By: Mahmoud Gamal

Dubai – Mubasher: The ongoing state of anticipation seen in GCC bourses is likely to continue on Tuesday as investors fear a delay in first quarter financial disclosures, analysts told Mubasher.

On Monday, GCC stock markets saw varying performance after several companies posted results that were worse than expected with the Saudi Stock Exchange (Tadawul) and Boursa Kuwait gaining 0.1% and 0.2% to 6,976 points and 6,831 points, respectively.

In the UAE, the Dubai Financial Market lost 1.12% to 3,431, while the Abu Dhabi Securities Exchange (ADX) added 0.2% to 4,531 points.

Anticipation and caution are the trend now in GCC bourses, noted market expert El Sayed Hussein, indicating that Tadawul's benchmark index was trading below resistance at 7,200 points, a level which will spur the market towards 7,350 and 7,500 points.

Meanwhile, the DFM continues to trade below 3,600 points, an important level, according to the analyst, who highlighted that passing 3,600 points will pave the way for the DFM to test 3,800 and 4,000 points, whilst mainting support at 3,250.

As for the ADX, testing 4,550 points will result in profit-taking, and surpassing this will boost the market towards 4,800 and 5,200 points, he added.

As for the Qatar Stock Exchange (QSE), which closed Monday down 0.4% to 10,154 points, the view remains that the bourse is stuck below 10,500 points. Passing it will prompt further increases towards 10,650 and 10,800 points, respectively.

Market analyst Ahmed Al-Azmi concurred regarding the delay in disclosing Q1 financials, noting that investors traded cautiously following the announcement of less-than-expected results.

On Monday, Tadawul's Mobily plunged 6% to SAR 21.05 after the company reported turning to losses of SAR 163 million in Q1-17.

Translated by: Nada Adel Sobhi