Driven by a good performance of the banking sector, the Amman Stock Exchange closed the week up 2.10 per cent. Cairo Amman Bank soared 11.6 per cent to JD7.50, Jordan National Bank jumped by 13.3 per cent to JD2.05 while the Arab Bank rose slightly by 0.68 per cent to close at JD148.
The Beirut Stock Exchange recorded a weekly loss of 0.30 per cent on worries of possible economic sanctions following the recent UN Security Council calling on Syria to pull out of Lebanon. Solidere's "A" share ended 0.1 per cent lower at 7.20 while its "B" share retreated 0.8 per cent to 7.35.
The Palestine Stock Exchange posted a weekly gain of 8.52 per cent. Market turnover surged by nearly three folds reaching JD4.767 million (6.724 million). PADICO, still affected by its positive released results, jumped 8.33 per cent to 0.91. PALTEL, whose shares may soon be listed on the Amman Stock Exchange, soared by 11.5 per cent to close at JD3.89. Palestine Electric Company continued to decline dropping by 5.4 per cent to 1.58.
Witnessing a very volatile week as a result of large swings in speculative stocks of which the majority are considered financially unsafe and overvalued, the Saudi Stock Market closed one per cent lower. Saudi Electricity Company ended the week down 3.5 per cent at SR145.25 and Saudi Telecom Co. retreated 2.9 per cent to SR490.
Driven by strong buying interest, the Bahrain Stock Exchange ended the week up 2.3 per cent. The value of traded shares doubled reaching BD3.2 million ( 8.5 million). Ahli United Bank recorded a weekly gain of 5.8 per cent to close at 0.730, Bank of Bahrain and Kuwait surged 4.7 per cent to BD0.691 while Batelco ended 0.2 per cent down at BD0.915.
The Kuwait Stock Exchange registered a weekly gain of 0.6 per cent. Market Turnover fell by 0.6 per cent to KD264.1 million (895.3 million). Mobile Telecom rose 1.9 per cent to KD3.160 while National Bank of Kuwait remained stable at KD1.240.
United Arab Emirates (UAE):
Driven by expectations of increased activity in the weeks to follow, the Shuaa General Index ended last week 1.27 per cent higher. Emaar Properties rose by 1.4 per cent to AED5.94 while Etisalat closed slightly higher by 0.1 per cent at AED168.9.
The Muscat Securities Market closed up 0.46 per cent, with its year-to-date gains reaching 25.7 per cent. Bank Muscat retreated by 0.5 per cent ending the week at OR6.42 while National Bank of Oman remained at OR2.53.
The Doha Securities Market fell 0.72 per cent. The National Bank of Qatar retreated 1.7 per cent to QR177 while Qatar Telecom closed 0.2 per cent higher at QR200 and Qatar Commercial Bank fell 2.3 per cent to QR169.
Registering the highest weekly rise among Arab stock markets, the Cairo and Alexandria stock exchanges soared by three per cent. Orascom Telecom, acquiring 100 per cent stake in Sheba Telecom which is one of the mobile operators in Bangladesh, was up 1.2 per cent at EP143.46. Media Production City rose by 2.1 per cent to EP13.25 on news of it signing a contract with MBC.
The Casablanca Stock Exchange registered a weekly gain of 0.31 per cent. Benefiting from the announcement of the start of its negotiations with the government on a huge project, Oil refiner SAMIR surged by four per cent to MD338.05. Managem advanced 1.4 per cent to MD290.10 while ONA Group closed down 0.3 per cent at MD917.
Tunindex ended the week 0.37 per cent higher, with Sotetel down 1.8 per cent at TD37.1, UIB Bank ended 0.1 per cent lower at TD11.690 while SFBT advanced by 2.3 per cent to TD42.980.