AMMAN: Arab stock markets lost ground across the board last week as investors resorted to profit taking due to weak performance of global markets and fluctuating oil prices, financial analysts said Friday.

They expected trading at regional market to be sluggish during the fasting month of Ramadan which is set to start on Saturday.

“Arab markets are still under pressure of fluctuations on global bourses and conflicting data about the recovery of the world’s leading economies,” Nizar Taher, chief of brokerage at the Jordan Ahli Bank, told Arab News. “We believe that oil prices will continue to act as a major moving factor for regional stock markets, particularly in the Gulf area during the coming months,” he said.

Saudi stocks led the decline due to selling pressures on the part of investors who preferred to take profits ahead of the fasting month.

The Tadawul All Share Index (TASI) plunged 3.8 percent last week, closing at 5,623.06 points.

TASI is currently 17.1 percent higher than the year’s start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

The downward pressure was fueled by bad news from the Wall Street and other world markets as well as the bankruptcy of the Colonial’s Banc Group, the report said.

Jordanian shares appeared to have restored some of the confidence lost during the past weeks as a result of the suspension of three prominent investors, who were accused of fraudulent practices.

The ASE all-share price index shed 2.82 percent last week, closing at 2,463 points, according to the market’s weekly report.

Kuwait’s KSE all-share price index lost 1 percent last week to close at 7,844 points.

The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi also shed 5.7 percent and 2.4 percent to close respectively at 1,814 points and 2,867 points. ¬