Arab stocks bullish on high oil prices, global recovery hopes 

(MENAFN - Arab News) Arab stock markets rallied across the board last week, buoyed by surging oil prices and the solid data about the performance of US and German economies, financial analysts said Friday.

They expected the Greek parliament's approval of the second bailout deal to have a positive impact on Middle East markets in the coming weeks.

"I believe rising oil prices and the latest signs of sustainable world recovery are the main factors behind this week's substantial gains by Arab bourses," Wajdi Makhamreh, CEO of the Amman-based Noor Investments, told Arab News.

"I think the austerity measures adopted by the Greek government under the new bailout plan have also helped to restore confidence in regional markets, particularly in the Gulf area," he said.

Kuwaiti shares extended gains last week, led by the investment and services sectors, analysts said.

Kuwait's KSE all-share index gained 1.84 per cent on weekly basis, closing at 6,092 points.

The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi climbed 7.65 percent and 2.6 percent on weekly basis, closing respectively at 1,632 points and 2,539 points.

Qatar's index rose 2.2 percent, closing week at 8,733 points, while Bahrain's benchmark gained 0.9 percent, closing at 1,154 points.

Jordanian stocks were volatile last week due to lack of confidence and a liquidity crunch, Makhamreh said.

The all-share index of the Amman Stock Exchange (ASE) inched lower closing week at 1,954 points, compared with earlier week's close at 1,957 points.

Egyptian stocks kept up their vigorous performance last week encouraged by the relative political stability and easing violence, analysts said.

Egypt's AGX30 index, which measures the performance of the market's 30 most active stocks, climbed 3.5 percent on weekly basis, closing at 5,142 points.

The Egyptian bourse was led over the past few days by the housing and real estate sectors following reports that Qatar's Barwah group was mulling the implementation of a large land development project in Egypt.