Amman  - Arab bourses were swept by deep profit-taking moves this week as investors awaited the release of semi-annual results before determining their future portfolios, financial analysts said Friday.

However, analysts predicted that the quarterly results of listed firms and the record high prices of crude oil would boost stocks as an investment haven for the huge surplus petrodollars due to accrue to regional oil exporters.

"I believe half-year results and surging oil prices will give a boost to regional markets in the coming weeks," an Amman-based portfolio manager told Deutsche Presse-Agentur dpa.

He said that some Middle East stock markets were this week the scene for "window-dressing, speculation and profit taking operations" ahead of July 1 which heralds the start of the second half of the year.

Saudi shares were the target for selling pressures this week ahead of the results of the year's second quarter.

The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange shed a further 2.0 per cent this week, closing at 9,581.34 points from 9,778.48 points last week.

TASI is currently 13.2 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

The report expected a marked improvement in the performance of petrochemical and banking stocks in the second quarter of the year.

"We expect the market to be rather quiet in the coming days ahead of the release of the second quarter results, particularly of blue chips which usually determine the market's next trend," the BIG said.

Jordanian shares plummeted this week as the soaring prices of strategic stocks suffered heavily under the pressure of an almost continuous sell-off and deep profit taking operations.

The all-share price index of the Amman Stock Exchange plunged 7.83 per cent, closing at 4,649 points, down from 5,044 points last week.

Kuwait's KSE all-share price index closed marginally higher at 15,563 points compared with last week's close of 15,552 points.

The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi shed 2.3 per cent this week, closing at 6,011 points from 6,154 points last week. (dpa)