Saudi and Egyptian shares closed week in the green, while the rest of Arab stock markets suffered varying losses.

Analysts believed that the robust oil prices and the huge public spending of the oil-exporting states in the GCC would spur regional stock markets in the medium and long terms.

”I believe political turmoil still have an impact on regional markets though in a lesser extent,” Nizar Taher, head of brokerage at the Jordan Ahli Bank, told Arab News.

He expected oil prices over $100 a barrel would lead to larger surplus petrodollars accruing to Arab oil exporters this year.

”The GCC income surpluses will certainly seek investment outlets particularly in regional markets of countries with stable governments,” Taher said.

Saudi stocks kept their upward thrust last week, led by the petrochemical and cement sectors.

The Tadawul All Share Index (TASI) of the Saudi stock exchange gained 0.56 percent on weekly basis, closing at 6,723.65 points.

”I think the stable demand for oil and petrochemicals lays down the ground for fresh gains in the coming weeks,” Saudi analyst Mohmmad Anqari said.

Other analysts said they expected TASI to climb toward the 7,000-point psychological level in the coming weeks in the run-up for the release of the semi-annual results early in July.

Kuwaiti shares suffered last week mainly as a result of local political developments and demands by lawmakers for grilling cabinet ministers.

Kuwait’s KSE all-share index plummeted 1.57 percent last week, to close at 6,374 points.

”The negative political and economic factors are to blame for the weak performance of the Kuwaiti market,” the weekly report of the Kuwaiti Wodouh investment firm said.

The benchmarks of the UAE stock exchanges of Dubail and Abu Dhabi also plunged last week by 3.07 percent and 2.13 percent, to close respectively at 1,534 points and 2,598 points.

The all-share indexes of Qatar and Bahrain closed week in the red, declining by 2.74 percent and 0.89 percent, and closing respectively at 8,400 points and 1,359 points.

Jordanian share continued to suffer as a result of a persistent liquidity crunch and lack of confidence, analysts said.

The all-share index of the Amman Stock Exchange shed 0.8 percent last week, closing at 2,179 points, according to the ASE weekly report.

Egypt’s AGX 30 index, which measures the performance of the market’s 30 most active stocks, climbed 3.1 percent on weekly basis, to close at 5,411 points.