By: Mahmoud Gamal

Mubasher: The GCC bourses are expected to see further fluctuations due to the decline of oil prices, amid investors’ anticipation for the second-quarter financial results, financial analyst Mahmoud Diab told Mubasher.

Oil prices declined by 3% on Friday, while the prices of Brent crude oil and NYMEX West Texas Intermediate Crude Oil for August delivery fell to $46.71 and $44.23, respectively.

The GCC stocks saw a weak performance on Thursday, weighed down by the fall of Emaar Properties which pushed Dubai’s bourse to close lower. However, the Saudi Stock Exchange (Tadawul) rose on new decisions regarding export duties, analysts said.

The Kingdom said on Thursday it would cancel all export duties on steel for two years to encourage local industries.

The markets are expected to be affected by the economic sanctions to be imposed by Gulf states on Qatar, such as the withdrawal of deposits from Qatari banks, Diab added.

Saudi Arabia, Bahrain, Egypt, and the UAE on Wednesday decided not to impose sanctions on Qatar at the present moment; yet, they criticised the "negative" response from Qatar to their list of demands.

Investors' fears marginally subdued despite uncertainty about the bourses’ performance, capital market analyst Faisal Al Mu'ali told Mubasher, adding that traders should make quick speculation on stocks which reached attractive price levels.

Translated by: Julian Nabil