GCC bourses start to regain poise on foreign purchases

GCC bourses start to regain poise on foreign purchases
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Mubasher: Most GCC stock markets started to lure in investments and managed to see a positive performance on Wednesday, in line with the recent rise of oil prices, analysts told Mubasher.

Most Gulf bourses are expected to continue their sideways-to-bullish performance on Thursday.

Investors, especially foreign, are tending to build up new positions in blue chip and mid-cap stocks in the UAE's and Qatar’s bourses specifically, in line with the end of the first-quarter financial disclosure period, capital market analyst Ramy Kassab told Mubasher.

Low stock prices pushed some portfolio investors to enter the market and increase their positions in small- and mid-cap stocks, Kassab added.

The Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) will see resistance at 3,420 and 4,630 points, respectively. The Saudi Stock Exchange (Tadawul) and Qatar Stock Exchange (QSE) will face medium-term resistance at 7,200 and 11,200 points, respectively, technical analyst Hamed Al Anqari said.

Traders should decrease their speculations and build up new positions, Al Anqari noted.

Translated by: Julian Nabil

Source: Mubasher Exclusive