Mixed Performances In GCC Stock Markets, Oil Volatility Adds Pressure

GCC stock markets recorded mixed performances as traders reacted to global and local factors with oil prices playing a significant role.

Oil prices extended new losses as concerns about demand levels took the lead. Crude prices could return to a consistent downtrend if conditions do not improve in particular in China.

The Dubai stock market rebounded to a certain extent after a couple of losses. The market could see some support from the successful IPOs which helped attract investors' interest. The dynamic IPO scene could help keep the market around or above current levels while it could trade sideways over the short term.

The Abu Dhabi stock market continued to record losses and could maintain this trend with oil prices on a potential downtrend. Over the short term, the main index could record more price corrections but remains on a strong footing overall.

The Qatari stock market closed the week on a clear downtrend as natural gas prices' decline continued to put more pressure on the market. The start of the World Cup could help provide some support to the market as the event could draw significant attention to the country and investment opportunities.

The Saudi stock market ended this week in the red and could extend this trend next week in particular with oil prices dipping again. The main index has been on a clear downtrend for the last couple of months.

The stock market in Oman maintained its uptrend this week despite some volatile trading following the uncertainty regarding oil prices' direction. The main index could see some price correction next week if traders move to secure their gains.

The Egyptian stock market recorded a strong performance this week thanks to the attention COP 27 brought to the country. However, the market could see significant price corrections next week if traders move to secure their gains.