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Arab stocks steady, buoyed by midyear results
AMMAN - Arab stock markets appeared to have derived momentum this week from semi-annual results of listed firms, but financial analysts said on Friday they expected regional shares to move sideways pending the emergence of fresh incentives.
“Despite this week’s rebound by Saudi, Jordanian and UAE stocks, we believe regional bourses will be volatile during the coming weeks as investors monitor the emergency of fresh moving factors,” an Amman-based portfolio manager said.
“We think that speculation would continue to dominate Middle East markets in the coming weeks in the absence of clues as to where stocks were heading,” he added.
Saudi shares resumed their upward trend this week, apparently buoyed by the strong performance of blue chips in the first six months of the year.
The Tadawul All Shares Index (TASI) of the Arab world’s largest stock exchange climbed 2.3 per cent this week, closing at 7,715.62 points up from 7,538.94 points last week.
TASI is currently 2.7 per cent lower than the year’s start, according to the weekly report of the Riyadh-based Bakheet Financial Advisors (BFA).
The report attributed the rise mainly to the midyear results of the telecom sector and the “growth potential of telecom companies, especially plans by the Saudi Telecom Company (STC) to expand its operations to new markets outside the country.
“TASI also gained from the positive performance of the banking stocks,” the BFA added.
Judging by profits recorded in the first two quarters of the year, Saudi banks showed “ability to improve operational activities and assimilate the loss caused by the shrinking trading commission”, it added.
The BFA noticed that the doubling of the daily trading volume at the Saudi stock exchange over the past five weeks “reflected a positive sign for investors’ confidence in the Saudi market.”
Jordanian shares were also steady this week as demand continued to build up for speculative small cap stocks.
The all-share price index of the Amman Stock Exchange gained 0.52 per cent this week, closing at 5,698 points compared with last week’s close at 5,669 points, according to the ASE weekly report.
Kuwait’s KSE all-share price index retreated marginally this week to close at 12,478 points from 12,501 points last week in what analysts described as a profit taking move.
The decline followed a rebound that lasted for several weeks which was a reflection of good performance of Kuwaiti firms.
According to the weekly report of the Bayan Company, 142 Kuwaiti firms so far announced midyear profits amounting to 2.52 billion Kuwaiti dinars (9 billion dollars).
The all-share price index of the UAE stock exchanges of Dubai and Abu Dhabi gained 0.9 per cent this week, closing at 4,415 points compared with last week’s close at 4,376 points.
The UAE benchmark price is currently 9.53 per cent higher than the year’s start.
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