By: Mahmoud Gamal
Mubasher: The GCC stock markets need new liquidity pumped into its stocks on Tuesday to be able to break important resistance levels, capital market analyst Mohamed Al Azmi told Mubasher.
The markets saw selling pressures by some local portfolio and individual investors in the past sessions, Al Azmi added.
The GCC bourses saw a volatile performance on Monday; the Saudi Stock Exchange (Tadawul) rose on oil prices recovery, whereas the Dubai Financial Market (DFM) suffered losses due to the decline of DXB Entertainments.
The markets are expected to regain momentum on the back of foreign institutions’ purchases and the approach of the dividend payout period, capital market analyst Hussein Al Sayed stated.
Tadawul will see a short period of accumulation between the levels of 7,040-7,100 points, with a target to reach 8,100-8,250 points on the medium-term.
Traders should hold their positions in Saudi stocks and buy them when they decline and the index breaks above 7,200 points, he said.
The DFM is seen moving upward on the short-term, and targets an important resistance at 3,430 points, Al Sayed noted.
The Abu Dhabi Securities Exchange (ADX) will have a chance to break 4,600 points if it approaches 4,580 points, the analyst predicted.
The Qatar Stock Exchange (QSE) is passing through a period of accumulation, with expectations to target 10,200 points if it breaks the level of 10,060 points, he said, adding that the main index will fall to 9,760.10 points if it sees support at 9,810.20 points.
The markets will continue to see fluctuations in the coming period until the blue chip companies announce their first-quarter financials, capital market analyst Faisal Al Amry told Mubasher.
Translated by: Julian Nabil