Amman -  Arab stock markets steadied this week, deriving momentum from expectations of good first quarter results and soaring oil prices, financial analysts said Friday.

"I believe regional stocks are set to score further gains in the coming few weeks as more corporate results come out and investors get clues that aid them to decide their share holdings in the coming period," an Amman-based portfolio manager told Deutsche Presse- Agentur dpa.

"Surging crude prices remain a strong moving factor for markets as they point to huge surplus petrodollars which oil producing countries are expected to accumulate this year," he said.

Part of Arab money invested abroad is believed to have found its way back home from international markets following recent plunges on fears of a US economic slowdown, he added.

Saudi shares rebounded this week following two weeks of decline and analysts attributed the improvement to the application of a new market system as of April 5 and to first quarter results declared so far by some listed firms.

"These results came in line with expectations of continued profit growth by Saudi businesses and a reflection of the positive economic environment in Saudi Arabia as well as in the Gulf Cooperation Council (GCC) region in general," the Riyadh-based Bakheet Investment Group (BIG) said.

The Tadawul All Share Index (TASI) of the Saudi stock exchange gained 3.5 per cent this week, closing at 9,501.72 points from 9,367.52 points.

TASI is currently 13.9 per cent lower than the year's start, according to the BIG weekly report.

The group expected investors to be "cautiously awaiting the first quarter results of blue chip firms to decide how to engage in the market."

Jordanian shares also extended gains this week, led by blue chips 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 climbed 3.73 per cent this week, closing at 8,639 points from 8,328 points last week, according to the ASE weekly report.

The strong performance of Jordanian stocks was partly blamed on foreign demand particularly from the oil-rich Gulf region.

Kuwait's KSE all-share price index gained 1.3 per cent, closing week at 14,690 points compared with last week's close at 14,502 points.

The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi went up 1.2 per cent this week, to close at 5,957 points up from 5,884 points last week.

Egypt's CASE 30 index, measuring the performance of the market's 30 most active stocks, also gained 2.3 per cent this week, closing at 11,633 points from 11,372 points last week. (dpa)