Saturday, 20-October-2018 18:54
 
no comments in "Economy"
Economy
Saturday, 21-October-2006
AMMAN: - Arab stocks lost momentum this week ahead of the Eid holiday due to start on Monday, but analysts said yesterday they expected regional markets to rebound after the fasting month of Ramadan.

"Markets were subdued mainly because of wide reshuffle of positions and profit taking moves which investors preferred to conduct before the Eid Al-Fitr feast," Wajdi Makhamreh, deputy CEO of the Osoul Brokerage said.

"However, we believe markets will gather momentum after the Eid holiday, when fresh liquidity is expected to be pumped into stock markets," he said.

Makhamreh said that over the past few months regional investors adopted a speculative strategy of "hit-and-run" approach that excludes holding stocks for long periods of times.

As for Jordanian shares, Makhamreh said the Amman Stock Exchange (ASE) still enjoyed "positive factors", including the third quarter results, which he expected to represent a driving force after Ramadan.

The ASE all-share price index closed week on Thursday flat at 6,139 points compared with 6,136 points last week, according to the market’s weekly report.

Portfolio managers said they expected the Arab Bank profits released yesterday to have a positive impact on Jordanian stocks when the market reopen tomorrow, the last trading day before a week-long holiday.

Arab Bank chairman Abdul Hamid Shoman reported a 25.8% increase in the bank’s net profits in the first nine months of the year.

Saudi shares were the biggest losers in the region this week amidst reported disappointment over the third quarter results.

The Tadawul All Shares Index (Tasi) of the Arab world’s largest stock exchange, plummeted 4.0% this week, closing at 10,545.35 points down from 10,989.99 points last week.

Tasi is currently 36.9% lower than the year’s start, according to the weekly report of the Bakheet Financial Advisors (BFA).

"The market was negatively impacted by the earnings reported by most investment companies in the third quarter of the year," the report said.

The BFA expected investors "to rearrange their portfolios" in accordance with the released results and projected performance of listed firms.

"We also expect the market index to move horizontally mixed with some fluctuations until new positive announcements are released," they said.

In Kuwait, the KSE all-share price index gained 0.5% this week, to close at 10,497 points compared with last week’s close at 10,445 points.

Nasser al-Nafeesi from the Kuwait-based Joman Consultants Centre expected the market to "rebound after the Eid holiday" propelled by the third quarter results which he said came better than the second quarter.

The all-share index of the UAE stock exchange of Dubai declined by 1.9% this week, closing at 428.99 points from 437.16 points last week
Source: Gulf Times Newspaper
More from "Economy"

Other titles:
Tuesday, 17-October-2017
The United Arab Emirates acknowledged on Tuesday that two of its pilots were killed when their military aggression plane crashed over Jawf province, a military official said

The official added that the aggressive crashed plane was an apache that was
Tuesday, 17-October-2017
Three citizens were killed and four others wounded in two Saudi air strikes hit Majza district of Saada province, an official said on Tuesday.

The strikes hit a citizen's car in al-Jamalah area in the district, the official added.
Tuesday, 17-October-2017
Artillery of the army and popular shelled a gathering of Saudi-paid mercenaries in al-Moqadra area in Serwah district of Marib province, a military official said on Tuesday.

Meanwhile, dozens of Saudi-paid mercenaries were killed and others injured in Wadi al-Theek in the district, the official added.
Monday, 16-October-2017
The army and popular forces carried out on Monday unique military operations in Taiz province.

A military official said that a number of Saudi-paid mercenaries were killed at the hands of the army and popular forces in al-Jazami Hill in al-Kadaha area in al-Ma'afer district.
Monday, 16-October-2017
A Saudi aggression fighter jet targeted a citizen's car driving in Fara area of Kutaf district in Saada province overnight, killing the driver and injuring his friend, a security official said on Monday.
Monday, 16-October-2017
The army artillery and popular committees launched a fierce attack on Saudi-paid mercenaries' sites in Jawf province, a military official said on Monday.

The attack destroyed a military vehicle belonging to the mercenaries and killed all on board in Sabran area in khab and shaaf district.
Sunday, 15-October-2017
Scores of Saudi enemy soldiers were killed and injured on Sunday when the army and popular forces repelled a Saudi military attempt to sneak into Shurfah site in the border province of Najran, a military official said.

The operation was accomplished successfully against the Saudi
Sunday, 15-October-2017
The army and popular committees have killed a total of 18 Saudi-paid mercenaries in sniper operations over the past hours in the central province of Marib, a military official said on Sunday.

Ten mercenaries were killed in Nehm district and eight others were killed in Serwah district, said the official.
Saturday, 14-October-2017
Saudi aggression warplanes have launched more than 49 airstrikes over the past hours on several residential areas across Yemen, a security official said on Sunday.
The airstrikes targeted the areas of Malahiz and Husama in Dhahir district, and areas Thuban, Masahif and Sdad in Bakim district of northern Saada province.
Thursday, 12-October-2017
The army and popular forces carried out an operation attack on Saudi-paid mercenaries' sites in al-Hawal area in Nehm district.

A local official said that the operation attack resulted in killing and injuring mercenaries, adding they also incurred heavy losses at their ranks

who we are     |    Advertising     |    contact us
All rights reserved © Almotamar Net, Developed by