GCC bourses to hold amid oil price recovery

GCC bourses to hold amid oil price recovery
(Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Mubasher: The GCC stock markets are expected to hold at their current levels on Wednesday, amid oil price recovery, analysts told Mubasher

Most Gulf bourses saw a positive performance on Tuesday and approached important resistance levels that should encourage traders to build new positions in some selective stocks.

The rise of oil prices will push portfolio investors to enter the GCC markets; thus, improving the performance of some indices, according to Ibrahim Al Failakawi, a technical analyst at the Advanced Studies & Training Centre.

Oil producing countries are expected to meet by the end of this month to decide on the extension of the oil production cut deal.

Most Gulf bourses are likely to continue their fluctuations; yet, they will generally stabilise at their technical levels, financial analyst Mahmoud Abou Zeid said.

The market will not recover unless listed companies announce the remaining first-quarter financials, Abou Zeid noted.

Translated by: Julian Nabil

Source: Mubasher Exclusive