By: Mahmoud Gamal
Mubasher: Gulf bourses are likely to rise this week with listings on the FTSE Emerging Markets Index coming in focus, analysts told Mubasher.
GCC stock markets are heading towards a “temporary rise”, particularly Saudi and Kuwaiti stocks, which are awaiting listing on the FTSE Emerging Markets Index, analyst Ibrahim Al Filkawy told Mubasher, forecasting that Saudi stocks were likely to see strong trading by foreign institutions.
On 29 September after the conclusion of trades in the US, the FTSE Financial Institution will announce its decision about listing the Saudi Stock Exchange (Tadawul) and Boursa Kuwait on its secondary index for emerging markets.
Tadawul is closed Sunday on the occasion of the Kingdom’s National Day, with trading to resume on Monday.
The Saudi bourse closed Thursday at a slight rise of 0.1%, backed by petrochemicals after Brent crude neared $56 per barrel.
Financial results, oil drive turnover
On the other hand, analyst Mahmoud Abou Zeid from Nama Investments noted that politics in the GCC region continue to impact markets, adding that the recent gains in oil prices are likely to prompt temporary gains for various stocks.
The third quarter of 2017 is nearing its close, which means that financial disclosures will prompt portfolios to purchase stocks, resulting in gains across the markets, the analyst forecast.
Translated by: Nada Adel Sobhi