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Arab stocks set to benefit from improving geopolitics
Published in Saudi Press Agency on 30 - 05 - 2008


Arab stock markets stand to gain from improving
geopolitics in the region, particularly the national reconciliation
in Lebanon and the Israeli-Syrian peace talks, financial analysts
said Friday, according to dpa.
"I believe regional bourses will respond positively to the
geopolitical developments as represented by the subsiding of the
Lebanese political crisis and the peace talks between Israel and
Syria," Wajdi Makhamreh, Chief Operating Officer of Amman-based
Sanabel International Holding told Deutsche Presse-Agentur dpa.
He said that the improving economic conditions in the United Sates
that helped to alleviate slowdown predictions would have a positive
impact on Middle East bourses.
The movement of oil prices and the second quarter results will
have an impact on decisions of investors in the coming weeks, he
said.
"However, we do not exclude profit taking intervals that put
downward pressure on prices at times," Makhamreh said.
Saudi shares lost further ground this week mainly under the
downward psychological pressure of the listing of the 1 billion free-
float shares of Al-Inma Bank, according to the Riyadh-based Bakheet
Investment Group (BIG).
The Tadawul All Share Index (TASI) of the Arab world's largest
bourse shed 1.87 per cent this week, closing at 9,491.31 points from
9,672.62 points last week.
TASI is currently 14 per cent lower than the year's start, the BIG
weekly report said.
The BIG expected "the negative psychological impact to dissipate"
after the listing of Al-Inma Bank.
"This will help the market to rally during the coming period,
given Saudi Arabia's robust macroeconomic factors, surging oil prices
and the attractive financial results of listed firms," the report
said.
Jordanian shares extended gains this week, led by blue chip firms
particularly the Arab Potash Co., the Jordan Phosphate Mines Co. and
the Jordan Petroleum Refinery.
The all-share price index of the Amman Stock Exchange gained 1.32
per cent this week, closing at 9,301 points compared with last week's
close at 9,179 points, according to the ASE weekly report.
Kuwait's KSE all-share price index gained 0.2 per cent this week,
to close at 15,014 points from 14,979 points last week.
The benchmark of the United Arab Emirates stock exchanges of Dubai
and Abu Dhabi went up 0.6 per cent, closing at 6,205 points from
6,166 points last week.


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