JEDDAH: Gulf stock markets gained fresh ground this week as investors appeared upbeat over the second quarter results and macroeconomic indicators. However, they expected regional markets to remain under pressure in the coming weeks from the Arab political turmoil, the Greek sovereign debt crisis and the slow recovery of the US economy. The report said that Arab bourses lost 37.7 billion dollars, or 3.83 per cent of their value, since the beginning of 2011, due to a retreat in investors' confidence and the departure of foreign funds invested in the region. A report by the Kuwait Assets Management Co. put the total capitalization of Arab stocks on June 13, at about $946 billion. It noted that Arab bourses lost $37.7 billion, or 3.83 percent of their value, since the beginning of 2011, due to a retreat in investors' confidence and the departure of foreign funds invested in the region. The brunt of the losses was borne by the six Gulf Cooperation Council states due to the close links they forge with global markets, the report added. Over the weekend, however, Saudi stock benchmark Tadawul All Share Index closed marginally higher at 6,546.06 points, compared with last week's close at 6,540.23 points. Saudi analyst Mohammad Anqari painted a positive image for Saudi stocks in the coming months, saying he expected TASI to test the 7,000-point and later the 7500-point areas before the end of the year. "The market is expected to score gains ranging between 15 percent and 20 percent," he said, citing earnings, macroeconomic indicators and high oil prices. Anqari estimated the total earnings of listed firms at SR88 billion ($23.5 billion) for 2011. "The main external impact on the Saudi market will come from the Chinese economy, as China is a main importer of Saudi petrochemicals," he said. Kuwait's KSE weighted index increased 0.7 percent or 3 points at 443 level, while the KSE price index gained 0.5 percent or 30 points closing at 6,337 level.. The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi gained 2.84 percent and 2.15 percent this week, to close respectively at 1,6001 points and 2,761 points. Qatar's all-share index gained 0.52 percent at 8,320 points.
