Arab stock markets reflected mixed performance this week in the wake of the release of all first quarter results, and financial analysts said Friday they expected regional bourses to remain steady in the light of soaring oil prices, according to dpa. "I believe markets will remain steady in the coming weeks as investors monitor new moving factors after the publication of almost all quarterly results," an Amman-based portfolio manager told Deutsche Presse-Agentur dpa. "We expect speculation to be the dominant element in the coming few weeks and believe soaring oil prices will continue to have a positive impact on Middle East bourses at least in the medium and long terms," he said. Saudi shares slipped this week breaking a series of gains that lasted for four weeks in what analysts described a profit taking move. The Tadawul All Share Index (TASI) of the Arab world's largest stock market shed 2.9 per cent this week, closing at 9,771.85 points from 10,066.16 points last week. A decision by the Saudi Monetary Agency to raise the ratio of required reserves that banks should deposit with SAMA apparently ignited worries on the part of investors that such move could affect the ability of banks to expand their lending activity, according to the Riyadh-based Bakheet Investment Group (BIG). In its weekly report, the consultancy house considered this week's decline in prices of Saudi stocks "unjustified", given the positive corporate results posted by listed firms. The report expected "a gradual increase" in prices of Saudi shares in the light of the "positive factors surrounding the market in general", a reference to the robust Saudi economy and surging crude prices. Jordanian shares firmed this week, buoyed by the strong performance of blue chip firms, notably the Arab Bank, the Arab Potash Co., the Jordan Phosphate Mines Co. and the Jordan Petroleum Refinery. "There is a strong demand on these strategic shares by foreign funds particularly from the oil-rich Gulf region," an analyst said. The all-share price index of the Amman Stock Exchange climbed 6.15 per cent this week, closing at 9,247 points compared with last week's close at 8,712 points, according to the ASE weekly report. Kuwait's all-share price index gained 1.0 per cent, closing week at 15,053 points from 14,755 points last week.
