By: Mahmoud Gamal

Mubasher: The GCC stock markets are expected to hold at their current levels, amid the recovery of oil prices after OPEC agreed to extend a deal to cut crude oil production for nine months, analysts told Mubasher.

Rise of oil prices will encourage portfolio investors to enter the GCC bourses again, thus improving the performance of main indexes, capital market analyst Ahmed Akl told Mubasher.

OPEC and non-OPEC producers agreed on Thursday, 25 May, to rollover their output reduction pact for another nine months, through March 2018.

The GCC bourses are moving sideways between important support levels in line with the absence of catalysts, Akl noted.

The exchanges are expected to continue their volatile performance throughout the rest of this week, while trying to hold at their current technical levels, according to Mahmoud Abou Zeid, a financial analyst at Namaa Consulting.

Translated by: Julian Nabil