The Tadawul All-Share Index (TASI) gained 0.65 percent on weekly basis to close at 6,499 points.
The top gainer last week was Arabian Pipes Co. as its shares jumped 19.57 percent to SR24.75. The other major gainers were Mohammad Al-Mojil Group Co. (15.81 percent), Saudi Steel Pipe Co. (12 percent), Al-Babtain Power & Telecommunication Co. (11.85 percent) and Saudi Arabian Cooperative Insurance Co. (8.71 percent). On the other hand, the major loser companies last week were Saudi Industrial Investment Group (6.41 percent), National Metal Manufacturing and Casting Co. (5.32 percent), Advanced (3.58 percent), Jouf Cement (-3.16 percent) and Saudi Automotive Services Co. (-3.02 percent).
The value of Saudi traded shares last week reached SR16.71 billion compared to SR15.89 billion in the previous week.
On a week-to-week basis, the sector activity was mostly positive with 12 out of 15 sectors closing with gains ranging from 0.13 percent by the Industrial Investment sector to 6.01 percent by Building & Construction sector. On the other hand the sectors which suffered losses last week were the Retail sector (0.48 percent), the Cement sector (1.05 percent) and the Petrochemical Industries sector 1.51 percent, the Financial Transaction House (FTH) said in its weekly market commentary.
Saudi Basic Industries Corp. (SABIC) was most active by value despite 1.19 percent fall in its share price at SR103.75. SABIC shares worth SR2.32 billion changed hands last week. Over SR1 billion of Saudi Kayan Petrochemical Co. shares traded last week. Saudi Kayan shares also fell 1.05 percent to SR18.85.
Arab stock markets steadied last week, drawing momentum from surging oil prices and the nearing release of 2010 annual results, financial analysts said Friday.
However, they warned that regional bourses, particularly in the Gulf region, would retain their "psychological linkage" with global markets in the new year, given the close affiliation existing between stock exchanges in the Arab states and the world's leading economies.
"I believe regional investors will keep a close eye in the coming couple of weeks on the annual earnings of listed firms," Wajdi Makhamreh, CEO of the Amman-based Noor Investments brokerage, told Arab News.
"Besides, Middle East stock market have to reckon with any major developments on global markets in response to the euro sovereign debt crisis, particularly the rating of banks in Spain, Portugal, Ireland and other European countries," he said.
Makhamreh said that oil prices would remain a key factor that determines the direction of Gulf and other Arab stocks in 2011.
"I think crude prices, which are expected to surge to $120 per barrel in 2011, will act as the major lift for Arab stocks in the new year," Makhamreh said.
"Higher oil price will mean larger Arab surplus petrodollars that seek investment outlets, including regional stock markets," he added.
Jordanian stocks were volatile last week, as investors monitored any change in the country's monetary policy due to be decided by the new governor of the Central Bank of Jordan (CBJ), Fares Sharaf.
"I believe any easing of the monetary policy will reflect positively on the Amman Stock Exchange (ASE)," Makhamreh said.
The ASE all-share index gained 0.14 percent last week, closing at 2,363 points, according to the market's weekly report.
Kuwaiti stocks also scored gains last week amid reports of an imminent signing of a multi-billion-dollar deal under which Kuwait's mobile group Zain will sell a 40 percent stake to the United Arab Emirates telecommunication firm, Etisalat.
Kuwait's KSE all-share index went up by 0.47 percent last week, closing at 6,853 points.
Meanwhile, the Kuwaiti stock exchange planned to adopt a new index in 2011 which will be based on the performance of 15 stocks, according to the bourse's chief Hamed Al-Saif.
He said that the new benchmark will be launched in cooperation with the Nasdaq OMX group.
UAE shares were the main losers among Arab stock markets last week due to selling pressures by foreign investors, analysts said.
The benchmark of the Dubai stock exchange shed 3.18 percent, closing at 1,639 points.
The decline was led by the sectors of public utilities, real estate and communications, analysts said.
The Abu Dhabi all-share index also lost 1.7 percent, to close week at 2,716 points.
Egypt's AGX 30 index, measuring the performance of the market's 30 most active stocks, gained 0.45 percent on weekly basis, closing at 6,904 points.
The GulfBase GCC index edged up 0.72 percent at 4,113.28 points last week. The value of GCC traded shares rose 1.09 percent to $6.39 billion but volume fell 4.12 percent to 2.36 billion of shares.
