By: Mahmoud Gamal

Mubasher: New liquidity is forecast to be pumped at the GCC stock markets on both Wednesday and Thursday, as long as oil prices are above $50 per barrel despite Brent’s slight fall of 0.05% to $50.79 on Tuesday, analysts told Mubasher.

Oil prices maintained their levels between $50.50 and $53, expected to keep the sideways upward performance for the coming weeks, technical analyst Mohammad Al-Shimmery said.

The unconfirmed news over the UAE Etisalat’s offer to acquire Zain Kuwait may endorse the telecom shares at both the Kuwaiti and UAE markets in the two coming sessions, Al-Shimmery added.

The GCC stock exchanges are projected to see a profit-taking activity in the coming two sessions which may lead to a new upward performance, capital market analyst Amer Al-Muhannadi said.

Translated by: Ingy ElSafy