Amman - Arab stock markets this week came under pressure from speculators and renewed political tension over Iran's nuclear file, as investors focused on half-year results which were due to start coming out next week, financial analysts said Friday.

"Regional markets were cautious this week with speculation and geopolitical aspects emerging as the major driving force," an Amman- based portfolio manager told Deutsche Presse-Agentur dpa.

"However, we still believe that semi-annual results of listed firms, particularly blue chips, and the adamantly surging oil prices will boost markets in the medium and long terms," he said.

Confusion regarding the performance of firms in the second quarter of the year was the major factor behind violent fluctuations that dominated the Saudi stock market this week.

The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange shed 1.2 per cent this week, closing at 9,467.68 points from 9,581.34 points last week.

TASI is currently 14.2 per cent lower than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

This week's fluctuation of prices was attributed by the report to "the varying view of investors as to the financial outlook of listed companies and the influence of rumours about the expected performance of firms" in the first six months of the year.

The BIG advised investors "to wait for the actual release of figures from the appropriate sources before taking any decisions".

The consultancy house said the losses incurred by Saudi shares this week were "unjustified, given the positive outlook of the second quarter, particularly the petrochemical sector which is expected to drive the market to gains".

Jordanian shares rebounded this week after last week's deep losses, buoyed by predictions of good semi-annual results.

The all-share price index of the Amman Stock Exchange gained 2.18 per cent, to close at 4,750 points compared with last week's close at 4,649 points, according to the ASE weekly report.

Kuwait's KSE all-share price index declined 1.2 per cent, closing week at 15,376 points from 15,563 points last week.

Analysts blamed the decline on a number of factors including speculation and the standoff over Iran's nuclear programme.

Egypt's CASE 30 Index, measuring the performance of the 30 most active stocks, lost 0.92 per cent on Thursday to close at 9,950 points, due to a deep profit taking move by foreign investors, analysts said. (dpa)