By: Mahmoud Gamal

Mubasher: GCC short- and medium-term investors returned to purchasing leading stocks after the rise of Saudi and Emirati shares.

Analysts expected that most of the GCC markets would extend their fluctuating performance that tends to advance on Wednesday, along with the rise of the global markets.

In the UAE trades on Wednesday, real estate stocks saw a collective rise and investors regained confidence and optimism after Arabtec obtained an initial approval from the Capital Market Authority (CMA) on its recapitalisation programme.

Arabtec jumped 15% to AED 0.97.

Emaar Properties and Dana Gas increased 2.8% and 4.7%, respectively.

Saudi Stock Exchange's (Tadawul) Tasnee hiked 10% and Advanced Petrochemicals levelled up 4.9%.

Technical analyst Amir Al Mansour said that most of the local portfolios keep the purchasing track in moving between the GCC shares, which technically reached very attractive levels.

Moreover, technical analyst Hamoud Al Shemary added that the GCC markets are experiencing important resistance levels, amid a state of uncertainty towards oil, which is fluctuating.

Tadawul added 0.07% to 7,063 points, the Dubai Financial Market (DFM) increased 2.4% to 3,646 points, while the Abu Dhabi Exchange (ADX) rose 0.7% to 4,637 points on Wednesday.

Boursa Kuwait levelled up 0.4% to 6,793 points, the Muscat Securities Market (MSM) went up 0.3% to 5,867 points, while the Bahrain Bourse (BHB) closed at 1,343 points with a 1.7% increase.

Qatar Stock Exchange (QSE) added 0.2% to 10,953 points.

Translated by: Sara Ghali