JEDDAH: Gulf stock markets were volatile this week, reflecting worries over the world economic recovery and the performance of global bourses, financial analysts said Friday. The volatility is also indicative of investors' concerns over the semi-annual results of listed firms that found expression in profit- taking, they added. Saudi shares faltered this week, led by the sectors of energy, transport and real estate. The Tadawul All Share Index (TASI) plunged 3 percent on weekly basis, closing at a three-month low of 6,540.23 points. Saudi analyst Mohammad Anqari played down the external effects on the Saudi market from the global bourses and news of slow economic recovery in the United States. He attributed the decline of Saudi shares this week mainly to active speculative trading, profit taking and investors' preference to stay out of the market to await second quarter results. Anqari expected Saudi shares to rally after the declaration of the semi-annual results in July, saying TASI could test the 7,000-point level later in the year, given high oil prices, the huge public spending and strong macroeconomic indicators. Elsewhere, Kuwaiti shares continued their weak performance this week due to the persistent political uncertainty and the absence of moving factors, analysts said. Kuwait's KSE all-share index shed 0.5 percent this week, closing at 6,305 points. United Arab Emirates shares put in a mixed performance, with the benchmark of the Dubai exchange falling 0.5 percent and closing at 1,556 points, while the all-share index of the Abu Dhabi stock exchange rose 1.15 percent, closing the week at 2,703 points. The benchmarks of Qatar and Bahrain closed in the green, rising 0.44 percent and 0.6 percent, respectively, at 8,276 points and 1,347 points. Major stock indexes headed for their fifth weekly loss in six weeks Friday on growing global economy worries. The Dow Jones industrial average was down 140.47 points, or 1.18 percent, at 11,983.89. The Standard & Poor's 500 Index was down 12.80 points, or 1 percent, at 1,276.20. The Nasdaq Composite Index was down 27.34 points, or 1.02 percent, at 2,657.53. World stocks as measured by the MSCI world equity index fell 1.3 percent. The index has lost 7 percent over the past six weeks, erasing almost all of its gains so far this year. European shares fell to a three-month closing low and posted their sixth week of losses. The FTSEurofirst 300 stock index ended 1.4 percent lower at 1,089.55 points. Japan's Nikkei closed up 0.5 percent. US crude oil fell more than $3 to a session low at $98.60 a barrel, before recouping some of that loss to trade at $99.19. Brent crude was down $1.30 at $118.27 a barrel, having risen to $120.07 earlier, the highest since May 5.
