By: Mahmoud Gamal

Dubai – Mubasher: GCC traders should be cautious in their trades on Monday, as the period given to Qatar to meet Saudi Arabia’s 13 sweeping demands will come to an end, analysts told Mubasher.

Saudi Arabia and three allies who broke ties with Qatar agreed to a request by Kuwait to extend Sunday's deadline for Doha's compliance by 48 hours.

The ten-day deadline given by Saudi Arabia, Bahrain, Egypt, and the UAE ended on Sunday, 2 July.

Most stocks approach important support levels which will not enable them to attract more liquidity, analysts told Mubasher.

The GCC stocks saw a volatile session on Sunday in line with a decline in trading volume, amid expectations of the rise of geopolitical tensions and imposing further restrictions on Doha, technical market analyst Mohamed Al Saeed said.

The markets may suffer from rising tensions; thus, losing the gains they tried to maintain in the past sessions, Al Saeed added.

The Saudi Stock Exchange (Tadawul) can target 8,000-8,250 points, according to Mohamed Radwan, a member of the International Federation of Technical Analysts (IFTA).

The Dubai Financial Market (DFM) is expected to continue its decline on the medium-term, with expectations to approach 2,500-3,200 points.

The Abu Dhabi Securities Exchange (ADX) is likely to exhibit a sideways-to-bullish performance to reach 4,350-4,450 points.

Boursa Kuwait is expected to move sideways between 7,100 and 7,050 points, Radwan noted.

Translated by: Julian Nabil