Gulf stocks wavered this week as investors continued to come under pressure from the eurozone debt ordeal, financial analysts said Friday. Investors are reluctant to take big positions because no one knows how Europe's problems will be resolved, they said. They expected speculative trading to dominate regional markets in the coming couple of weeks in the absence of fresh moving factors. Saudi stocks edged higher this week with the Tadawul All Share Index (TASI) closing at 6,219.95 points, compared with the previous close at 6,215.79 points. Saudi analysts expected the benchmark to move sideways in the coming couple of weeks as investors focus attention on steps being taken by European leaders to address the debt crisis. The Saudi market is also awaiting the release of the public budget which is expected to provide lavish spending that directly affects a number of sectors, particularly the construction industry and banking, Riyadh-based analyst Rashed Fouzan said. Fouzan expected speculative trading to dominate the Saudi market in the coming few weeks, saying “the annual earnings of listed firms will be crucial in lifting the benchmark” toward the 7,000 points. Kuwait's KSE all-share index closed the week unchanged at 5,880 points. Analysts believed Kuwaiti stocks would come under pressure next week as a result of the renewed political turmoil in the country. The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi closed 0.4 percent and 0.3 percent in the red this week, respectively at 1,379 points and 2,474 points. Qatar's index gained 1.3 percent on a weekly basis, closing at 8,744 points, while Bahrain's benchmark ended week 1.1 percent up at 1,168 points.
