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Last week saw regional investors pressing the sell button with most of the GCC bourses ending in negative territory.
In Bahrain shares lost 3.3 per cent with investors apparently worried that further share price falls are in the wind, and so they are safer turning their shares into cash. The Bahrain Stock Exchange shed 60.3 points to close at 1,756.1, with banking stocks and telecoms the biggest losers.
Investors kept their nerve better in Kuwait, despite the tragic accident in the northern oilfields which has removed one-third of oil production. The Kuwait Stock Exchange closed 0.41 per cent lower at 1,748.7 points. But trading volumes were 20 per cent lower, signaling that the recent bull run could be drawing to a close.
It was the same story in Saudi Arabia where stocks fell by 0.8 per cent last week, partly due to technical factors. And in Qatar shares fell for a third week in a row with larger investors fearing that the market might be becoming overheated.
Local traders feel that with recent falls on Wall Street sending alarm signals to investors, a resumption of the bull upturn seen in GCC markets in January is unlikely in the short term. GCC markets often shadow movements in the major world bourses, and a bad drop in US equities would have an adverse effect on local sentiment.
Gulf share follow global equities down
A bad week for US and European stock markets was reflected in weaker share prices in the GCC markets.
Sunday, February 10 - 2002 at 10:55
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Peter J. CooperSunday, February 10 - 2002 at 10:55 UAE local time (GMT+4)
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