Amman - Arab stock markets reflected mixed performance this week as investors remained under psychological pressures from global markets and the impact of first quarter results, financial analysts said Friday.

"Regional markets are relatively stable, but investors are still responsive to what takes place on Wall Street and other global bourses," Nizar Taher, head of brokerage at the Jordan Ahli Bank, told the German Press Agency dpa.

"I believe we are at a crossroads: with investors still coming under psychological pressures from world markets and at the same time focusing attention on first quarter results," he said.

Taher pointed out that Arab bourses were dominated by a wave of speculation in small caps, with investors trying to avoid commitment to long term positions to evade losses.

Saudi shares, which gained about 32 per cent in five successive weeks, lost some ground this week, mainly due unprecedented losses incurred by the Arab world's largest conglomerate, the Saudi Arabian Basic Industries Corp. (SABIC).

The Tadawul All Share Index (TASI) of the Saudi exchange shed 3 per cent this week, closing at 5,216.84 points.

However, TASI is currently 8.6 per cent higher than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

"TASI was affected this week by the sharp decline of global markets on Monday in addition to the negative results of SABIC," the report said.

The BIG expected the Saudi stock exchange to be "rather steady with investors re-evaluating their positions in response to the negative financial results announced by listed firms in the first quarter, particularly SABIC".

"However, investors are likely to be cautious over the significant gains by speculative stocks in the absence of positive fundamentals for those stocks," the group said.

Jordanian shares were volatile this week with small caps gaining at the expense of blue chip stocks.

"A group of speculators, particularly Iraqi residents, are teaming up to boost certain stocks which lack support in terms of fundamental factors," Taher said.

The all-share price index of the Amman Stock Exchange gained 1.04 per cent this week, closing at 2,793 points, according to the ASE weekly report.

Kuwait's KSE all-share price index closed week almost unchanged at 7,419 points.

The United Arab Emirates shares were the scene for strong volatility this week as traders came under pressure from developments on world markets, analysts said.

The benchmark prices of the UAE stock exchanges of Dubai and Abu Dhabi declined 3.5 per cent and 4.3 per cent this week to close at 1,653 points and 2,565 points respectively. (dpa)