Arab stock markets showed mixed performance this week as investors appeared skeptical over the annual results of listed firms in the wake of the ongoing global financial crisis, analysts said Friday. “I believe most investors prefer to take a wait-and-see approach at this juncture when the world financial crisis keeps unfolding and listed firms prepare to announce their annual results early in January,” said Wajdi Makhamreh, chief operating officer at the Amman-based Sanabel International Holding. “I think markets will assume caution in the coming couple of weeks with analysts casting doubt on the 2008 performance of businesses in the region, which have been affected in one way or another by the global financial turbulence,” he said. Makhamreh pointed out that regional markets would be affected in the coming week, with the movement of oil prices plummeting on Thursday despite OPEC's decision to cut production by 2.2 million barrels per day. Saudi shares were volatile this week, but the Tadawul All Share Index (TASI) of the Arab world's largest bourse gained 5.3 percent since the resumption of trading on Saturday after a week-long Muslim holiday. TASI closed the week at 4,903.81 points, which represents a 55.5-per-cent decline since the beginning of the year. Kuwaiti stocks plunged further this week despite a decision by the central bank to trim the basic interest rate by 1.00 percent, to 3.75 percent.
