Barring any setbacks on the global scene, they expected regional shares to gain fresh ground in the coming weeks with the release of balance sheets and reports that speculative investors were readying themselves to make benefit from the new positive environment.

“I believe Arab stocks stand to gain from the surging oil prices, yearly results and the encouraging economic data coming from the United States and Europe’s leading economies,” Nizar Taher, chief of brokerage at the Jordan Ahli Bank, told Arab News.

“The growing Arab surplus petrodollars will spur not only Gulf bourses but also other Arab stock markets which are poised to attract part of the new money accruing from higher crude prices,” he said.

Saudi shares gained fresh ground since the beginning of 2011, with support coming mainly from the petrochemical, investment, transport and retail sectors.

The Tadawul All Share Index (TASI) of the Arab world’s largest bourse gained 1.14 percent on weekly basis despite a profit taking move that dominated the market before the weekend.

As a result, the benchmark price failed to close above the 6,700-point psychological barrier, ending week at 6,696.26 points.

The liquidity for the week came in at SR16.49 billion as compared to SR14.94 billion for the past week.

On a week-to-week basis, the sector activity was mostly positive with 12 out of 15 sectors closing with gains ranging from 0.17 percent by the hotel and tourism sector to 2.40 percent by the multi-investment sector. On the other hand the losing sectors for the week ranged from -0.15 percent by the transport sector to -1.50 by the media and publishing sector.

The top gainers for the week were the trade union Cooperative Insurance Co. with a gain of 15.12 percent to close at SR20.55 and the Nama chemical Co. with a gain of 08.52 percent to close for the week at SR12.10. The top losers for the week on the other hand were the Tihama Advt. & Public Relations Co. with a loss of -12.07 percent to close at SR25.50 and the Gulf General Cooperative Insurance Co. losing -06.80 percent to close at SR48.00, the Financial Transaction House said in its weekly commentary.

“I believe the upward trend will continue as investors await the annual earnings and dividend distributions which are due to start coming out next week,” Saudi analyst Tareq Madi said.

He expected investment funds to be involved in a spate of speculation in the coming weeks with the Saudi Arabian Basic Industries Corp. (SABIC) leading the market, ahead of the declaration of corporate earnings.

Jordanian shares were the main beneficiary last week due to a growing foreign buying to make benefit from exceptionally low prices at the Amman Stock Exchange (ASE).

The ASE all-share price index gained 3.37 percent last week, closing at 2,453 points, with support coming mainly from blue chips, according to the market’s weekly report.

“There is an optimistic sentiment that the market will keep up its rally amid reports of good annual results, particularly by the banking sector,” Taher said.

Profit taking moves also limited gains scored last week by Kuwaiti stocks which came under pressures from the persisting wrangling between the government and the opposition.

Kuwaiti shares were also negatively affected by a reported delay in finalizing a multi-billion-dollar deal, whereby the United Arab Emirates telecommunication firm, Etisalat, planned to buy a 46 percent stake in Kuwait’s Zain mobile group, analysts said.

Kuwait’s KSE all-share index gained 0.29 percent on weekly basis, closing at 6,976 points.

The benchmarks of the UAE stock exchanges of Dubai and Abu Dhabi also rallied last week, gaining 2.34 percent and 1.19 percent respectively, and closing at 1,669 points and 2,752 points.

Egypt’s AGX 30 index, measuring the performance of the market’s 30 most active stocks, went up 0.8 percent last week, closing at 7,203 points due to active local and foreign buying, analysts said.