Even the questioning of the Kuwaiti finance minister by the emirate's erratic parliament last Monday failed to quell the national enthusiasm for share ownership.
To be fair incorrect rumou rs that the minister had resigned did trigger some profit taking by the end of the week, and bring share prices back for a four-year high of 2,245.8 points reached on Monday.
But the Kuwait Stock Exchange closed at 2,235 points, up 24.1 points. This took the KSE to a 31% rise so far in 2002, and that after a gain of 27% in 2001.
Is this serious investment, or speculation? Probably a combination of the two, although the KSE is still 21% off its all-time high of November 1997, so may still have some way to go.
However, the hot summer is driving investors to cooler climates, and trading volumes have fallen from 50 million to 28 million shares per day over the past week. That, if nothing else, shows that things are now calming down on the KSE, and the next bull-run will probably have to wait until the autumn.
Kuwait hits fresh four-year high
It may be summertime but the Kuwait Stock Exchange has yet to cool down. It touched a fresh four-year high last week.
Sunday, June 30 - 2002 at 10:54
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Peter J. CooperSunday, June 30 - 2002 at 10:54 UAE local time (GMT+4)
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