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Kuwait's bull charge continued last week with a further 3.2% rise in the KSE index to 2,157.6, its highest close since September 1998 and a 26.2% rise so far in 2002.
Now on track to become the world's best performing stock market for the year, the KSE is still 24% off its all-time high reached in November 1997.
Brokers are uniformly bullish about the immediate outlook and see the market powering higher and indeed there looks like a good deal of room for the market to move higher to retrace its former glory.
Trading volumes reflect the emirate's new found love affair with its bourse. Last week trading volume hit $160m per day compared with $48m this time last year.
However, those with long memories might recall the collapse of the Kuwait bourse in 1982, as well as its more recent plunge in 1997-8. For this wealthy market is driven upwards by greed and speculation and as such remains vulnerable to sudden changes of market sentiment.
But for the timebeing it looks as though the KSE is heading higher and staying out of the market may carry a higher risk than coming in.
Kuwait bourse up another 3.2%
Things were pretty quiet in most GCC bourses last week, except in Kuwait where trading volumes are sharply up.
Sunday, June 02 - 2002 at 10:05
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Peter J. CooperSunday, June 02 - 2002 at 10:05 UAE local time (GMT+4)
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