Amman - Arab stocks rebounded on the last two days of the week's trading, regaining a major part of the losses inflicted by the Dubai World debt crisis, financial analysts said Friday. Analysts added that they expected the upward trend to receive fresh support when the Saudi and United Arab Emirates resume trading on Saturday and Sunday respectively.
"I believe regional markets will gather further momentum when the Saudi and UAE stock exchanges resume trading," an Amman-based portfolio manager told the German press agency dpa.
"I think investment funds will seize the opportunity of low prices to enhance their holdings as the year draws to an end, particularly following the assurances by UAE officials that there was nothing to worry about regarding the Dubai World debts," he said.
The Saudi market was closed all this week observing the Muslim Eid al-Adha feast and the pilgrimage season.
The UAE stock exchanges of Dubai and Abu Dhabi, which plummeted 12 per cent on Monday and Tuesday, were closed for the rest of the week to celebrate the country's National Day.
Jordanian shares rallied on Wednesday and Sunday after plummeting on Monday amidst assurances by the Central Bank of Jordan that the Dubai World debt crisis was not going to affect the country's banking system or UAE investments in Jordan.
The all-share price index of the Amman Stock Exchange shed 1.04 per cent this week, closing at 2,557 points, according to the ASE weekly report.
Kuwait's KSE all-share price index lost 3.4 per cent this week despite assurances by 12 leading investment companies that they were not exposed to the Dubai World debt.
Egyptian shares rebounded actively over the past two days due to strong buying by foreign funds after Monday's plunge of about 8 per cent.
The AGX30 index, which measures the performance of 30 most active Egyptian stocks, closed week higher at 6,386 points from 6,376 points last week.
