Mubasher TV
Contact Us Advertising   العربية

GCC markets regain charm on foreign purchases – Analysts

GCC markets regain charm on foreign purchases – Analysts
(Photo credit: Arabianeye - Reuters)

By: Mahmoud Gamal

Mubasher: Gulf markets starter to regain its charm with the tendency of foreign investors on purchasing the leading stocks, which pushed most of them towards the top at the end of yesterday’s session, according to analysts.

Analysts expected that most of the GCC markets will continue in a horizontal upward performance on Thursday.

The latest statements of the UAE and Nigerian ministers of energy support the oil’s presence above good technical levels, which will be from the main reasons to increase the investors’ appetite to risk again, technical analyst, Doaa Farouq, told Mubasher.

Although Saudi Stock Exchange (Tadawul) went down on Wednesday, Middle East Paper Co. (MEPCO) and Abdullah Abdul Mohsen Al Khodari Sons went up 6% and 5.8%, respectively.

In Dubai Financial Market (DFM), the leading companies attracted most of the traders, First Gulf Bank (FGB) came on top and rose 5.4% after its merger agreement with the National Bank of Abu Dhabi (NBAD).

DFM closed up 4.9%, Arabtec Holding and Emaar properties increased 3% and 2.4%, respectively.

In Qatar Bourse, Qatar Electricity and Water Company’s (QEWC) and National Leasing Holding Company grew 1.6% and 1.57%, respectively.

Investors tended to sell the stock of the OPEC producers to gain profits, which means that they fully comprehended the last OPEC’s agreement to cut the production, technical analyst, Ramy Kasab, told Mubasher.

Kasab advised traders to be patient and slowdown in making decisions until the fluctuation period is over.

Tadawul ended Wednesday down 0.4% to 7,124 points, while Qatar Stock Exchange (QE) added 0.1% to 9,989 points.

Dubai Financial Market (DFM) and Abu Dhabi Exchange (ADX) increased 1.3% and 1.8% to 3,496 points and 4,434 points, respectively.

The Kuwait Stock Exchange (KSE) and the Muscat Securities Market (MSM) levelled up 0.4%, 0.02% to 5,589 points and 5,656 points, respectively.

The Bahrain Bourse shed 0.02% to 1,181 points, respectively.

Translated by: Sara Ghali