Middle East stocks end week mixed, UAE leads losses
Posted by BusinessIntelligence Middle East
Source: BI-ME and dpa , Author: BI-ME staff
Posted: Sat January 16, 2010 9:03 pm


INTERNATIONAL. Arab stock markets put in a mixed performance this week as investors awaited the disclosure of more annual corporate results, financial analysts said Friday.

Gulf stock exchanges retreated, partly as a result of a decline in oil prices, they said.

'I believe Arab stocks are coming under pressure from investors' negative perception of annual results and falling oil prices,' an Amman-based portfolio manager told the German Press Agency dpa.

'We think that regional markets will continue in the coming weeks to suffer from the psychological impact of developments at global bourses and predictions of the world recovery,' he said.

Saudi shares were volatile, reflecting investors' expectations of annual profits and global upturn reports. The Saudi stock exchange's Tadawul All Share Index (TASI) closed week almost unchanged at 6,262.83 points.

TASI is currently 2.3% higher than the start of the year, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

'We expect TASI to maintain its stability during next week as investors await the financial results of blue chips, particularly SABIC and Al Rajhi,' the report said.

Jordanian shares also fluctuated within a narrow range as a result of profit-taking. The Amman Stock Exchange gained 1.3% to end the week at 2,598, according to the ASE weekly report.

The market received support from blue chips, particularly the Jordan Petroleum Refinery, the Jordan Phosphates Mining Co. and the Arab Potash Co.

Kuwait's KSE all-share price index shed 0.4%, closing at 6,986 compared with last week's close at 7,012.

United Arab Emirates shares were the week's main losers, reportedly due to a sell-off on the part of foreign investors who were apparently concerned over the outcome of talks for rescheduling Dubai World debt, analysts said.

The benchmarks of the Dubai and Abu Dhabi stock exchanges plunged 7.1% and 2.5%, to close respectively at 1,707 and 2,707.

Qatar's DSM measure gained 0.3% on Thursday to 6,854.59 points.

Egypt's AGX30 index, measuring the performance of the market's 30 most active stocks, gained 3.8% during the week to close at 6,681.

The Beirut Stock Exchange (LSE) closed Friday at 1,585.02 points, up 0.54% on the day.


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