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Gulf stocks extend losses on world growth woes, oil
Saudi Gazette
Published in The Saudi Gazette on 14 - 08 - 2010

Gulf markets closed the week lower amid pressure from the global market slump, a gloomy outlook for the world economic recovery and falling oil prices, financial analysts said Friday.
“Investors are still very cautious about entering the market,” said Mohamed Khaled, risk manager at Prime Emirates.
“Markets here are lower because of what is happening in the global markets, there is some aggressive selling because of concerns of the economy - crude oil also went down - which all affect us here,” Khaled said.
“Focus is on the weakness in international markets and weaker commodities, primarily oil,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd.
However, analysts expected the robust European growth revealed on Friday to have a positive impact on Middle East markets through increasing demand for oil and spurring prices of crude oil.
Oil prices fell more than 5 percent this week due to discouraging indicators of the US economy, pushing down prices of Gulf stocks.
Saudi shares lost ground mainly due to falling oil prices, faltering world recovery and the departure of many Saudi investors for summer vacations that coincide this year with the fasting month.
The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange shed 1.79 per cent this week, closing at 6,187.97 points.
The fall of newly-issued stocks below their face value appeared to have aggravated the situation, member of the Saudi Economic Society, Abdul Hamid Omari, said.
He attributed this phenomenon to the lack of confidence and withdrawal of Saudi investors from the market due to the advent of the month of Ramadan.
Omari expected dealings on the Saudi stock exchange to be flat during the fasting month, barring any negative international developments.
Kuwaiti shares edged higher this week, receiving support from the banking sector, analysts said.
Kuwait's KSE all-share index closed week at 6,671 up from last week's close at 6,666 points.
United Arab Emirates stocks plunged this week due to profit taking and the continuing ambiguity over the Dubai World debt crisis, analysts said.
The benchmarks of the Dubai and Abu Dhabi exchanges fell 3 per cent and 2.28 per cent, closing respectively at 1,472 points and 2,471 points.
US stocks closed down for the fourth consecutive day on Friday. The Dow Jones Industrial Average was down 16.80 points (0.16 percent) to 10,303.15 despite earlier modest gains.
The tech-rich Nasdaq composite index lost 16.79 points (0.77 percent) to 2,173.48 while the broader S&P 500 index fell 4.36 points (0.40 percent) at 1,079.25.


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