JEDDAH: Gulf stock markets ended a mixed week as investors resorted to profit taking and speculation tactics, pending the publication of first quarter results, financial analysts said Friday. They contended that the rising oil prices would help boost regional stocks in the medium and long terms. The Saudi stock exchange was this week the scene of violent fluctuations and profit taking moves that put downward pressure on blue chips, particularly the petrochemical sector which had scored tangible gains over the past couple of weeks. The Tadawul All Share Index (TASI) of the Arab world's largest bourse gained 0.18 percent on a weekly basis, closing at 6,574.66 points. "I believe the market is calm after investors pushed down prices of leading stocks through profit taking and speculation moves pending the release of quarterly results," Saudi analyst Mohammad Anqari said. He said that such situation lured investors to resort to small caps, "which is a normal behaviour during lackluster situations." Anqari expected a 20 percent jump in the quarterly profits of petrochemical firms, particularly the Saudi Basic Industries Corp. (SABIC), given the latest rises in prices of crude oil and petrochemical products and predictions that oil prices could rise to 120 dollars a barrel. "I think the world demand for petrochemical products will also gather momentum with the improving global economy," he said. Kuwaiti stocks rebounded this week, apparently benefiting from receding political woes as the Emir ordered the formation of a new government. Kuwait's KSE all-share index gained 0.84 percent this week, to close at 6,348 points, led by the investment sector, analysts said. The benchmark of the United Arab Emirates stock exchange of Dubai closed week marginally lower at 1,555, points while the all-share price index of the Abu Dhabi bourse shed 0.39 percent on weekly basis to close at 2,597 points. Qatar's all-share index gained 2.5 percent on a weekly basis, closing at 8,668 points. Bahrain's benchmark shed 0.95 percent this week, to close at 1,411 points. Egypt's AGX 30 index, which measures the performance of the market's 30 most active stocks, fell 0.7 per cent on a weekly basis to close at 5,425 points, in thin trading. Analysts attributed the decline to profit taking moves through which traders wanted to benefit from last week's jump, which came in the wake of the reopening the Egyptian bourse on March 23.
