The strong rally in GCC stock markets continued last week with the Saudi Tadawul all shares index up by 2.8% to 2,997.95, Oman's bourse at a three-year high, and the UAE and Kuwait holding on to recent gains.
Bakheet Financial Advisors weekly report said investors were now looking for good first quarter results from Saudi Telecom and Sabic. The brokers expect the market to continue its bullish trend unless these results are disappointing.
This was the fifth consecutive week of gains for the Saudi bourse, with Saudi Public Transport, Saudi Arabian Amiantit and Al Mawashi Al-Mukairish United Company the leading winners.
Saudi investors seem encouraged by the lack of spillover from Iraq in terms of internal security problems, and the immediate post-war business opportunities in Iraq.
More importantly, the widely feared collapse in the oil price due to the release of strategic reserves has not occurred. Indeed, oil prices have settled back to around $25 per barrel after the exceptional price levels of the first quarter.
High production levels and high oil prices in the first quarter have greatly benefited GCC economies, and should spur higher investment levels, again underpinning the optimism of local investors.
GCC stock continue to rally
For GCC investors a golden growth scenario is set with high oil revenues, new business opportunities in Iraq, and low interest rates. No wonder the local bourses are rising.
Saturday, April 19 - 2003 at 11:40
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Peter J. CooperSaturday, April 19 - 2003 at 11:40 UAE local time (GMT+4)
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This Article was updated on Saturday, March 03 - 2007
Index : GCC Stock Watch
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