Amman - Arab stock markets remained cautious as investors
sought fresh moving factors, financial analysts said Friday.
'Regional markets appear to be in a consolidation phase with wary
investors searching for new clues to decide their future moves,' an
Amman-based portfolio manager told Deutsche Presse-Agentur dpa.
'Speculation seems to be the dominating element at this juncture
as hesitant traders monitor the performance of listed firms in the
second quarter of the year,' he said.
However, he pointed out that abundant liquidity in the market and
surging oil prices provided promising factors that could push up
prices in the medium and long term.
Saudi shares lost some ground this week under the pressure of a 4-
per-cent decline in the banking sector's index due to decreasing
income from brokerage commissions.
The Tadawul All Share Index (TASI) of the Saudi stock exchange
shed 1.1 per cent this week, closing at 9,672.62 points from 9,783.19
points last week.
TASI is currently 12.4 per cent lower than the year's start,
according to the weekly report of the Riyadh-based Bakheet Investment
Group (BIG).
However, the BIG expected the soaring oil prices which broke
several record highs this week to have a positive impact on the Saudi
stocks in the coming months, given Saudi Arabia's status as the
world's largest crude exporter.
'The positive circumstances surrounding the Saudi economy continue
to pave the ground for gradual increases in prices of Saudi stocks in
the coming stage,' the BIG report said.
Jordanian shares were volatile this week, led by blue chip firms
particularly the Arab Bank, the Arab Potash Co., the Jordan Phosphate
Mines Co. and the Jordan Petroleum Refinery.
The all-share price index of the Amman Stock Exchange declined
0.97 per cent this week, closing at 9,179 points from 9,269 points
last week, according to the ASE weekly report.
Kuwait's KSE all-share price index gained 0.8 per cent this week,
to close at 14,979 points compared with last week's close at 14,864
points.
The benchmark of the United Arab Emirates stock exchanges of Dubai
and Abu Dhabi edged lower closing week at 6,166 points from 6,189
points last week.
The UAE all-share price index gained 2.5 per cent since the
beginning of the year, analysts said.
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