'Uprising' is one of 224 official entries this year
They pointed out that Middle East bourses, particularly in the Gulf region, would continue to be also affected by the performance of global markets and predictions of recovery in the world’s leading economies particularly in the United States and Europe.
“I believe attention of investors will now focus on the corporate results of the third quarter, particularly blue chips, to try to decide the direction of markets in the coming weeks,” Nizar Taher, chief of brokerage at the Jordan Ahli Bank, told the German Press Agency dpa.
However, he said, regional markets “will continue to come under pressure from developments on global bourses and prophecies of recovery.”
Taher said that oil prices would continue to represent a “major moving factor” for Arab stock markets in the coming months. Saudi shares stabilised over the level of 6,000 points for the second week in a row this week, deriving momentum from several factors, foremost the five billion dollar deal that was concluded between the Saudi Arabian Basic Industries Corp (SABIC) and the US giant Exxon Mobil Chemical for the construction of a synthetic rubber plant.
The Tadawul All Share Index (TASI) of the Arab world’s largest stock exchange edged lower closing week at 6,314.78 points, compared with last week’s close at 6,322.04 points.
TASI is currently 31.5 per cent higher than the year’s start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).
The BIG expected the Saudi market to retain its upward trend in the coming weeks, buoyed by optimism that the banking and petrochemical sectors would achieve good results in the third quarter of 2009.
Jordanian shares lost some ground this week due to lack of liquidity and speculative trading, Taher said. The all-share index of the Amman Stock Exchange shed 0.59 per cent this week, closing at 2,645 points, according to the ASE weekly report.
Kuwait’s KSE all-share index gained 1.2 per cent this week, closing at 7,849 points. The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi climbed 4.6 per cent and 1.7 per cent to close respectively at 2,297 points and 3,195 points.
'Uprising' is one of 224 official entries this year
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