Gulf markets to remain week till last 10 days in Ramadan

June 21, 2015 7:40 AM

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Gulf markets to remain week till last 10 days in Ramadan

Kuwait-Mubasher: Gulf markets closed above the previously mentioned support levels after seeing a downward trend, speculative exits and positions decrease due to Ramadan during which markets usually tend to see weak performance, an analyst told Mubasher.

Technical analyst Ibrahim Al-Failakawi said that stagnation may continue till the last ten days in Ramdan amid lower liquidity compared to previous weeks.

Al-Failakawi advised non-professional investors to stop trading till the markets rebound above the undermentioned support levels, while speculators should follow stocks which have high trading volume on daily basis.

Kuwait Stock Exchange may move towards 6,200, 6,100 and 6,000 points, respectively. Breaking the 6,300-resistance level, the index will likely target the 6,350 and 6,400 points respectively.

Saudi Stock Exchange may move towards 9,400 and 9,250, respectively. Breaking the 9,550-resistance level, the index will likely target the 9,600 and 9,650 points respectively.

Qatar Stock Exchange may move towards 11,800, 11,660 and 11,550 points, respectively. Breaking the 11,900-resistance level, the index will likely target the 12,000 and 12,100 points respectively.

Dubai Financial Market may move towards 4,000, 3,888 and 3,850 points, respectively. Breaking the 4,070-resistance level, the index will likely target the 4,115 and 4,200 points respectively.

Abu Dhabi Securities Exchange may move towards 4,500, 4,430 and 4,400 points, respectively. Breaking the 4,600-resistance level, the index will likely target the 4,650 and 4,670 points respectively.

Muscat Securities Market may move towards 6,400 and 6,300 points, respectively. Breaking the 6,480-resistance level, the index will likely target the 6,500 and 6,530 points respectively.

Bahrain Bourse may move towards 1,360 and 1,350 points, respectively. Breaking the 1,370-resistance level, the index will likely target the 1,375 and 1,380 points respectively.

Source: english.mubasher.info

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