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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.


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