Arab investors eye Q1 earnings

31/03/2012 07:57 AST

Arab stock markets closed mixed last week as investors were involved in profit-taking moves and bids to obtain clues to the first quarter results, financial analysts said Friday.

They expected regional markets to move sideways in the coming couple of weeks until the release of first quarter earnings to enable investors to decide the composition of their portfolios for the coming stage.

Kuwaiti stocks faltered last week after a rally that lasted for 10 weeks and analysts attributed the retreat to the lack of incentives at this juncture.

Kuwait’s KSE all-share index shed 1.3 percent on weekly basis, to close at 6,165 points.

Kuwaiti analyst Adnan Dulaimi expected ”volatility” to continue to characterize the market next week as fund managers would continue to build up new positions.

Another analyst, Mohammad Tarrah, said that the market was awaiting ”fresh incentives particularly on the part of leading firms”.

United Arab Emirates shares extended losses last week due to sell-off by foreign investors, analysts said.

The benchmarks of the Dubai and Abu Dhabi stock exchanges closed 0.7 percent and 0.6 percent in the red, respectively at 1,649 points and 2,553 points.

Qatar’s index gained 1.6 per cent on weekly basis, closing at 8,791 points, while Bahrain’s benchmark edged up 0.3 per cent, closing at 1,152 points.

Muscat’s all-share index plunged 4.5 percent on weekly basis, closing at 5,690 points.

Jordanian shares were volatile last week as the market continued to suffer from lack of confidence and a liquidity crunch, analysts said.

The all-share index of the Amman Stock Exchange (ASE) edged lower closing at 1,990 points compared with last week’s close at 1,994 points.

Egyptian shares suffered last week due to the persisting uncertainty over the political situation in the country as a controversy continues on the composition of the panel which was set up by the parliament to draft a new constitution for the country, analysts said.

Egypt’s AGX 30 index, which measures the performance of the market’s 30 most active stocks, declined 2.5 per cent on weekly basis, closing at 5,019 points.

Arab News