By: Mahmoud Gamal
Mubasher: GCC stock markets are set to see additional varying performances on Monday, while looking to oil price movements and global markets, as newly-elected French president Emmanuel Macron takes the reigns of the country, analysts told Mubasher.
Last week, Brent crude futures rose to $50.84 per barrel (pb), while Nymex crude futures closed at $47.84 pb.
Jitteriness continues to impact Gulf bourses as investors and traders remain wary and cautious looking at global markets, which in turn have the oil movements in mind, commented analyst Ahmed Akl.
Oil markets have suffered lately from varying opinions regarding the impact of the output reduction deal implemented by the Organization of Petroleum Exporting Countries (OPEC), he told Mubasher.
OPEC members and non-members are scheduled to meet on 25 May to discuss whether or not to extend the agreement and continue to trim production, while news reports indicate that a majority is voting for a deal extension.
With oil reaching $50 pb and the upcoming OPEC meeting that may extend output reduction, investors’ moods may improve across the GCC, the analyst added.
Moreover, as the geopolitical situation regains its calm following the Macron win in France, global markets may begin to see some stability, Aql said.
Macron is set to name his government’s prime minister on Monday.
Meanwhile, analyst Ibrahim Al Filkawy told Mubasher that varying performance in Saudi Arabia and Qatar on Sunday indicate that investors are awaiting new catalysts, adding that GCC bourses will remain jittery until companies conclude their first-quarter disclosure period.
Translated by: Nada Adel Sobhi