In Saudi Arabia shares prices fell by 0.5% for the week to Thursday with the Tadawul All-Shares Index at 2,615,34 points. However, this is still up by 3.9% so far in 2003, quite a contrast to the big falls in equity prices in global markets.
There was also little movement in the UAE stock market despite talk that a series of initial public offerings are planned for this year.
On the other hand, the bulls are still holding the field in Kuwait. The Kuwait Stock Exchange gained 1.7% last week to close at 2,540.6. Traders said high liquidity meant that the market almost ignored the shooting of a US citizen on Tuesday which might have been expected to at least dent confidence a little.
Around the GCC investors are waiting for 2003 figures from the top players. All listed companies have until the end of the first quarter to unveil their results, and most will probably choose to wait a while and see what happens in Iraq first.
A short conflict followed by a slew of good 2003 results would surely propel GCC stock markets sharply higher. They have yet to reach 1998 levels despite high oil prices for three years, and that situation can surely not persist for much longer.
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Gulf markets anxiously await developments in Iraq
- Saturday, January 25 - 2003 at 12:02
As the US led coalition inched closer and closer to military conflict in Iraq, only the Kuwait Stock Exchange showed any sign of life.
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Peter J. CooperSaturday, January 25 - 2003 at 12:02 UAE local time (GMT+4)
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