Home Business News GCC stocks see mixed performances and stronger oil

GCC stocks see mixed performances and stronger oil

14th Mar 24 11:03 am

The GCC stock markets were seeing mixed performances overall although improving oil prices could support gains.

At the same time, geopolitical tensions and changing monetary policy expectations remain a source of risks.

The Dubai stock market returned to the upside after stagnating for several days. Sentiment remains optimistic as shown by the oversubscribed Parkin IPO, which could help the market see additional gains.

The main index remained on an uptrend overall but could find some resistance near its last peak.

The Abu Dhabi stock market was under some pressure after First Abu Dhabi Bank’s dividend distribution weighed on the stock price and the market. However, the main index could find support in the improving oil prices which could help fuel a rebound.

The Saudi stock market continued to trade to the upside overall, although today’s trading was volatile, recording a rebound this week after stagnating during the previous two weeks. While bank stocks continued to see mixed performances, improving oil prices could help sustain the market’s uptrend.

The Qatari stock market rebounded to a certain extent after trading sideways for a few days. However, the market could remain exposed to the volatility in energy prices.

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