After five weeks of upward momentum the Saudi Arabian stock market was virtually unchanged last week, but was up 9.5% in the previous five weeks and is 74% higher so far in 2003. The Tadawul All Shares Index was up 0.3% at 4,383.57 points.
It was a similar story in Kuwait where the main index was off 0.2% at 4,589.70. But this was the first week in six that stocks ended in negative territory due to profit taking.
Qatar continued the 2.8% fall of the previous week with the CBQ Index down from 711.72 to 708.77 points. Bahrain's BSE Index was up from 2,330.85 to 2,341.52, while Oman's MSM index was steady at 271.22 points.
Over in the UAE the Emnex was 0.3% down at 2,897.33, though still 32.2% up for the year.
Gulf investors appear to be reassessing the outlook for equities in the light of the falling US dollar and prospects in international markets for 2004. However, with oil prices high rotation between the regional markets looks more likely than an exit.
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A quiet week for stocks
- Saturday, December 13 - 2003 at 08:42
This was a quieter week for Gulf stocks which have enjoyed healthy gains in many markets this autumn.
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Peter J. CooperSaturday, December 13 - 2003 at 08:42 UAE local time (GMT+4)
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This article was updated on Wed Mar 28 2007.
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