30/04/2011
Arab stocks mixed on quarterly results, geopolitics
TASI gains 2.3 percent;closing at 6,724.26 points
Arab stock markets showed mixed performance last week as investors came under the impact of the first quarter results and regional political turmoil, financial analysts said.
They expected the surging oil prices to boost regional stocks in the medium and long terms through the growing income surpluses due to accrue to Arab oil producers particularly in the Gulf region.
The Saudi and Kuwaiti stock exchanges led the gainers, while the UAE shares suffered due to declining quarterly profits of the real estate sector.
Saudi shares rallied last week, buoyed mainly by the petrochemical sector which posted a 51.5 percent increase in the first quarter profits.
The Tadawul All Share Index (TASI) of the Arab world’s largest bourse, gained 2.3 percent on weekly basis, closing at 6,724.26 points.
The KSE all-share index went up by 1.24 percent, to close week at 6,522 points.
The benchmarks of the Dubai and Abu Dhabi stock exchanges shed 2.8 percent and 0.6 percent, to close week respectively at 1,634 points and 2,695 points.
