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GCC bourses await new catalysts – Analysis

GCC bourses await new catalysts – Analysis
GCC stock markets are likely to continue the mixed performance in Sunday’s trading session

By: Mahmoud Gamal

Mubasher: The GCC stock markets are likely to continue the mixed performance in Sunday’s trading session amid investors’ anticipation of the emergence of new market-boosting catalysts that coincides with the escalating US-China trade war.

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Investors in the GCC bourses are expected to become more cautious while trading in Sunday’s and Monday’s sessions, economist Ibrahim Al Failakawi told Mubasher.

The geopolitical scene and the recently reported news that the US President Donald Trump told Russian officials he was unconcerned about 2016 election interference, which negatively affected the global stock markets, have weighed on most of the GCC bourses last Thursday, Al Failakawi highlighted.

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Most of the investors in the GCC region currently prefer to wait until new catalysts emerge to boost the markets, including the companies’ third-quarter financial results, he pointed out.

Liquidity in the GCC bourses have weakened as most of the foreign traders were recently net sellers to cover their financial market exposure, he highlighted.

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Al Failakawi emphasised that the bourses in the Gulf region may recover over the coming trading sessions on the back of institutional investments into blue-chip stocks expected to report robust financial results.

By the end of last week, the GCC markets have seen a mixed performance, with the Saudi Stock Exchange (Tadawul) and Boursa Kuwait closing the week in the green territory and the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) closing the week on a negative note.

 

Translated by: Mai Ezz El-Din