Mar 24 2012 |
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Arab stocks volatile on profit-taking ahead of Q1 results
By ABDUL JALIL MUSTAFA AMMAN: Arab stock markets ended last week mixed due to profit-taking tactics due to lack of new incentives and ahead of the first quarter results, financial analysts said Friday."I think investors prefer a wait-and-see approach at this juncture pending clues to the first quarter earnings," an Amman-based portfolio manager told Arab News.
He expected regional markets to come under pressure next week from reports indicating a slowdown in China and the euro zone.
Kuwaiti stocks fluctuated throughout the week due to lack of fresh incentives and the delay in the declaration of 2011 results by some firms, according to Kuwaiti analyst Suleiman Wogayyan.
United Arab Emirates shares suffered last week due to sell-off by foreigners, analysts said.
The benchmarks of the Dubai and Abu Dhabi stock exchanges shed 1.4 percent and 2.2 percent, to close week respectively at 1,660 points and 2,568 points.
Qatar's all-share index inched lower closing at 8,653 points compared with last week's close at 8,660 points.
Bahrain's benchmark fell 0.4 per cent last week, closing at 1,148 points.
Muscat's all-share index inched higher closing at 5,958 points from 5,951 points last week.
Jordanian shares were volatile due to persisting liquidity crunch and lack of confidence, analysts said.
The all-share index of the Amman Stock Exchange (ASE) closed week almost unchanged at 1,1994 points.
Egyptian shares moved side ways reflecting the ambiguous political situation in the country which prepares for presidential elections at the end of June.
Egypt's AGX30 index, which measures the performance of the market's 30 most active stocks, shed 0.5 percent on weekly basis, closing at 5,145 points.
© Arab News 2012
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