By: Mahmoud Gamal

Mubasher: Analysts advised traders to form purchasing positions in GCC stocks this week, with the end of the companies' result announcements and the annual distributions.

The stability of oil prices since the beginning of the year positively affected the markets, despite experiencing profit gains this week, technical analyst Ahmed Aql told Mubasher.

He added that the distributions of most of the leading firms controlled trades last week, expecting that the general rising trend will continue for the rest of the month.

Moreover, technical analyst Hussein Hamad said that the Saudi Stock Exchange (Tadawul) started an ascending movement along the sessions of the last week and is facing the level of 7,200 points, which opens the door for greater gains.

Hamad added that the general index targets 8,100 – 8,400 points in the medium-term.

The analyst noted that Boursa Kuwait's main index may pass through a state of fluctuation this week between 6,900 – 7,000 points, while the Qatar Exchange may descend to 10,900 points again until it finds stability above 11,000 points with good liquidity levels.