The GCC stock markets are expected to see increased speculations on Sunday, in line with the rise of oil prices and news of a possible decline in oil prices, analysts told Mubasher.
Higher oil prices will push the GCC bourses to maintain a sideways-to-bullish performance, capital market analyst Nawaf Al Ajmi added.
The markets are likely to be positively affected by the expected rise of Saudi’s bourse, in line with selective purchases and profit-taking, Al Ajmi noted.
Positive outlook for the Saudi stocks are likely to be confirmed by expectations that the visit of US President Donald Trump and some major companies to Saudi Arabia will stimulate sectors like mining, energy, automotive, and defense, the analyst said.
The markets’ performance will be affected by the oil-producing countries’ decision on the prolongation of the oil production cut deal, technical analyst Mohamed Al Azmi noted.