By: Mahmoud Gamal

Mubasher: Gulf stocks are expected to see important resistance levels throughout the rest of this week, following the fluctuations of global stocks over Emmanuel Macron's victory in the French presidential run-off, technical analyst Hamed Al Anqari told Mubasher.

Some portfolio investors are shying away from trading due to the absence of catalysts and anticipation of further quarterly financial announcements, analysts said.

The markets will be affected by oil prices which will see correction, in line with the rise of oil inventories which will push OPEC to extend its oil production cut deal until the end of this year, Al Anqari added.

The Saudi Stock Exchange (Tadawul) is moving sideways between 7,110 and 6,870 points, capital market expert Al Sayed Hussein said, adding that the main index targets 7,220-8,000 points.

The Dubai Financial Market (DFM) targets to reach 3,470 points, he said, noting that the DFMGI will rise to its resistance at 3,600-3,670 points if it manages to rise above 3,500 points.

Commenting on the Abu Dhabi Securities Exchange (ADX), Hussein said that the general index will target 4,640 points if it moves above its strong resistance at 4,588 points.

Boursa Kuwait is expected to see strong purchases that will support its index to go up to 6,830-7,056 points.

Translated by: Julian Nabil