Arab stock markets are expected to be volatile in the coming few weeks as investors look for clues to half-year results, financial analysts said Friday, according to dpa. "We expect attention of traders to focus in the coming weeks on the performance of listed firms in the first half of the year," an Amman-based portfolio manager told Deutsche Presse-Agentur dpa. "Therefore, we think speculation and hit-and-run tactics will prevail at regional bourses until the end of June," he said. However, the analyst pointed out that Middle East stock markets "stood to benefit" from adamantly soaring oil prices which indicated that huge surplus petrodollars would accrue to Arab oil-producing countries. Saudi shares were steady this week after a series of declines that were prompted by retreating confidence over the past weeks. The Tadawul All Share Index (TASI) of the Saudi stock exchange gained 1.8 per cent this week, closing at 9,661.48 points from 9,491.31 points last week. TASI is currently 12.5 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG). The report expected investors' attention to "turn now to the semi- annual financial results of firms, particularly blue chips, the prices which have declined to buy-opportunity levels." The market is now "poised for a new clearer era, during which stocks will live up to the positive macroeconomic developments" of Saudi Arabia, the world's largest crude exporter, the BIG said. Jordanian shares extended gains this week, buoyed by strategic stocks, particularly the Arab Potash Co. and the Jordan Phosphate Mines Co. The all-share price index of the Amman Stock Exchange climbed 5.91 per cent this week, closing at 9,850.71 points from 9,301 points last week, according to the ASE weekly report. "The large trading volume indicates the presence of strong demand, particularly from foreigners and Gulf investors, for Jordanian stocks particularly blue chip shares," a Jordanian analyst said. Kuwaiti shares gained 1.3 per cent this week, closing at 15,214 points compared with last week's close at 15,014 points. The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi went up 2.1 per cent this week, closing at 6,338 points from 6,205 points lat week. The UAE all-share price index gained 5.3 per cent since the beginning of the year, financial analysts said.
