By: Mahmoud Gamal

Mubasher: Most Gulf markets need the entry of new liquidity to be able to break important resistance levels on Monday, amid the control of speculations and the decline of oil prices, capital market analyst Ahmed Akl told Mubasher.

The markets saw selling pressures by some local portfolio investors and individuals in the past sessions, Akl added.

The GCC exchanges witnessed a volatile performance early this week; the Qatar Stock Exchange (QSE) saw profit-taking, while the Saudi Stock Exchange (Tadawul) rebounded following the launch of a parallel market for small- and medium-sized enterprises (SMEs), capital market analyst Mohamed Shaker noted.

The markets are likely to regain positive momentum on the back of foreign institutional purchases, in addition to the approach of dividend payout period, Shaker explained.

The stability of Tadawul above 7,000 points may lead it to test resistances at the levels between 7,220 and 7,350 points, he said, adding that the market will decline to 6,800-6,600 points if it breaks below its current level.

If the Dubai Financial Market (DFM) holds above 3,640 points, it will continue its sideways movement and reach its resistance at 3,720 points.

The Abu Dhabi Securities Exchange (ADX) will go down to 4,670-4,700 points if it moves below 4,660 points, Shaker said, noting that the market will rise to 4,850-5,000 points if it reaches above 4,700 points.

If the Qatar Stock Exchange (QSE) stabilises above 10,900, it will be able to level up to 11,000-11,250 points, Shaker concluded.

Translated by: Julian Nabil