Traditionally the quietest month of the year, August has seen some spectacular gains in Gulf stock markets.
This week the Doha Securities Market shed 2.5% in value but that followed an outstanding 10% surge in share prices the week before. While over in Saudi Arabia the market gained a further 3% last week to close at 4,051.95 points, a new all-time high.
The KSA surge in share prices was driven by investor confidence in the blue-chips, enhanced again by excellent Q2 results from Saudi Electricity and Sabic which gained 9% and 4% respectively.
The UAE also kept up its August growth with a further 0.8% added to share values last week. Kuwait, Oman and Bahrain saw profit taking with falls of 0.8%, 0.2% and 0.3% respectively. Brokers said the autumn outlook was good.
Continued high oil prices, with Brent crude close to $30 per barrel, are underpinning growth in the Gulf economies. And the 9/11 factor is encouraging investments at home rather than abroad, although a further recovery in world stock markets could start to ebb this flow of funds.
Bourses power ahead in August
OK market pundits got it wrong. The traditional quiet of August in Gulf bourses has been shattered by some amazing gains in value.
Saturday, August 23 - 2003 at 15:24
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Peter J. CooperSaturday, August 23 - 2003 at 15:24 UAE local time (GMT+4)
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