By Mahmoud Gamal

Mubasher: GCC stock markets are forecast to bounce back on Thursday after OPEC-members agreed yesterday to lower their collective oil production later this year, which sent oil prices higher, according to analysts.   

By this initial agreement, the members would finalize in the next formal meeting on 30 November in Vienna all details regarding their oil cut compromise from 33 million to 700,000 barrels per day.

Following Wednesday's decision, Brent crude futures added $2.72, or 5.9%, to $48.69 a barrel, while WTI futures rose 5.3% to $47.05 a barrel.

GCC and Egypt equity markets are likely to witness a positive trading session, said market analyst Mahmoud Abo-Zaid, expecting buying powers to control the scene today.

In addition, liquidity levels are seen rising by the end of the third quarter and the disclosure of the first nine-month financials, Abo-Zaid added, noting that portfolios are getting ready to focus on operational stocks ahead of the long-waited dividend payout season.

This temporary rise may extend to some sessions next week on the recovery of oil prices after the initial agreement, market analyst Nouaf Al-Ajami highlighted.

"GCC indices are technically still subject to a wave of profit-taking in line with the negative performance of the Saudi market that faces the ghost of liquidation after a series of austerity measures, which are applied to banking loans as well", Al-Ajami explained