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The Bahrain Stock Exchange ran into a second week of profit taking last week with the main index 0.7 per cent lower at 1,816.40, while over in Kuwait shares ended the week one per cent down at 1,755.9.
Blue chips on the BSE such as the National Bank of Bahrain, Arab Banking Corporation and Batelco, all lost ground, although the most active stock was the Bank of Bahrain and Kuwait, which closed four fils higher at 348 fils.
However, brokers said that there was not a serious loss of nerve among traders, rather the taking of profits on shares that had enjoyed a nice run in the financial results season.
Investors are now sitting on the sidelines and waiting for some positive reason to act, they noted. Oil price movements are the classic signal for activity in the Gulf stock markets. But the current oil price is not sending a buy or sell message to investors, and is encouraging them to wait and see what happens.
Bahrain, Kuwait shares slide
In the absence of any big news likely to move oil prices, Gulf stock markets have run into a little profit taking after recent share price gains.
Sunday, February 03 - 2002 at 10:52
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Peter J. CooperSunday, February 03 - 2002 at 10:52 UAE local time (GMT+4)
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