Energy Markets Weigh on GCC Stocks
(MENAFN- Your Mind Media ) GCC stock markets were mostly in the red. Traders could remain cautious in the face of the developments in energy markets. The latter have been on a decline for almost two months and could continue to weigh on expectations.
The Dubai stock market continued to trade in a range and saw limited change during most of this month. However, the market remains attractive and could find some support when Dubai Taxi debuts trading. The latter is seeing strong interest from investors and could help draw inflows to the market.
The Abu Dhabi stock market could remain under pressure after trading sideways for most of the month. Declining oil prices could remain a source of concern for investors while volatility and uncertainty continue to weigh on the market.
The Qatari stock market could remain exposed to additional price corrections as traders react to the developments in energy prices. While the market was able to rebound during the last few weeks, traders could remain cautious.
The Saudi stock market stabilized to a certain extent after a second rebound. However, the main index could find some resistance near its late September peak as traders could move to secure their gains. The uncertainty around the developments in oil markets could remain a source of risks.
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