By: Mahmoud Gamal

Mubasher: The GCC stocks are expected to be weighed down on Thursday, their first trading session in June, by the decline of oil prices, in line with trading on non-oil small caps, analysts told Mubasher.

Oil prices fell on Wednesday to their lowest level in three weeks.

Speculations pushed the GCC markets to see a negative performance in May following the agreement of the Organisation of Petroleum Exporting Countries (OPEC) last week to extend production cut, Raed Diab, vice president of the Investment Research Department in KAMCO, told Mubasher.

OPEC-members and other producers, including Russia, agreed last week to prolong a deal to reduce output by about 1.8 million barrels per day (bpd) until the first quarter of 2018.

First-quarter financials failed to have a positive impact on the markets in May, Diab added.

The bourses’ losses widened by the begining of the holy month of Ramadan as investors exited some stocks, the analyst explained.

Investors should make quick speculations on stocks which reached attractive prices, capital market analyst Faisal Al Mu'ali told Mubasher.

Translated by: Julian Nabil