Gulf stock markets finished the week with mixed results as investors continue to worry about political instability in the region, financial analysts said Friday. Analysts, however, expect stocks in the Gulf to rally in the last week of 2011 over positive US economic data and moves by European policymakers to solve their debt crisis. Saudi shares rallied this week, buoyed ahead of the unveiling of the budget and oil prices that were above $100 a barrel, analysts said. “I believe these factors have given rise to an atmosphere of optimism at the Saudi market,” said analyst Mohamamd Emran, chairman of the Riyadh-based Gulf Center for Financial Consultancy. The Tadawul All Share Index (TASI) of the Saudi stock exchange gained 1.5 percent on weekly basis, to close at 6,330.01 points. Elsewhere, Kuwaiti stocks extended losses this week because of the political turmoil caused by the dissolution of parliament and plans for early elections next year. Kuwait's KSE all-share index shed 0.5 per cent this week, to close at 5,794 points. The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi also closed 2 per cent and 2.6 per cent in the red with weekly closures at 1,339 points and 2,351 points respectively. Qatar's all-share index gained 0.3 percent on weekly basis closing at 8,780 points, while Bahrain's benchmark fell 1.4 percent to close the week at 1,143 points. Wall Street stocks charged higher Friday and oil prices edged up as recent economic data reinforced a slightly better outlook for the US economy. The Dow Jones industrial average is up 26 points, or 0.2 percent, at 12,196 in early trading. The S&P 500 is up 3, or 0.3 percent, at 1,257. The Nasdaq is up 6, or 0.2 percent, at 2,605. European stocks rose Friday, the last trading day before the Christmas break, as traders temporarily put aside the debt crisis worries that have roiled markets for most of 2011. London's benchmark FTSE 100 climbed 1.02 percent to close at 5,512.70 points. The index ceased trading earlier than usual ahead of the long festive weekend. Paris' CAC-40 climbed 0.99 percent to 3,102.09 points. In Frankfurt the DAX 30 added 0.46 percent to 5,878.93 points. Rome added 0.31 percent and Madrid 0.94 percent. The euro was stable at $1.3053 against $1.3050 in New York late Thursday.
