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The Kuwait Stock Exchange joined Western markets in a strong rally last week, and closed back above the 2,000 mark at 2,011.6 points.
Brokers were surprised by the return of big funds into the market, and warned that the situation remains highly volatile. Only days earlier an attack against US troops based in the emirate left one US solider dead and another injured.
However, investors seem to have concluded that war is more distant than they thought, despite the war powers granted to US president Bush by US elected representatives last week.
Over in Saudi Arabia, the main shares index was unchanged on the week, closing at 2,646.59 points. Bahrain and Oman moved slightly lower as war fears persisted, and Qatar up by a tiny fraction.
Local brokers are surprised at how the markets are keeping their nerve. But they warned that regional instability was growing and that might easily tip investors into selling their shares.
Kuwait bourse in strong rally
Kuwait was the only Gulf stock market to rally late last week. Elsewhere, war fears cast a long shadow over the outlook.
Saturday, October 12 - 2002 at 10:21
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Peter J. CooperSaturday, October 12 - 2002 at 10:21 UAE local time (GMT+4)
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