By: Mahmoud Gamal
Dubai – Mubasher: The GCC stock markets are anticipating more positive performance over this week, amid the re-emergence of buying transactions on blue-chip stocks, analysts told Mubasher.
By the end of the previous week, most of the GCC bourses closed in green territory, boosted by investors’ optimism about the annual financial results of the listed companies.
Investors in the GCC stock markets have re-formed their accumulation centres on the approaching announcement of earnings statements for the full-year 2018, MindCraft Consultants’ CEO Fadi Al Ghattis told Mubasher.
Buying trend seen on leading stocks, coupled with the recovery of global equity markets have spurred foreign investors to purchase the GCC stocks, especially which are listed on the twin UAE bourses, Al Ghattis added.
The CEO further indicated that after the hike of Brent crude’s price above $60 per barrel (pb) will provide a breathing room for the Gulf governments to address recession hit some sectors, especially the real estate sector.
Oil impact on GCC bourses
The rebound of oil prices, amid expectations that it will hit the level of $60-$70 pb in mid-2019, may positively affect investors sentiment, technical analyst Ibrahim Al Felkawy said.
The recent rise in oil prices has boosted the prices of some stocks, Al Felkawy added.
On a related note, vice president of Investment Research at KAMCO Raed Diab told Mubasher that traders in the GCC bourses are currently upbeat about the firm’s annual earnings statements.
Translated by: Mohammad Hesham Azab