AMMAN: Middle East stock markets reflected mixed performances last week with speculation dominating the scene and investors looking for new clues that help to clarify the foggy picture of the global recovery, financial analysts said Friday.

They say the attention of markets would focus in the coming weeks on the 2009 corporate results and economic indicators in the United States and other leading economies. “I believe the trend of regional markets is still unclear with investors resorting to speculation and the taking of swift profits to avert the consequences of any sudden developments,” Wajdi Makhamreh, COO of the Amman-based Sanabel International Holding, told Arab News. “I think investors will now turn their attention to the 2009 annual results of listed firms with oil prices moving to the back seat at least until the end of the year,” he said.

Makhamreh pointed out that the delay in the declaration of third quarter balance sheets by a number of firms was stirring “concerns at markets that the crisis could drag on until the second half of 2010.”

Saudi shares lost ground for the third week in a row despite gains scored by the world’s leading bourses in a clear departure from the linkage with global markets that characterized the Saudi stock exchange over the past months since the advent of the world recession.

Analysts attributed the sluggish performance of the Saudi bourse to a number of factors, including the change of positions by leading traders and possibly the fallout from Saudi military operations against Yemeni insurgents.

The Tadawul All Share Index (TASI) of the Arab world’s largest stock exchange shed 1.4 percent this week, closing at 6,253.95 points.

TASI is currently 30.2 percent higher than the year’s start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

Last week’s decline was led by the banking and financial services sectors, particularly the SAMBA Financial Group which lost five percent this week. BIG expected Saudi stocks to reverse their trend in the coming weeks so as to keep in line with the movement of global markets.

Jordanian shares were volatile last week, reflecting the continuation of the liquidity crunch and the absence of active foreign buying, Makhamreh said. The all-share price index of the Amman Stock Exchange gained 1.57 percent last week to close at 2,592 points, according to the ASE weekly report.

Kuwaiti stocks plunged for the fourth consecutive week under the pressure of intensive sell-off, particularly of blue chips, due to a continuing liquidity shortage, analysts said.

The KSE all-share price index shed 3.8 percent, closing the week at 7,058 points, according to the market’s weekly report.

The benchmarks of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi gained 3.3 percent and 1.8 percent last week to close respectively at 2,098 points and 2,917 points.

Egypt’s AGX30 index, measuring the performance of the market’s 30 most active stocks, also climbed 2.9 percent last week, closing at 6,726 points.