By: Mahmoud Gamal
Mubasher: GCC main indexes are expected to maintain their uptrend in the upcoming two weeks till the announcement of fourth-quarter financials, analysts told Mubasher.
Leading companies, which see an interest from investors, are expected to post better results in Q4-16 as compared to prior-year period, in line with the significant rise of oil prices on the back of the deal reached between OPEC and non-OPEC oil producers.
Most Gulf stock markets, except Saudi bourse, rose on Monday, backed by the rise of oil prices to the highest level since mid-2015.
Investors started to direct their liquidity towards blue chips in petrochemical, multi-Investment and banking sectors rather than speculative stocks, capital market analyst Hamid Al Jawhar told Mubasher, adding that this change will have a positive impact on the performance of benchmark indexes.
Higher oil prices will support the Q4-16 results of petrochemical companies, capital market analyst Ihab Agina noted.
Main indexes will target important resistance levels if fourth-quarter financials come in line analysts’ expectations, Agina added.
Translated by: Julian Nabil
