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Arab stocks to be calm next week
AMMAN — Arab stock markets are expected to be calm next week ahead of an expected “upsurge” in share prices following the publication of the biannual results of listed firms.
“I believe markets will be lacklustre next week, but we are going to witness gradual rises in prices in the run-up for the publication of half-year results at the end of June, when a fresh upsurge is expected,” Wajdi Makhamreh, investment manager and head of brokerage at the Jordan Finance & Investment Bank, told Deutsche Presse-Agentur dpa.
He also predicted that regional bourses would benefit from this week’s World Economic Forum (WEF) conference at the Dead Sea and the improving political climate in Iraq and the Palestinian territories.
Jordan’s index closed the week 3.1 per cent up at 6,504 points, compared to last week’s close at 6,308 points, according to the Amman Stock Exchange weekly report.
Analysts expected Saudi stocks to score fresh gains next week after this week’s sharp fluctuations that culminated in a nosedive of 4 per cent on Wednesday in response to unfounded rumours about a deterioration in the health of King Fahd.
In Kuwait, the KSE all-share price index shed 0.6 per cent this week, to close at 8,432.1 points down from 8,484.3 points last week. UAE stocks also scored fresh gains this week, climbing 7.3 per cent while Abu Dhabi’s benchmark price rose 0.4 per cent.
The Tadawul All-Share Index (TASI) of the Arab world’s largest bourse ended the week on Thursday up 0.9 per cent at 12,477.61 points. The TASI is now 52 per cent higher than at the year’s start.
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