Saudi stock market will tread into positive territory in the coming weeks amid strong crude prices. Saudi shares were volatile this week, with the Tadawul All Share Index (TASI) trying several times to crash the 6,800-point psychological barrier, analysts said. TASI shed 0.4 percent this week, closing at 6,774.98 points, pulled down mainly by the petrochemical and banking sectors. “The market could witness a corrective move as traders waited for first quarter results,” Abdullah Baeshen, board chairman of the TeamOne financial consultancy told Al-Arabiyah television.He expected the petrochemical and telecom sectors to give an impetus to the Saudi market in the coming weeks, given the rising prices of crude and petrochemical products. Jordanian shares extended gains this week, buoyed by strong local and foreign demand, particularly on real estate and industrial stocks, analysts said. Gulf stock markets showed varying performance this week as investors awaited the release of first quarter results, financial analysts said Friday. The Dubai bourse was the main loser, with analysts attributing the decline to trader pessimism ahead of the first quarter reports. “I believe regional investors prefer to pursue a wait-and-see approach at this juncture pending the publication of first quarter results to decide their positions in the coming period,” one trader said. “However, we still think that regional markets stand to score fresh gains in the coming weeks, given the rising oil prices and the improvement in performance of listed firms as reflected by published reports.”
