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MENAFN - Arab News - 13/11/2010

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(MENAFN - Arab News) Middle East stock markets closed week mixed ahead of a weeklong holiday marking the Eid Al-Adha feast that reaches a climax on Monday with pilgrimage over Mount Arafat, financial analysts said Friday.

Investors are expected to keep a close eye on oil prices and reactions of global markets to the outcome of G20 group conference in Seoul and the brewing fiscal problem in Ireland, they added.

I believe what happens on global markets during the Eid holiday will have an impact on Middle East bourses when markets reopen, an Amman-based portfolio manager told Arab News.

Oil prices will remain a key moving factors for regional markets during the coming weeks, he said.

Saudi shares extended gains last week, receiving support mainly from the petrochemical sector as crude prices climbed to a two-year high of about 88 dollars per barrel this week before easing.

The Tadawul All Share Index (TASI) of the Arab worlds largest stock exchange gained 1.57 percent on weekly basis, closing at 6,443.61 points.

In addition to the petrochemical firms which climbed 4.37 percent during the week, TASI also drew backing from the telecommunication sector which gained 2.4 percent.

The liquidity for the week came in at SR19.12 billion as compared to SR13.76 billion for the past week.

On a week-to-week basis, the sector activity was mostly negative with six out of 15 sectors closing with gains ranging from 0.08 percent by the cement sector to 4.37 percent by petrochemical industries sector. On the other hand the losses sectors for the week ranged from -0.08 percent by transport sector to -1.51 percent by retail sector and the industrial investment had no change.

The top gainers for the week were Saudi Advanced Industries Co. with a gain of 13.93 percent to close at SR13.90 and The Knowledge Economic City with a gain of 7.74 percent to close for the week at SR8.35. The top losers for the week on the other hand were Anaam International Holding Group Co. with a loss of -8.51 percent to close at SR 40.90 and The Zamil Industrial Investment Co. losing -7.39 percent to close at SR35.10, the Financial Transaction House said in its weekly market commentary.

Jordanian stocks were volatile last week as the attention of investors focused on the outcome of Tuesdays parliamentary elections which produced a pro-government lower house.

The all-share index of the Amman Stock Exchange (ASE) went up 0.8 percent last week, closing at 2,356 points, according to the markets weekly report.

Kuwaiti stocks incurred losses last week, led by the industrial and insurance sectors, which plummeted 5.19 percent and 5.02 percent respectively.

Kuwaits KSE all-share index plunged 2.45 percent, to close week at 6,950 points.

United Arab Emirates stocks were mixed last week. The Dubai benchmark shed 2.65 percent on weekly basis, closing at 1,692 points, due to lack of incentives ahead of the Eid holiday, analysts said.

The plunge was led by the investment, transport and real estate sectors, they added.

The Abu Dhabi all-share index gained 0.28 percent last week, closing at 2,758 points.

Egypts AGX 30 index, measuring that performance of the markets 30 most active stocks, edged lower, closing week at 6,763 points.

With input from Abdul Jalil Mustafa


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