Amman (dpa) – Arab stock markets were volatile in the first week of 2012 as investors awaited the release of annual results to decide their future holdings, financial analysts said Friday. “I believe investors are currently focusing on the fourth-quarter results and annual earnings to decide the composition of their holdings for the coming weeks,” an Amman-based portfolio manager said. “For the medium and long terms, Arab stocks will certainly respond to any developments on the global scene, particularly steps taken by European policymakers to come to grips with the eurozone sovereign debt ordeal,” he said. Saudi Arabia's Tadawul All Share Index (TASI), the largest stock exchange in the Arab world, inched lower to close at 6,407.87 points from last week's close of 6,418.13. Analysts, however, saw as positive the benchmark's closing above the psychological level of 6,400 points for the second week in a row. “I believe the market will be testing higher levels in the coming days, especially after blue chips disclose their profits and dividends,” said Saudi analyst Mohammad Anqari. Anqari and other analysts contended that the Saudi stock market stood to gain from the strong economy of the world's largest oil exporting country and huge public spending projected for the coming few years. Kuwaiti stocks lost ground this week as investors came under pressure amid the political uncertainty in the country. A standoff between the government and the opposition prompted ruler Sheikh Sabah al-Ahmad al-Sabah to dissolve parliament and call early elections on February 2. Kuwait's KSE all-share index lost 1.5 percent on weekly basis to close at 5,727 points, its lowest point in six years. The benchmarks of the United Arab Emirates stock exchange of Dubai shed 0.3 percent, closing at 1,349 points; while Abu Dhabi's index inched lower closing at 2,399 points from last week's close at 2,402. Qatari stocks were the main gainers in the region this week, with the benchmark of the Doha stock exchange rising by 1.2 percent and closing at 8,886 points. Bahrain's index closed 0.5 percent in the red, at 1,138 points. Jordanian shares continued to suffer as a result of the liquidity crunch and the fallout of the Syrian uprising, analysts said. The all-share index of the Amman Stock Exchange (ASE) shed 0.7 percent, closing at 1,982 points. Analysts attributed this week's recovery of Egyptian shares to a steadily improving political atmosphere and peaceful third stage of elections. Egypt's AGX 30 index, which measures the performance of the market's 30 most-active stocks, gained 0.8 percent to close at 3,650 points. BM ShortURL: http://goo.gl/4bUpl Tags: Arab World, Economy, Stocks Section: Business
