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After two months of stellar performance perhaps it was inevitable that traditional summer inertia should set in at this stage.
Though the headline 'nothing happened' is not designed to set hearts pounding, this may have come as a welcome relief after the heady gains of the recent rally.
The exception to this rule was Qatar which hit a new all-time high at the start of the week driven by investor optimism about 2003 Q2 financial results. But the market later gave back some of this ground and ended up a more modest 1.9%.
Kuwait saw the biggest market retreat with a 6.7% fall, its biggest tumble in four years. Both the stock markets of Oman and Saudi Arabia also fell back, by 0.3% and 0.7% respectively.
Bakheet Financial Advisors reported volatile trading with investors still confident about better than expected Q2 results from Safco and Sabic. But the respected brokers reckoned the market would await new incentives to push outside its current price band.
So has the recent rally run its course? That would appear to be the underlying message. Also it has got hot and many key players are now sitting in cooler climbs with their minds on other matters.
GCC rally runs out of steam
The recent bull run which has taken Saudi stocks 43 per cent higher since the start of the Gulf War appears to have run out of steam. And last week saw the biggest one-day correction in Kuwait in four years.
Monday, June 30 - 2003 at 16:19
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Peter J. CooperMonday, June 30 - 2003 at 16:19 UAE local time (GMT+4)
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