Arab stocks falter under Egypt impact
TASI of the Saudi stock exchange shed 2.75 percent on weekly basis
Arab stock markets plummeted across the board last week as investors came under psychological pressure from fallout of the Egyptian uprising, financial analysts said Friday.
Saudi shares fluctuated violently last week due to losses incurred by the Egyptian bourse amid reports that 12 listed Saudi firms were involved in Egyptian projects.
The Tadawul All-Share Index (TASI) of the Saudi stock exchange shed 2.75 percent on weekly basis after plunging more than 6 percent on Saturday, the first day of the trading week.
The Saudi benchmark, which closed the week at 6,513.28 points, found support from rising oil prices, given the status of Saudi Arabia as the world’s largest oil exporting country, analysts said. Saudi analyst Mohammad Anqari attributed the surging oil prices mainly to the Egyptian unrest and fears on the part of Western governments and oil strategists that the uprising could lead to the closure of the Suez Canal and force oil tankers to go around the Cape of Good Hope.
Kuwait’s KSE all-share index fell 2.44 percent last week under the impact of the geopolitical factors, closing at 6,774 points.
The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi declined by 0.87 percent and 0.79 percent last week to close respectively at 1,581 points and 2,645 points.
Jordanian shares were the least affected by the Egyptian uprising in the region due to the almost negligible Jordanian investments in Egypt, analysts said.
The all-share index of the Amman Stock Exchange gained 2.4 percent on weekly basis, closing at 2,402 points, according to the ASE weekly report.