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Arab bourses volatile ahead of semi-annual results
Published in Saudi Press Agency on 13 - 06 - 2008


Volatility and speculation are expected to prevail
at Arab stock markets in the coming few weeks as investors monitor
performance of listed firms in the first half of the year, financial
analysts said Friday, according to dpa.
"I believe caution and speculation will prevail at regional
markets in the coming weeks as investors look out for the semi-annual
corporate results," Nizar Taher, head of brokerage at the Jordan Ahli
Bank, told Deutsche Presse-Agentur dpa.
"However, I think regional stocks stand to benefit a lot from
adamantly soaring oil prices and the subsequent surplus petrodollars
that will be seeking investment outlets including stock markets," he
said.
Taher and other analysts pointed out that the widely expected good
results of firms, particularly blue chips, in the first two quarters
of the year would represent a moving factor for stocks in July.
Saudi shares were volatile this week amid moves of profit-taking
and speculation.
The Tadawul All Share Index (TASI) of the Arab world's largest
stock exchange gained 0.3 per cent, closing week at 9,688.45 points
from 9,661.48 points last week.
TASI is currently 12.2 per cent lower than the year's start,
according to the weekly report of the Riyadh-based Bakheet Investment
Group (BIG).
"Investors are waiting for the half-year corporate results", which
are expected to start coming out in the first week of July, the BIG
report said.
Jordanian shares extended gains this week propelled by the
skyrocketing prices of blue chip firms, foremost 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 6.02
per cent this week, closing at 4,819.91 points, according to the ASE
weekly report.
"We believe that strategic firms will continue to lead the market
for weeks to come, thanks to local and foreign high demand for their
shares," Taher said.
Kuwait's KSE all-share index gained 0.6 per cent this week, to
close at 15,306 points compared with last week's close at 15,214
points.
The benchmark price of the United Arab Emirates stock exchanges of
Dubai and Abu Dhabi shed 1.6 per cent this week, closing at 6,238
points from 6,338 points last week.
Egypt's CASE 30 Index, measuring performance of the bourse's 30
most active shares, gained 0.43 per cent on Thursday to close week at
10,697 points.


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