GCC stocks likely to be flat this week
GCC markets are expected to be flat this week with a general lack of strong movers in the markets while there is deep focus on domestic news, especially cash dividends from listed companies in regional stock exchanges.
Gulf stocks in general are seen trading in a narrow range as investors are hesitating between good valuations of selected stocks and sectors in the market while there is still uncertainty about the recovery of global economy.
Also prices of oil in global markets will dominate the psychological sentiment among investors as there are high expectations that oil may break through the $80 per barrel levels.
If oil advanced this week, there are high expectations that regional stock markets will be stronger amid speculations on increasing government revenues and spending.
Saudi Arabia's Tadawul All Shares Index was almost flat yesterday as it advanced slightly led by cement companies.
Other GCC markets are expected to open today on sideways trade and low turnover in general as the markets need to give indicators for a clear direction. (With inputs from agencies)
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.