The ongoing rally on the region's stock markets is set to continue this week, supported by surging international crude oil prices, higher volumes of trade and return of foreign investors, analysts say.
"The volumes are picking up across the GCC markets. The markets in Abu Dhabi, Dubai and Saudi Arabia traded higher last week and we are likely to see some more upside moves," Mousa Haddad, head trader of National Bank of Abu Dhabi Asset Management, told Gulf News by telephone.
"Any correction is a buying opportunity. We are particularly bullish on Saudi, Qatar and the UAE markets and cautiously bullish on Egypt. Saudi Arabia's market, which is bracing itself to cross the 7,000 level, may open to direct investment by foreigners by June."
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