Amman - Arab stock markets steadied this week but investors apparently remained cautious as they awaited the publication of all first quarter results, particularly of blue chip firms, to decide their portfolio holdings for the next period, financial analysts said Friday.

"Markets are passing through a consolidation phase with investors assuming caution pending the release of all first quarter results," Nizar Taher, head of brokerage at the Jordan Ahli Bank, told Deutsche Presse-Agentur dpa.

"Regional bourses apparently still under the impact of what is going on at world markets in response to US recession fears," he said.

However, Taher pointed out that Middle East stock markets stood to gain in the medium- and long terms from adamantly surging oil prices that refer to huge surplus revenues due to accrue to the oil-rich Arab region this year.

Saudi shares extended gains this week giving the impression that the downward trend that lasted for several weeks could be over.

The Tadawul All Share Index (TASI) of the Arab world's largest stock market went up by 1.4 per cent this week, bringing the total gains in two weeks to 4.9 per cent.

TASI, which closed this week at 9,630.37 points from 9,501.72 points last week, is currently 12.8 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

"Investors are still waiting cautiously for the first quarter corporate results, particularly of blue chips in the petrochemical industries and the telecommunication and IT sectors to reallocate their portfolios," the BIG said.

Jordanian shares were steady this week, thanks to the performance of the strategic stocks particularly the Arab Potash Co., the Jordan Phosphates Mines Co. and the Jordan Petroleum Refinery.

The all-share price index of the Amman Stock Exchange gained 0.15 per cent this week, closing at 8,652 points from 8,639 points last week, according to the ASE weekly report.

Kuwait's KSE all-share price index gained 0.6 per cent this week, to close at 14,774 points compared with last week's close at 14,690 points.

The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi rallied 1.6 per cent, closing the week at 6,054 per cent from 5,957 points last week. (dpa)