By: Mahmoud Gamal

Mubasher: Gulf bourses are expected to continue their fluctuating-to-rising performance on Thursday and throughout the remaining trading sessions in April amid anticipation for companies' first-quarter financial results and oil movements with growing fears of a supply glut, analysts told Mubasher.

Investors are focusing on companies' Q1-17 financials, which will be the main market mover in the coming sessions, commented capital market analyst Ahmed Al Zahrany.

The renewal or extension of the deal by members and non-members of the Organization of Petroleum Exporting Countries (OPEC) may boost stock prices, he told Mubasher.

Similarly, developments in listing of the Saudi and Kuwaiti indices in the MSCI Emerging Markets Index is likely to attract liquidity to the markets, particularly from foreign investors in the coming period, Al Zahrany said.

Investors are also keeping an eye on the value-added tax (VAT), for which regulations and specifications will be determined this year, the analyst noted.

GCC bourses suffered jitteriness since the start of 2017, with the exception of Boursa Kuwait, which enjoyed strong gains by nearly 23% since the start of the year. Similarly, the Bahrain Bourse (BHB) added 11%, whereas the remaining Gulf stock markets were down.

Analyst Doaa Farouk concurred with Al Zahrany on the upcoming anticipated jitteriness for GCC bourses, noting that financial results have been lower than expected, which is impacting investor sentiment.

Meanwhile, market analyst Mohamed Al Azmy told Mubasher that the weak liquidity levels in GCC markets will prompt small investors to be "cautious" and not increase their positions.

Translated by: Nada Adel Sobhi