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The Kuwait Stock Exchange enjoyed another strong week with stocks closing up one per cent at 1,962.1 points.
Driving the market to levels not seen in over four-and-a-half years was a combination of strong first quarter results and high liquidity. The recent hike in oil prices has also boosted investor confidence in the KSE.
Brokers think the market could well breach the 2,000 points barrier next week, although some now believe that the KSE is looking overbought and that a reverse of recent rises could occur.
That was certainly the case in Saudi Arabia last week where share prices retreated by 0.7 per cent to leave the all-shares index at 2,642.17 points. News that Sabic had ended its talks with ENI about a possible joint venture sent Sabic shares 3.7 per cent lower, and this impacted on the whole market.
However, other GCC markets continued in positive territory. Oman saw its sixth week of rising share prices, and is now up 13.5 per cent in 2002 with the MSM index standing at 172.58 points.
Bahrain has posted a less impressive gain of 2.2 per cent this year, but was up by 0.5 per cent last week to close at 1800.51 points.
KSE approaches 2,000 barrier
Kuwait continued its bull charge last week but some of the other GCC markets began to run out of steam.
Sunday, April 21 - 2002 at 10:44
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Peter J. CooperSunday, April 21 - 2002 at 10:44 UAE local time (GMT+4)
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