02/04/2011
Arab stocks volatile ahead of first quarter results
TASI rising three percent;closing week at a six-week high of 6,562.85 points
Arab stock markets reflected mixed performance last week as investors sidestepped the impact of political turmoil to focus on first quarter results, financial analysts said.
Saudi stocks extended gains last week, led by the petrochemical, real estate, telecom and banking sectors.
The Tadawul All Share Index (TASI) of the Arab world’s largest stock exchange rose about three percent, closing week at a six-week high of 6,562.85 points.
TASI gained 10.46 percent in March, with most of the gains scored in the wake of the 130-billion-dollar spending package that was unveiled recently by the Custodian of the Two Holy Mosques, King Abdullah.
On a week-to-week basis, the sector activity was all positive except two losing sectors.
The gaining sectors ranged from 0.18 percent by the Hotel & tourism sector to 8.82 percent by the Insurance sector.
On the other hand, the transport and the cement sectors declined 0.73 percent and 2.41 percent respectively, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its weekly market report.
The stock market turnover surged to SR24.12 billion last week as compared to SR17.98 billion for the previous week.
Kuwaiti stocks were volatile last week, mainly due to the political woes that led to the resignation of the government to avoid grilling by opposition lawmakers, analysts said.
Kuwait’s KSE all-share index gained 0.17 percent on weekly basis, to close at 6,295 points.
The benchmark of the Dubai stock exchange closed week 0.2 percent in the green last week at 1,556 points, while the all-share index of the Abu Dhabi bourse shed 1 percent, closing at 2,607 points.
The Amman stock exchange continued its weak performance last week due to the absence of confidence and political developments in the country, Makhamreh said.
The ASE all-share index shed 0.3 percent this week, closing at 2,175 points.
