Mubasher TV
Contact Us Advertising   العربية

Blue chips' Q4 results to shape GCC markets' performance this week – Analysts

Blue chips' Q4 results to shape GCC markets' performance this week – Analysts
(Photo credit: Arabianeye - Reuters)

By: Mahmoud Gamal

Mubasher: Analysts expected that GCC markets would see a horizontal performance that tends to the downwards, amid the anticipation of the traders for the leading firms to announce their fourth quarter's results.

GCC markets closed Thursday's trades on a mixed note, especially after the notable decline of the UAE markets and Boursa Kuwait.

Investors await the Q4 results to see whether they will revive their confidence in the shares or not, mid the pressures being faced by the markets geopolitically, technical analyst, Ahmed Aql, told Mubasher.

He added that from the positive factors in the markets is that oil stood above safety kevels at $50.

The analyst expected that the quarter's results would make traders change their financial positions and start building new ones.

Moreover, technical analyst, Ibrahim Al Filkawy, said that some traders tend to press on the prices of some stocks to make them reach the bottom to buy them at good levels.

Al Filkawy added that the UAE markets suffered by the end of Thursday's trades from the negative companies' results.

Air Arabia retreated 8.6% on Thursday after achieving AED 38.6 million losses in Q4-16 versus AED 55.9 million net profits posted in the year-ago period.

Union Properties fell 6.2% after posting AED 211.4 million losses in 2016 with 51% decline year-on-year.

In Abu Dhabi Exchange (ADX), Dana Gas fell 1.9% after it posted $7 million losses in Q4 against $134.2 million in the same period of 2015.

Tadawul increased 0.03% to 6,969  points, Dubai Financial Market (DFM) fell 1.2% to 3,683 points, while Abu Dhabi Exchange (ADX) shed 0.1% to 4,569 points.

The Qatar Exchange went down 0.2% to 1,0629 points.

The Kuwait Stock Exchange (KSE) levelled down 1.1% to 6,583 points, the Muscat Securities Market (MSM) shed 0.1% to 5,820 points, while the Bahrain Bourse lost 0.2% to reach 1,307 points.

Translated by: Sara Ghali