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Shares in Saudi Arabia and Kuwait headed in opposite directions, partly due to domestic considerations.
The Tadawul All-Shares Index in Saudi Arabia fell by 2.2% to 2,532.72 points. Brokers said that investors continued to be nervous about the impact of a US attack on Iraq.
But the bourse was also hit by news of the sale of a 2.8% stake in the Saudi American Bank by Citibank. Even better than expected financial results from Saudi Basic Industries Corporation and Saudi Electricity Company could not rally the market.
However, in Kuwait shares rose by 2.6% to close at 2,113 points mainly due to optimism about likely interest rate cuts in the wake of US interest rate reductions.
There was also the return of National Real Estate to the trading floor as a one-month suspension came to an end on rumors that a dispute between the firm and the government over its trade license had been settled. In addition, good financial results from several companies have helped to support the market.
On the other hand, with US military hardware now pouring into Kuwait, and a new UN Security Council resolution passed, most brokers expect stocks to remain volatile.
Kuwaiti, Saudi shares head in opposite directions
Optimism in the Kuwait bourse is all the more remarkable given that its neighbour is Iraq, but the bears now hold sway in Saudi Arabia.
Saturday, November 09 - 2002 at 12:02
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Peter J. CooperSaturday, November 09 - 2002 at 12:02 UAE local time (GMT+4)
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This Article was updated on Monday, February 05 - 2007
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