US says it will not limit arms transfers to Israel    There is nowhere safe in Gaza, UNRWA director says    Archbishop of Canterbury resigns over Church abuse scandal    Surge in Russian drone strikes test Ukrainian defenses and devastate families    Don't sit on the toilet for more than 10 minutes, doctors warn    Energy minister leads Saudi delegation to COP29 Baku    "Tilal" launches "Heart of Khobar" project costing SR6 billion at "Cityscape Global" in Riyadh    Saudi Cabinet upbeat about Riyadh summit strengthening joint action to stop Gaza war    Saudi drivers' income from delivery applications reaches SR1.1 billion in first 9 months of 2024    Saudi Arabia advances 22 ranks in World Bank's Statistical Performance Index    Saudi Champion Saeed Al-Mouri scores notable feat in Radical World Championship in Abu Dhabi with support from Bin-Shihon Group    EXPRO chief: Financial proceeds of expenditure efficiency amounted to SR1.15 trillion    'Marvels of Saudi Orchestra' to dazzle audience in Tokyo on Nov. 22    Riyadh: The hub of wisdom and the pillar of solidarity    Pakistan PM visits MWL headquarters in Makkah    Red Sea International Film Festival returns to Al Balad in its fourth edition    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    Al Ahli continues strong form with 2-0 win over Al Raed in Saudi Pro League    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Arab bourses plunge as investors ride speculation wave
Published in Saudi Press Agency on 30 - 03 - 2007


Arab stock markets lost tangible ground this week
amid a fresh spate of speculation, declining liquidity and panic
sell-offs as the first quarter of the year drew to an end, financial
analysts said Friday, according to dpa.
However, they expected regional shares to pick up in the coming
couple of weeks, saying low stock prices "should lure investors to
buy".
"I believe panic sell-offs, tangibly diminishing liquidity and
retreating confidence were behind this week's plunge that was led by
the Saudi bourse," an Amman-based portfolio manager told Deutsche
Presse-Agentur dpa.
"The decline was apparently aggravated by the forced liquidation
of margin investors' positions," he said.
Analysts expected a rebound in most of regional stock markets
during the coming couple of weeks, particularly with the publication
of first quarter results.
The Saudi stock exchange, the Arab world's largest bourse, was the
scene of sharp decline this week that was fuelled by profit taking
pressures on the part of scared investors who wanted to evade further
losses.
The Tadawul All Shares Index (TASI) plummeted 7.8 per cent this
week, closing at 7,889.74 points, down from 8,560.82 points last
week.
The Riyadh-based Bahkeet Financial Advisors (BFA) expected the
first quarter results, particularly of blue chip firms, to represent
the market's "driving engine" for the coming few weeks.
"Speculative stocks will continue their downward trend until the
corporate results are out, against the expectation that they will
suffer further losses," the BFA weekly report said.
Other analysts blamed "rumours about imminent collapse of the
market" for this week's plunge.
Jordanian shares lost ground for the second week in a row led by
the heavyweight Arab Bank, which is scheduled to hold its annual
meeting of shareholders later Friday.
"I believe the direction of the Amman Stock Exchange (ASE) will
depend to a large extent on the whether the Arab Bank meeting is
going to adopt the distribution of bonus shares," said Nizar Taher,
head of trading at the Jordan Ahli Bank.
The ASE all-share price index shed 3.06 per cent this week,
closing at 6,149 points, down from 6,343 points last week, according
to the market's weekly report.
Kuwait's KSE all-share price index fell 0.8 per cent this week, to
close at 10,222 points compared with last week's close at 10,303
points.
The unified all-share price index of the Arab Emirates stock
exchanges of Dubai and Abu Dhabi also shed 1 per cent this week,
closing at 3,846 points from 3,882 points last week.
Analysts attributed the retreat of UAE stock prices partly to the
crisis between Iran and Britain over Tehran detention of British
sailors in the Gulf waters.


Clic here to read the story from its source.