They expected regional stocks to extend gains in the coming weeks as investors start to eye first quarter results.

“In believe Arab stocks, particularly in the Gulf region, are moved by high oil prices, huge public spending and reports about improving performance of the world’s major economies particularly in the United States,” Wajdi Makhamreh, CEO of the Amman-based Noor Investments, told Arab News.

“I think Arab markets are set to score fresh gains in the coming weeks, with investors turning their attention to the first quarter results,” he said.

However, Makhamreh expected regional markets to come under pressure from any developments in the wrangling between Iran and Western powers over Tehran’s nuclear file and threats to close the strategic Hormuz straits.

He said that further rises in crude prices would give a boost to all Arab markets, as accruing surplus petrodollars would be seeking investment outlets particularly in stocks.

Jordanian shares scored modest gains last week amid reports that Gulf investors were seeking interests in leading firms, particularly the Arab Bank, the Arab Potash Co., the Phosphate Mining Co. and the Jordan Petroleum Refinery, analysts said.

The all-share index of the Amman Stock Exchange (ASE) gained 0.3 per cent last week, closing at 1,960 points.

Kuwaiti stocks extended gains last week due to a ”wave of optimism that started to dominate the market last month”, according to Kuwaiti analyst Mohammad Hajeri.

Kuwait’s KSE all-share index gained 0.7 per cent on weekly basis led by the investment sector to close at 6,134 points.

The Kuwaiti rally was also attributed to the harmony between the government and the newly-elected National Assembly.

The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi climbed last week by 4.3 percent and 3.3 per cent, closing respectively at 1,702 points and 2,624 points.

The UAE shares were led by blue chips particularly the real estate and telecom sectors, analysts said.

Qatar’s index inched higher closing week at 8,742 points compared with earlier week’s close at 8,733 points.

Bahrain’s benchmark shed 0.6 percent last week, closing at 1,148 points.

Egyptian shares kept up their robust performance last week, led by the telecom and real estate sectors.

Egypt’s AGX30 index, which measures the performance of the market’s 30 most active stocks, leapt 4.4 per cent on weekly basis, closing at 5,370 points.