Amman - Arab stocks, buoyed this week by surging oil prices and quarterly results, particularly of blue chip firms, stand to gain from those same twin factors in the coming few weeks, financial analysts said Friday.

"We believe regional markets will find support from soaring oil prices and the first quarter results particularly of blue chip companies," an Amman-based portfolio manager told Deutsche Presse- Agentur dpa.

"Our analysis depends in the first place on the existence of huge amounts of liquidity mainly surplus petrodollars which seek investment outlets," he said.

Both factors were apparently behind a sustained recovery at the Saudi stock exchange, the Arab world's largest bourse, this week, he added.

The Tadawul All Share Index (TASI) of the Saudi stock market gained 1.3 per cent this week, closing at 9,754.10 points from 9,630.37 points last week.

TASI is currently 11.6 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

The report attributed this week's gains mainly to a 10-per-cent growth in quarterly profits of the petrochemical conglomerate, the Saudi Basic Industries Corp. (SABIC), as well as to first quarter profits announced by the Saudi Telecom Co. (STC) and Mobily, which grew by 11 per cent and 30 per cent, respectively.

"We expect the market will react positively once investors digest the financial statements" released by listed firms about their performance in the first quarter, the BIG said.

Jordanian shares also extended gains this week propelled by strategic stocks, mainly the Arab Potash Co., the Jordan Phosphates Mines Co. and the Jordan Petroleum Refinery.

The all-share price index of the Amman Stock Exchange went up 1.0 per cent this week, closing at 8,739 points compared with last week's close at 8,652 points, according to the ASE weekly report.

Kuwait's KSE all-share price index shed 1.2 per cent, closing week at 14,600 points from 14,774 points last week.

The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi gained 1.0 per cent, closing at 6,210 points from 6,054 points last week.

Egypt's CASE 30 index, which measures the performance of the market's 30 most active stocks, edged higher closing week on Thursday at 11,741 points. (dpa)