Arabic Market 3/9.
The Saudi stock market was volatile last week, with the Tadawul All Share Index (TASI) edging up 24.66 points at 14,858.35 from 14,833.69 points previous week.
TASI is currently 81.1 percent higher than the year?s start. The Saudi stock index crossed the 15,000-point barrier on Monday, propelled by crude prices that crossed the $70 per barrel that day due to Hurricane Katrina, before easing slightly at 14,900.86.
"This indicates that Saudi investors maintain strong linkage between stock prices and oil prices," the Bakheet Financial Advisors (BFA) said.
The BFA predicted a decline in prices of speculative stocks which scored "unjustified sharp gains" last week. The TASI suffered 66.54 points fall on Tuesday at 14,834.32.
Saudi financial analysts and investors said Tuesday?s corrective fall of the index was an indication of its preparation for a big jump to cross the 15,000 mark.
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DUBAI ? The oil market has been witnessing significant changes and these changes are important to recognise, as they shed some light on the future role the GCC is likely to assume, says a GCC oil sector report by the Global Investment House of Kuwait.
Oil supply: The Middle East is by far the richest region in terms of oil resources. Oil and gas journal estimates the Middle East's proven oil reserves to be 57.1 per cent of the world total. Other bodies, such as World oil, estimate about 65.3 per cent of the world's proven oil reserves. In any case, the Middle East's preponderance is on all accounts unquestionable.
Almost all of the Middle East's oil lies essentially within the Arabian Gulf. GCC oil constitutes over 66.09 per cent of Middle Eastern oil, and 66.32 per cent of Arabian Gulf oil. As a percentage of total world proven oil reserves, the GCC accounts for about 37.7 per cent according to the Oil and Gas Journal. Some even place the figure at about 44 per cent.
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The Saudi stock market seems heading for a correction after hitting an all-time high as the Tadawul All Share Index (TASI) plunged over 400 points yesterday.
The 1,361.93 points or 3.48 percent drop in the Industrial index sent TASI falling by 402.72 points or 2.71 percent at 14,455.63.
http://www.gulfbase.com/site/interface/NewsArchiveDetails.aspx?n=17366
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The economies of the Gulf are overheated. Real estate, consumer price indices, commodities prices ,stock markets ,public sector wages, bank credit growth etc all show red signals. Inflation in the AGCC is rising and inflation is the kiss of death for long term stock market value.
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Leading UAE stock indices headed north with most market pivotals including Emaar, Amlak, Dubai Islamic Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic bank reporting major gains yesterday.
The UAE market benchmark National Bank of Abu Dhabi Index closed 368 points up at 17317 points while the underlying banking and services sector subindices gained 331 points and 543 points, respectively.
The Dubai Financial Market Index gained 37.4 points (3.5 per cent) yesterday to close at 1,107.86 points.
http://www.gulfbase.com/site/interface/NewsArchiveDetails.aspx?n=17382
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Khaleej Times Online >> News >> BUSINESS
Arab stocks poised for fresh gains
(DPA)
3 September 2005
AMMAN ? Regional stocks showed volatility this week, but analysts predicted bourses were generally in a consolidation phase ahead of scoring fresh gains on the backdrop of optimistic third quarter expectations and soaring oil prices.
"We believe regional stock markets are in a consolidated phase with investors optimistic over the future, particularly third quarter results," an Amman-based portfolio manager told Deutsche Presse- Agentur dpa. "I think bourses will continue to derive benefit from the good semi-annual profits of listed firms and surging oil prices that indicate huge surplus petrodollars will accrue for Arab oil-rich states this year," he said.
Saudi stocks were volatile this week, with the Tadawul All Share Index (TASI) of the Arab world?s largest bourse edging up and closing at 14,858.35 points from 14,833.69 points last week, according to the Bakheet Financial Advisors (BFA). TASI is currently 81.1 per cent higher than the year?s start. The Saudi benchmark price came near to the 15,000-point barrier on Monday, propelled by crude prices that crossed the $70 per barrel that day due to Hurricane Katrina. ''This indicates that Saudi investors maintain strong linkage between stock prices and oil prices," the BFA said.
Saudi Arabia is the world?s largest crude exporter. The BFA predicted a decline in prices of speculative stocks, which scored "unjustified sharp gains" this week. The Amman Stock Exchange also witnessed sharp fluctuations this week. However, the ASE all-share price index gained 1.85 per cent, closing at a record high of 8,159 points up from 8,011 points last week, according to the market?s weekly report. In Kuwait, the KSE all-share price index moved up 1.6 per cent, closing at 9,642 points, compared with last week?s close at 9,493 points. Egypt?s Hermes all-share price index climbed 3.5 per cent this week, closing at 43,182 points on Thursday. Dealers reported a buying scramble at the Egyptian market in the last hour of trading on Thursday after investors assumed caution throughout the week. "Investors apparently preferred to end the week with share holdings ahead of next week?s presidential elections in the country," one dealer said.
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