The report expected the rising world prices of petrochemicals and
fertilizers to have a positive impact on the share prices of the Saudi
conglomerates... The group expected the soaring oil prices and a
rising growth rate in the country to have “a positive impact on the
market’s performance” in coming weeks. Thanks to the United States.

Abdul Jalil Mustafa, Arab News

AMMAN, 17 May 2008 — Arab stock markets were steady this week as
investors looked for new moving factors to decide their positions in
the coming weeks, financial investors said yesterday. “A mood of
cautious optimism reigns at regional markets with investors looking
for clues to help them decide their portfolio holdings in the coming
weeks,” Nizar Taher, head of brokerage at the Jordan Ahli Bank, told
Arab News.

“We believe regional stocks will continue to make benefit from surging
crude prices which indicate that huge surplus petrodollars will accrue
to oil-rich countries in the region this year,” he said. Saudi shares
were volatile this week amid retreat in demand caused by “unjustified”
hesitation on the part of investors, according to the Riyadh-based
Bakheet Investment Group (BIG).

The Tadawul All Share Index (TASI) of the Arab world’s largest stock
market edged higher this week closing at 9,783.19 points from 9,771.85
points last week.

TASI is currently 11.4 percent lower than the year’s start, the BIG
report said.

The report expected the rising world prices of petrochemicals and
fertilizers to have a positive impact on the share prices of the Saudi
conglomerate, the Saudi Arabian Basic Industries Corp. (SABIC), and
the Saudi Arabian Fertilizers Co. (SAFCO).

“We believe that the Saudi stock market was stressed by an unjustified
volatile trend which runs counter to the positive outlook emanating
from the robust economic engine in the country,” the BIG said.

The group expected the soaring oil prices and a rising growth rate in
the country to have “a positive impact on the market’s performance” in
coming weeks.

Jordanian shares kept up their upward trend this week, propelled by
strong performance of blue chip firms particularly the Arab Bank, the
Arab Potash Co., the Jordan Phosphate Mines Co. and the Jordan
Petroleum Refinery.

“A positive mood dominates the Amman Stock Exchange (ASE) particularly
with the availability of huge liquidity and the presence of foreign
funds,” Taher said. The ASE all-share price index gained 0.23 percent
this week, closing at 9,269 points up from 9,247 points last week.

Kuwait’s KSE all-share price index shed 1.3 percent this week, closing
on Tuesday at 14,864 points from 15,053 points last week.

The benchmark price of the United Arab Emirates stock exchanges of
Dubai and Abu Dhabi declined 1.4 percent this week, closing at 6,189
points from 6,274 points last week.