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The dire situation on Wall Street and other international markets, plus revived fears about an imminent US invasion of Iraq, served to undermine local investor confidence in Saudi Arabia, Kuwait and Bahrain last week.
Saudi sentiment was also hit by a 35 per cent fall in first half profits at market giant Saudi Basic Industries Corporation. This helped push the all-share index down by 2.2 per cent to 2,671.66 points. Of the 68 listed companies on the Saudi bourse, 39 saw their share prices decline.
Over in Kuwait, the region's most exuberant bourse of recent months, there was a sharp 2.5 per cent fall in the week. The KSE index finished at 2,233.1 after the busiest trading day of the year on Wednesday.
This sudden dive in share prices followed a Reuters' report of the US moving to complete work on a new military base in southern Kuwait.
The Bahrain Stock Exchange posted a 0.2 per cent decline, and closed at 1,805.29 points. But brokers noted that this was more due to low summer trading levels.
Traditionally Gulf bourses are extremely quiet in the summer period with investors keen to escape the summer heat. With temperatures higher than ever this year, and the results season almost over, Gulf stock markets are expected to drift sideways until investors return in the second half of September.
Saudi, Kuwait, Bahrain shares in retreat
Gulf bourses appeared to get caught up in the global equity sell-off last week, but were still a lot stronger than major financial markets.
Saturday, July 27 - 2002 at 10:59
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Peter J. CooperSaturday, July 27 - 2002 at 10:59 UAE local time (GMT+4)
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This Article was updated on Sunday, February 04 - 2007
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