By: Mahmoud Gamal

Mubasher: The GCC markets need new liquidity to be injected on Wednesday to break through new resistance levels amid the speculative trend, after the fall in oil prices and global markets, analysts said.

All the GCC stock rose on Tuesday but with generally weak trading volumes.

The oil prices' decline which started earlier contributed to widening the losses of the markets, where the continuous increases in US crude production grew concerns that the OPEC efforts could be fruitless, technical analyst Doaa Farouq told Mubasher.

The analyst added that low liquidity was the reason behind the fall of the Saudi Stock Exchange's (Tadawaul) index in the last weeks, amid the unpleasant performance of the insurance sector of which companies announced several plans to reduce losses.

Moreover, technical analyst Mohamed Al Azmy said that trading levels in the GCC markets indicate unstable technical horizontal factors.

Al Azmy added that the GCC markets will stay between the states of hikes and declines in the coming period approaching the announcements of the annual budgets.

Tadawul closed Tuesday down 0.1% to 6,913  points, the Dubai Financial Market (DFM) added 0.5% to 3,495 points, while the Abu Dhabi Securities Exchange (ADX) rose 1.2% to 4,413 points.

Boursa Kuwait went up 0.2% to 6,881 points, the Muscat Securities Market (MSM) inched down 0.7% to 5,630 points, while the Bahrain Bourse (BHB) decreased 0.6% at 1,366 points.

The Qatar Stock Exchange (QSE) levelled up 0.8% to 10,486 points.