GCC bourses see calm trades before Eid Al Adha holiday - Analysts

GCC bourses see calm trades before Eid Al Adha holiday - Analysts
Traders at Boursa Kuwait

By: Mahmoud Gamal

Mubasher: The GCC bourses are expected to maintain calm trades on Wednesday as investors are shying away from building new positions before the Eid Al Adha holiday, analysts told Mubasher.

Investors’ sentiment was negatively affected by higher losses incurred by global markets due to North Korea’s missile launch over Japan on Tuesday, analysts added.

Investors are expected to make slight profit-taking on GCC stocks ahead of the holiday, capital market analyst Mohamed Al Mahdi said.

Any turmoil in the global bourses will push traders to hold their positions and not increase their purchase, he explained.

On the other hand, foreign portfolio investors are increasing their positions in operational stocks ahead of the third-quarter financials, capital market analyst Hamoud Al Shammari noted.

Translated by: Julian Nabil

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Source: Mubasher Exclusive

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