Arab stock markets recorded losses for a third consecutive week in November 2006, with analysts pointing to falling oil prices and investor psychology as the main drivers of the prolonged downturn.
Saudi Arabia's Tadawul All Shares Index (TASI) swung sharply during the week, dropping 5 percent at the open before partially recovering to close at 8,401 points, a 0.3 percent decline from the prior week. The index stood roughly 50 percent below its level at the start of the year. Riyadh-based Bakheet Financial Advisors warned that speculative stocks, though representing only 2 percent of market capitalization, were accounting for 40 to 60 percent of trading volume and posed a continued risk.
Jordan's Amman Stock Exchange all-share index fell 2.18 percent to 5,789 points, pressured largely by a liquidity crunch as investors sold holdings to fund participation in initial public offerings.
Kuwait's all-share index slipped 1.2 percent to 10,281 points. Local analysts warned of further declines after market regulators froze trading in al-Khorafi Group shares for six years over disclosure violations and were reportedly weighing similar action against 150 other firms.
Dubai's benchmark index edged slightly higher, closing the week at 379.60 points compared with 378.65 the previous week.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.