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Portfolio investors to invest in attractive GCC stocks

Portfolio investors to invest in attractive GCC stocks
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Mubasher: The GCC stock markets are expected to maintain their slight rise on Monday as portfolio investors are tending to increase their positions, amid anticipation of the performance of oil prices and global stocks, analysts told Mubasher.

Portfolio investors are expected to increase their positions in mid-cap and blue-chip stocks to make use of their good price levels on Monday, amid the stability of oil prices above $50 per barrel, capital market analyst Ahmed Akl said.

The markets will be affected by the performance of oil prices following the meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners on Wednesday over the prolongation of the production cut deal, Akl noted.

The bourses are expected to see some recovery and selective purchases, following US President Donald Trump’s visit to Saudi Arabia on Saturday which strengthened relations between his country and Arab countries, according to Badr Fawaz, investment manager of one of the funds in the stock markets.

Liquidity is expected to decline to lower levels again next week in line with the approach of the summer vacation and the holy month of Ramadan, Fawaz added.

Foreign investors tend to increase their positions in blue chips, in line with the end of the first-quarter financial disclosure period, economist Mohamed Al Anzi noted.

Translated by: Julian Nabil