GCC bourses to continue selective purchases – Analysts

By: Mahmoud Gamal

Mubasher: Investors at the GCC stock markets are expected to continue selective purchases on small and medium-sized stocks on Thursday, amid a rise in global markets after the first conference of the US president, Donald Trump, days before taking office, analysts told Mubasher.

Financial analyst, Mohamed Al Shemry, said that the improvement in the performance of global stocks will reflect positively on the GCC stocks today, as Trump didn’t use a hostile tone concerning the economic relations with major countries during his conference.

In The Saudi Stock Exchange (Tadawul), Malath Cooperative Insurance and Trade Union Cooperative Insurance’ stocks rose by 4.09% and 1.34% respectively, while in the Dubai Financial Market (DFM), Islamic Arab Insurance and Methaq Takaful Insurance advanced 6.5% and 5% respectively.

“The large rises in prices of a number of small-sized stocks did not reflect positively on the GCC indices,” technical analyst, Nawaf Al Agamy, said, expecting a series of rises in the GCC bourses in the upcoming sessions.

The main index of Tadawul ended Wednesday’s session falling by 1.6% to 6,895 points, the Dubai index fell 0.1% to 3,722 points and the Abu Dhabi index shrank 0.1% to 4,663 points.

The Qatar index rose yesterday by 0.04% to 10,704 points, the Kuwait index leapt 0.3% to 6,030 points, Oman’s MSM 30 index advanced 0.3% to 5,796 points and the Bahrain index fell 0.1% to 1,209 points.

Translated by: Elwy el-Manzalawy