By: Mahmoud Gamal
Mubasher: The Gulf bourses are witnessing extended purchases of blue chips by local and foreign institutions, in line with the disclosures of second-quarter financials and rise of global stocks, analysts told Mubasher.
Most GCC stock markets are expected to continue their sideways-to-bullish performance on Tuesday.
Long-awaited Q1 financials of blue-chip companies and their semiannual dividends are expected to support the stock exchanges in the coming sessions, capital market analyst Ahmed Ismail said.
Global stock markets, especially in the US, reached record levels, pushing local and foreign traders to increase their purchases of stocks which reached attractive price levels, Ismail added.
The stability of the main index of the Saudi Stock Exchange (Tadawul) above 7,200 points will help it to move higher to 7,270 points, the analyst explained.
If the benchmark index of Dubai’s bourse manages to hold at 3,400 points, it will be able to rise to 3,460 and 3,520 points respectively, Ismail noted.
The main index of Abu Dhabi’s exchange will go up to 4,400-4,480 points if it manages to stay above 4,390 points.
The Qatar Stock Exchange (QSE) will stay unchanged at 9,000 points if local investments increase, Ismail said.
Translated by: Julian Nabil