Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Trump prepares to unveil sweeping new US tariffs on 'Liberation Day'    At least 22 civilians killed in Israeli strike on UNRWA clinic in Gaza    UK says it won't jump into US trade war as Starmer urges calm response to tariffs    Russia, Ukraine trade fresh accusations of violating US-brokered energy ceasefire deal    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Arab bourses dreary as investors observe
Published in The Saudi Gazette on 17 - 05 - 2008

Arab stock markets were steady this week as investors looked for new moving factors to decide their positions in the coming weeks, financial investors said Friday. “A mood of cautious optimism reigns at regional markets with investors looking for clues to help them to decide their portfolio holdings in the coming weeks,” Nizar Taher, head of brokerage at the Jordan Ahli Bank, told Deutsche Presse-Agentur (DPA).
“We believe regional stocks will continue to benefit from surging crude prices which indicate that huge surplus petrodollars will accrue to oil-rich countries in the region this year,” he said.
Saudi shares were volatile this week amid a retreat in demand caused by “unjustified” hesitation on the part of investors, according to the Riyadh-based Bakheet Investment Group (BIG).
The Tadawul All Share Index (TASI) of the Arab world's largest stock market edged higher this week closing at 9,783.19 points from 9,771.85 points last week.
TASI is currently 11.4 per cent lower than the year's start, the BIG report said.
The report expected the rising world prices of petrochemicals and fertilizers to have a positive impact on the share prices of the Saudi conglomerate, the Saudi Arabian Basic Industries Corp (SABIC), and the Saudi Arabian Fertilizers Co (SAFCO).
“We believe that the Saudi stock market was stressed by an unjustified volatile trend which runs counter to the positive outlook emanating from the robust economic engine in the country,” BIG said.
The group expected the soaring oil prices and a rising growth rate in the country to have “a positive impact on the market's performance” in the coming weeks.
Jordanian shares kept up their upward trend this week, propelled by strong performance of blue chip firms particularly the Arab Bank, the Arab Potash Co, the Jordan Phosphate Mines Co and the Jordan Petroleum Refinery. “A positive mood dominates the Amman Stock Exchange (ASE) particularly with the availability of huge liquidity and the presence of foreign funds,” Taher said.
The ASE all-share price index gained 0.23 percent this week, closing at 9,269 points up from 9,247 points last week.
Kuwait's KSE all-share price index shed 1.3 percent this week, closing on Tuesday at 14,864 points from 15,053 points last week.
The Kuwaiti bourse was closed on Wednesday and Thursday as part of national mourning for the death of former Emir Sheikh Saad Al-Abdullah Al-Sabah.
The benchmark price of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi declined 1.4 percent this week, closing at 6,189 points from 6,274 points last week.


Clic here to read the story from its source.