http://visitbulgaria.info/files/arab-stock.jpg " alt="Arab bourses plummet on receding confidence, falling oil prices " title="Arab bourses plummet on receding confidence, falling oil prices " width="122" height="95" align="left" />Arab stocks plunged across the board this week amid sell-offs particularly by foreign funds that reflected receding investors' confidence and concerns resulting from falling oil prices, financial analysts said Friday.
"I believe dumping of stocks by foreign funds has created a negative sentiment at regional markets that prompted panic sell- offs," Wajdi Makhamreh, Chief Operating Officer at the Amman-based Sanabel International Holding, told Deutsche Presse-Agentur dpa.
"We also think that falling oil prices have negatively affected Arab stock markets, particularly in the oil-rich Gulf region," he said.
Makhamreh and other analysts said that the approaching end of the third quarter could prompt a rebound, with investors benefiting from low stock prices.
Saudi shares extended losses this week and the volatility of the market was attributed mainly to retreating oil prices and the application of a new pricing system as of Saturday.
The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange plunged further 4.4 per cent this week, closing at 8,128.10 points.
TASI is currently 26.4 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).
"Investors' confidence seems to be frail even with undervalued prices in the stock market. The third quarter results and the stabilization of oil prices could be the factors that would restore lost confidence," the report said.
The BIG expected no "sudden changes" in the market in the coming week, but said the new pricing system "could have a positive effect on the market when it comes into operation on Saturday."
Jordanian shares also plummeted this week with the decline led by strategic stocks particularly the Arab Potash Co., the Jordan Phosphate Mines Co. and the Jordan Petroleum Refinery.
The all-share price index of the Amman Stock Exchange slipped 7.45 per cent this week, to close at 4,008 points, according to the ASE weekly report.
Kuwait's KSE all-share price index shed 6 per cent this week, closing at 13,124 points. The decline was blamed mainly on the lack of liquidity and retreating investors' confidence.
The benchmark price of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi declined 7.1 per cent this week, to close at 4,854 points.
Egypt's CASE 30 index, measuring the performance of the market's 30 most active firms, shed 1.7 per cent, closing at 8,262 points.
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