Apr 14 2012
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Arab stocks close week mixed as investors await Q1 results
They pointed out that the steady oil prices and huge public spending by governments of the Gulf states would remain the key catalyst for regional markets in then coming months.
"I believe regional markets are currently dominated by a wave of speculation and profit taking that usually precedes the announcement of first quarter results," Wajdi Makhamreh, CEO of the Amman-based Noor Investments, told Arab News.
Jordanian stocks rebounded last week with a positive sentiment emerging in the market amid growing demand by Arab investors mainly on blue chips such as the Arab Bank, the Arab Potash Co., the Jordan Phosphates Mining Co. and the Jordan Petroleum Refinery , analysts said.
Kuwaiti stocks also extended gains last week amid a wave of speculation on small caps and rumors about the first quarter earnings of listed firms. Kuwait's KSE all-share index went up by 0.7 percent on weekly basis, closing at 6,189 points.
"The market was characterized by speculative trading particularly on small caps and profit-taking ahead of the first quarter earnings," Kuwaiti analyst Nayef Enezi said.
Meanwhile, the Kuwaiti stock market management has announced that it will switch to a new trading system as of May 13 that would be effected in cooperation with the Nasdaq OMX Group.
United Arab Emirates stocks lost ground last week mainly due to sell-off by foreign investors, analysts said.
The benchmark of the Dubai stock exchange inched lower closing week at 1,679 points, compared with the earlier week's close at 1,686 points, while the index of the Abu Dhabi bourse shed 1.4 per cent, closing at 2,523 points.
Qatar's benchmark fell 0.5 percent on weekly basis, closing at 8,785 points, while Bahrain's all-share index closed 0.4 percent in the red at 1,136 points.
Oman's all-share index climbed 2.4 per cent last week, closing at 5,981 points.
Egyptian shares extended losses last week due to the political uncertainty surrounding presidential election nominations and the holding of a massive Friday rally by the influential Muslim Brotherhood, analysts said.
Egypt's AGX 30 index, measuring the performance of the market's 30 most active stocks, plunged 2 percent on weekly basis, closing at 4,735 points.
© Arab News 2012
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