By: Mahmoud Gamal

Mubasher: The main indexes of GCC markets will test impotant resistance levels on Monday and throughout the rest of this week, amid anticipations of the trend of oil and global stock markets, analysts told Mubasher.

The indexes will also face these levels, especially after the volatility of global stocks’ performance on President Donald Trump’s recent speech which did not clarify any economic policies, Mohamed Radwan, member of the International Federation of Technical Analysts (IFTA), said.

The Gulf markets will be mainly affected in the coming period by any statements related to US relations with major countries, and the implementation of OPEC’s oil cut deal which will change oil prices.

The Saudi Stock Exchange (Tadawul) will continue its uptrend, Radwan said, adding that traders shall hold their stocks in the short term and increase their positions if the market declines on profit-taking.

The Dubai Financial Market (DFM) has witnessed good rises in the past sessions, especially after its main index broke above 3,550-3,600 points.

The DFMGI targets to reach 4,550-4,600 points, yet it may face resistance at 3,900 and 4,200 respectively so investors should be cautious, Radwan added.

The main index of Boursa Kuwait is expected to stand at 6,150-6,250 points this week due to profit-taking, the analyst noted.

Investors intend to increase their investments in the Kuwaiti bourse as some stocks reached attractive levels, amid expectations that major firms’ annual financials will improve, capital market analyst Nawaf Abdullah said.

Translated by: Julian Nabil