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The Kuwait Stock Exchange is the region's best performing stock exchange, and local investors have been amply rewarded with a 29% gain so far this year.
The index closed last week at 2,205.7 points, its highest level since August 5 and a 2% increase on a week earlier. This is only 4.5% off its high-point of 2,309 points reached in mid-July, and local brokers think the market may move higher.
Liquidity is very strong in Kuwait with local banks awash with cash - $32.7 billion according to the last report from the Central Bank of Kuwait. Moreover, war fears have abated in recent days with the return of the UN weapons inspectors to Baghdad.
Trading volumes have also picked up strongly. Last week shares worth $105 million changed hands every day, up from $48 million a day on average in 2001.
However, the KSE is still 22% off its previous all-time high of 2,836.8 points reached in November 1997. This leaves local bulls with some room to charge, albeit that the threat of a second Gulf War still hangs in the air.
In the event of a conflict, Kuwait would be deserted by some of its wealthiest citizens and that would surely be bad news for local business. All the same, optimists say a swift conflict would be followed by a huge rally on the KSE and an economic boom. That might take the KSE past its 1997 levels.
KSE up 29% this year
Any one who stuck their money on the Kuwait Stock Exchange is laughing this year, but the best is yet to come say some local analysts.
Saturday, November 23 - 2002 at 11:03
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Peter J. CooperSaturday, November 23 - 2002 at 11:03 UAE local time (GMT+4)
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