By: Mahmoud Gamal
Mubasher: The GCC stock markets need the entry of new liquidity on Monday to be able to break above important resistance levels, analysts told Mubasher.
Low liquidity is mainly attributed to the fact that some investors are shying away from trades, amid the decline of oil prices ahead of the meeting of officials from oil producing nations, including Russia and Saudi Arabia, in Abu Dhabi on Monday and Tuesday.
The Gulf bourses are expected to continue seeing trades in narrow range on Monday, capital market analyst Doaa Farouk said.
Most GCC stock exchanges fell on Sunday, whereas the Saudi Stock Exchange (Tadawul) rose on the back of banks stocks.
The decline of oil prices during Monday’s early trades and last week may lead investors to be more cautious, Farouk added.
The markets are expected to continue their sideways performance in the coming period until the oil prices’ trend becomes clearer, capital market analyst Mohamed Al Azmi said.
Translated by: Julian Nabil