Gulf bourses would come under fresh pressure this week due to the persistent world fears of prolonged recession, Thursday's dramatic sell-off at the Wall Street and European stock markets and the sharp fall in oil prices. Gulf stock markets closed the week mixed as investors remained wary despite the agreement to raise the US debt ceiling, financial analysts said Friday. Global stocks rebounded Friday after the US added more jobs. The regional petrochemical industry were seen to come under fresh pressure as a result of a 10 percent decline in crude prices this week due to global growth fears. Saudi shares were volatile this week as investors preferred to remain on the sidelines pending new moving factors and clearing the ambiguity surrounding global markets. The Tadawul All Share Index shed 0.33 percent on weekly basis, closing at 6,423.87 points. “This is a clear area where investors can move safely with minimum speculative trading, given the second quarter results and the ongoing global economy concerns,” Saudi analyst Mohammad Anqari said. He expected the index to test resistance points between 6,400 points and 6,600 points and support levels less than 6,400 points in the coming weeks “with the market trying to absorb any bad news coming from outside the coun.”
