoud Gamal

Mubasher: GCC stock markets are expected to perform negatively on Sunday following the announcement of several ratings actions by Moody’s, which gave negative outlooks for most of gulf countries amid falling oil and global bourses, analysts told Mubasher.

The international ratings agency gave a negative outlook for Kuwait, Qatar, Abu Dhabi and Bahrain, but maintained its long-term issuer ratings for these countries.

Brent crude shed $0.25 and closed at $47.83 per barrel, while US crude was down $0.49 to $46.21 per barrel.

US and European indices ended last week on a low note, after oil prices resumed their losses.

On the other hand, on Thursday, the final day of the week for GCC stock markets, the bourses ended on a high note after oil prices jumped 5%, alongside companies reporting growth in their first quarter financials.

Gulf stock markets are expected to see declines during Sunday’s trades after the ratings actions by Moody’s Investors Service and resumed oil price declines, market analyst at Markets Traders Mohamed Sultan told Mubasher.

While, financial analyst at Chamber Consultants Mahmoud Ziad noted that GCC markets are likely to perform negatively in the first three sessions of the week as investors await Brent crude prices to pass the $50 per barrel barrier.

The Saudi Stock Exchange (Tadawul) ended Thursday at a rise of 0.6% to 6,695 points, while the UAE’s Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) gained 0.5% and 0.4% to 3,345 points and 4,387 points, respectively.

Qatar’s and Kuwait’s bourses increased 0.5% and 0.4% to 9,941 points and 5,396 points respectively, while the Egyptian Stock Exchange (EGX) added 0.2% to 7,521 points.

Finally, the Muscat Securities Market (MSM) and Bahrain Bourse (BHB) were up 0.4% and 0.6% to close at 5,696 points and 1,111 points, respectively.

Translated by: Nada Adel Sobhi