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In Saudi Arabia stocks closed up 2.3% at 4,106.91 points, while over in the second largest GCC bourse in Kuwait the key index was ahead by 1.4% on the week to close at 4,409.90.
The third largest exchange by market capitalization, the UAE, was also 0.7% higher with the Emnex closing at 2,881.85.
Brokers now expect serious trading to pick up and eyes are still on the UAE stock market where valuations are attractive and general investment levels suggest the local economic boom may run for some years yet. Some suggest that UAE investors have become so preoccupied with real estate that they have overlooked stock buying opportunities so far.
However, the smaller bourses in Oman, Qatar and Bahrain all managed the same gain of 1.2% last week, showing that the bigger bourses of the GCC are not the only place worth investing.
GCC markets regain upward momentum
Ramadan is usually a quiet time in the Middle East with Iftars and late-night dinners preoccupying investors rather than their computer monitors. But with the Holy Month now drawing to a close there was renewed activity in most bourses last week with the accent on the positive.
Saturday, November 22 - 2003 at 09:30
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Peter J. CooperSaturday, November 22 - 2003 at 09:30 UAE local time (GMT+4)
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This Article was updated on Wednesday, March 28 - 2007
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