By: Mahmoud Gamal

Mubasher: Long-term investors have resumed purchasing leading stocks in Gulf stock markets as stock prices reached attractive levels, analysts told Mubasher, expecting further jittery-to-rising performance.

The Saudi Stock Exchange (Tadawul) ended Monday in the green, up 0.1% to 7,012 points, with the positive sentiment extending to other GCC bourses.

GCC market traders have resumed eyeing heavy-weighted stocks on Gulf bourses, which resulted in smaller stocks suffering selling pressures and declining, according to analyst Amir Al Mansour.

On Monday, Zain KSA surged 8.9%, while Mobily gained 3.6%.

Mobily is forecast to recorded profits similar to its competitor Zain in the first quarter of 2017, Al Mansour told Mubasher.

In a note, NCB Capital said it expects Mobily to record SAR 50 million ($13.3 million) in losses in Q1-17.

Last week, Zain KSA reported its first quarterly profit in its history.

Factors such as prices reaching technically attractive prices, and improved performance on global and oil markets, have prompted investors to seize new opportunities in Gulf bourses, Al Mansour said.

Analyst Hasan Al Zawy concurred regarding the noticeable purchasing power seen on GCC markets on Monday, noting new liquidity seen on the UAE bourses and the Qatar Stock Exchange (QSE).

Investors have resumed buying blue chips as they expect strong Q1 results, he added.

In the UAE, Eshraq Properties’ stock grew 1.8%, after the Abu Dhabi government’s investment arm Mubadala announced plans to launch a joint venture involving the development of a plot of land on Al Maryah Island.

On Monday, the Dubai and Abu Dhabi bourses grew 0.3% and 1.2% to 3,463.84 and 4,545 points, respectively, while the QSE and Boursa Kuwait fell 0.9% and 0.7% to 10,336 and 6,920 points, respectively.

Muscat’s benchmark index declined 0.1% to 5,544 points, while Bahrain’s increased 0.1% to 1,346 points.

Translated by: Nada Adel Sobhi