Gulf stock markets closed the week mixed as investors reacted in different ways to falling oil prices and the slump on world markets due to renewed doubts over global recovery, financial analysts said Friday Saudi market was the main loser, reflecting worries over falling oil prices, they said. Saudi shares remained volatile, reflecting movement of oil prices, shrinking liquidity and worries of global markets, analysts said. The Saudi stock benchmark Tadawul All Share Index (TASI) shed 1.96 percent this week, closing at 6,001.24 points. At one point, TASI fell about 1 per cent below the 6,000-point psychological barrier with pressure from the petrochemical sector in what analysts described as profit taking. The analysts expected trading to remain sluggish in regional markets until the end of Ramadan. The benchmark of the Dubai exchange gained 0.36 per cent on the week, closing at 1,497 points, while the Abu Dhabi index shed 0.23 per cent, closing at 2,501 points. Kuwaiti stocks were volatile this week due to profit-taking tactics despite reports of fresh liquidity entering the market. The KSE all-share index shed 0.54 percent on weekly basis and analysts said the market found support from the banking and investment sectors. “Optimism has apparently returned to the market after the government dropped hints it wants banks to play a role in financing a development plan.”
