By: Mahmoud Gamal
Mubasher: The rise of oil prices during the previous period and the beginning of announcing the companies’ financial results for the third quarter of 2017 may encourage GCC investors for more traidng in the coming period, analysts told Mubasher.
Technical analyst Ibrahim Al Filkawy forecasted that most of the GCC markets’ indices will go sideways-rising trend during the current week due the growth in oil prices.
The focus on oil prices currently is at the support level which it exceeds reaching $55 per barrel (pb), Al Filkawy added, noting that going lower the previous levels of oil prices will push investors for more selling that will lead most of stocks to fall.
Oil prices stability above $55 pb will led the GCC stock market indices to level up again, Al Filkawy indicated.
The companies' announcement for the financial results of Q3-17 will focus where will the liquidity will be focused on during the current week, Al Filkawy concluded.