By: Mahmoud Gamal

Mubasher: The Gulf stock markets are expected to see important resistance levels on Tuesday and throughout the rest of this week, amid the reluctance of institutional investors to participate in trading due to geopolitical risks, analysts told Mubasher.

The markets’ performance will be affected until the end of this month by the trend of oil prices, which is witnessing correction, technical analyst Hamed Al Anqari said.

The Saudi Stock Exchange (Tadawul) is moving sideways between 7,200 and 6,800 points, while targeting 7,800-8,000 points to confirm its rise on the medium-term, capital market expert Al Sayed Hussein noted.

The Dubai Financial Market (DFM) rebounded from its support at 3,400 points to reach 3,560 points, he said, adding that the rise of the main index above 3,600 points will help it move higher to its resistance at 3,700-3,800 points, Hussein added.

However, the possible decline of the DFM to 3,400 points will push it down to its support at 3,200-3,000 points.

The Abu Dhabi Securities Exchange’s (ADX) main index will target 4,700-4,900 points, if it manages to maintain its stability above the resistance of 4,600 points. Meanwhile, the index will fall to 4,200-4,050 points if it moves below 4,350 points.

The price index of Boursa Kuwait is moving upward, enabling it to target 7,800-7,900 points, according to technical analyst Ahmed Ismail.

Kuwait’s bourse is seeing an accumulation of stocks on the medium-term and speculations on the short-term, Ismail said.

Translated by: Julian Nabil