By: Mahmoud Gamal

Mubasher: Institutional and foreign liquidity were directed to medium and mega stocks listed on the Saudi and Qatar stock exchanges, which pushed them to the peak on Sunday.

Analysts expected that most of the GCC markets would keep their fluctuating performance on Monday, awaiting for oil's path after fearing a glut again.

Companies' result announcements and the annual distributions are still pressing strongly on the UAE markets, especially after Arabtec's losses reached 100% of its capital, technical analyst Hussein Al Zawy told Mubasher.

He added that the stability of oil and the standard levels of the global markets will encourage local and foreign traders to expand in purchasing shares in Tadawul and Qatar markets.

Al Zawy noted that there are portfolios which withdrew their liquidity from the UAE markets and directed them to the Saudi and Qatari markets because of the increasing investment opportunities in them.

Medium stocks rose in Tadawul, led by Anaam International Group by 9.94%, Al Babtain, and Al Rajhi Bank by 5.6% and 0.4%, respectively, as well as Qatar National Bank (QNB) by 1.8%. This qualifies both markets to gain more strength and power, the analyst stated.

Moreover, Al Zawy further added that the increase of Tadawul's main index to above 7,140 points will qualify it to rise to 7,200 – 7,250 points.

Tadawul increased by 0.1% to 7,140  points, Dubai Financial Market (DFM) shed 0.1% to 3,646 points, while Abu Dhabi Exchange (ADX) went down 0.5% to 4,521 points.

Boursa Kuwait levelled down 0.5% to 6,791 points, the Muscat Securities Market (MSM) went up 0.3% to 5,858 points, while the Bahrain Bourse (BHB) closed down by 0.2% at 1,321 points.

The Qatar Stock Exchange (QE) rose 0.9% to 10,917 points.

Translated by: Sara Ghali