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Gulf investors await oil, global trades - Analysts

Gulf investors await oil, global trades - Analysts
(Photo Credit: Arabianeye-Reuters)

 

By: Mahmoud Gamal

Mubasher: Gulf bourses are expected to see further fluctuation on Monday as investors remain on the lookout for movements in oil prices and global markets and amid fears of an increase in US interest rates, analysts told Mubasher.

Jitteriness is still a dominating aspect in GCC stock market performance amid the state of anticipation ahead of the Federal Reserve Bank’s decision on interest rates this week and the approach of the Brexit referendum, said Gulf market analyst Hamed Al-Ankary in a comment to Mubasher.

US stocks were down for the second session in a row on Friday, while European bourses retreated to four-week lows.

GCC markets retreated on Sunday as investors focused on profit-taking following the recent decline in oil prices.

The Saudi Stock Exchange (Tadawul) and Qatar Stock Exchange (QE) ended Sunday down by 0.6% and 0.4% to 6,571 points and 9,794 points, respectively, while the UAE’s Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) retreated 1% and 0.3% to 3,336 and 4,368 points, respectively.

The Kuwait Stock Exchange (KSE) lost 0.2% to 5,422 points, while the Muscat Securities Market (MSM) and the Bahrain Bourse shed 0.3% each to reach 5,868 and 1,116 points respectively.

The Egyptian Exchange (EGX) dropped 1.4% to 7,651 points.

Liquidity levels in Gulf markets are on the decline, indicating that speculators are relatively calm amid this state of unclarity and focusing their efforts on smaller-sized stocks, market analyst at the UK’s Chartered Institute for Securities and Investments (CISI) in the UAE Waddah Al Taha told Mubasher

Meanwhile, analyst Faisal Al-Bohshary advised traders to carry out quick speculations to use the rebound to reduce the losses incurred by their portfolios in the previous session.

Translated by: Nada Adel Sobhi