JEDDAH: Gulf stock markets closed the week mixed as investors looked ahead to third quarter results, due to start coming out next week, financial analysts said Friday. Meanwhile, world stock markets mostly rose Friday after economic data from the US and China suggested the global recovery will continue, although at a moderate pace. After gains in Asia, Europe's indexes were mixed. Britain's FTSE 100 closed up 0.6 percent at 5,581.26 while Germany's DAX was 0.3 percent lower at 6,211.34. France's CAC-40 was down 0.7 percent at 3,688.40. Wall Street rose after chalking up its best September in 71 years. The Dow was up 0.2 percent to 10,805.54 while the Standard and Poor's 500 was 0.1 percent higher at 1,142.48. However, traders expected Gulf stocks to pick up in the coming weeks on rising oil prices and encouraging US and Chinese figures which could indicate a steady global economic recovery. Saudi shares were volatile this week, due to what analysts described as profit-taking moves ahead of the publication of third quarter results. The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange shed 0.66 percent this week, crashing down through the 6,400-point level and closing at 6,392.39 points. “I believe the level of 6,500 points has become a psychological barrier due to profit-taking practices,” Jeddah-based Saudi analyst Khalid Harethi said. “I think expectations relating to the third quarter results are the major reason for this week's retreat as investors prefer to keep their liquidity outside the market at this juncture, pending the release of third quarter earnings to decide their portfolios,” he added. Kuwaiti shares were the main gainer in the region this week, benefiting primarily from reports that Etisalat of the United Arab Emirates was offering to buy a 46 percent stake in Kuwait's telecom Zain group, in a deal amounting to $11 billion. Kuwait's KSE all-share index climbed 2.12 percent this week, closing at a four-month high of 6,985 points. The United Arab Emirates stocks were mixed this week, with the benchmark of the Dubai stock exchange losing 0.34 percent on a weekly basis, and closing at 1,684 points. The Abu Dhabi all-share index went up 1.28 percent, closing at 2,673 points. The Dubai index was the main gainer in the Gulf region in the third quarter, climbing 15.18 percent, mainly due to reports that Dubai World had reached agreement with the vast majority of its creditors for rescheduling about $25 billion of debts, analysts said. The quarterly gains of the stock exchanges of Abu Dhabi, Kuwait and Saudi Arabia were put at 6.42 percent, 6.47 percent and 4.9 percent respectively. Oil prices rose Friday on mixed global economic news from China and the United States. Benchmark oil for November delivery added $1.10 to $81.07 a barrel in afternoon trading on the New York Mercantile Exchange. It's the first time the price has topped $80 a barrel since early August. In London, Brent crude rose $1 to $83.31 a barrel on the ICE Futures exchange. Gulf stocks stand to gain in the coming couple of weeks from third quarter results as well as from climbing crude prices and better-than-expected figures in the US. The US dollar hit a six-month low versus the euro and global stocks trimmed gains on Friday on signs of slower US manufacturing growth and after Federal Reserve officials said more must be done to lift the economy. The dollar was down against major currencies, with the US Dollar Index down 0.62 percent at 78.232. The euro was up 0.84 percent at $1.3744, and against the Japanese yen, the dollar was down 0.12 percent at 83.35. Saudi Gazette/Agencies __
