Arab stock markets extended gains this week, mainly propelled by speculation on small caps by investors who seemed to adopt hit-and-run strategies pending breakthroughs in the world's fight against recession, dpa cited financial investors as saying today. "Regional markets were led this week by speculators who focused on small caps in the search for speedy profits to the exclusion of long-term blue chip commitments," an Amman-based portfolio manager told German Press Agency dpa. "I believe Arab markets will witness fluctuations in the coming weeks pending the publication of first quarter results and the emergence of clues as to the outcome of stimulus plans being adopted by the world's major economies to address the global downturn," he said. The Amman Stock Exchange (ASE) was the scene of fluctuations this week due to profit taking moves and attempts by many investors to stay on the sidelines to see the performance of listed firms in the first quarter of the year before taking new positions, analysts said. The ASE all-share price index shed 0.65 per cent this week, closing at 2,723 points, according to the market's weekly report. Kuwait's KSE all-share index gained 5.1 per cent this week, to close at 7,263 points. The benchmark prices of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi gained 1.88 per cent and 0.96 per cent, closing at 1,617 points and 2,542 points respectively.
