By: Mahmoud Gamal

Mubasher: The Gulf stock markets will face important resistance levels on Tuesday and throughout the rest of this week, amid the return of fears over US President Donald Trump’s policies towards major companies and industrial countries, analyst Mohamed Radwan told Mubasher.

The market will mainly be affected by any statements on the US’ relations with the Arab countries, or any negative changes in oil prices, Radwan, who is a member of the International Federation of Technical Analysts (IFTA), added.

The Saudi Stock Market (Tadawul) is moving sideways between 6,750 and 6,600 points, with its main index likely to target 8,100-8,400 points.

The Dubai Financial Market (DFM) is currently witnessing fluctuations, he said, adding that the stability of the DFMGI above 3,550-3,600 points may push it to target 4,550-4,600 points next month.

The Abu Dhabi Securities Exchange (ADX) is moving sideways between 4,500 and 4,700 points.

Boursa Kuwait is passing through a correction phase at 7,000-6,980 points, while the stop-loss level stands at 6,500 points.

Kuwait’s main index is likely to continue its rise to 7,600-7,500 points on the back of current profit-taking, Radwan noted.

The GCC exchanges need good liquidity to reverse their downtrend, capital market analyst Nawaf Abdullah told Mubasher.

Translated by: Julian Nabil