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So often the New Year's opening week sets the pattern for the year ahead. If that is true then the flat performance seen in Saudi Arabia and Bahrain is a little ominous.
However, brokers point out that oil prices are still high. Indeed, bearish comments from Citibank about the outlook need to be taken with a pinch of salt. Analysts said a year ago that oil prices would fall and in fact it was the best year for two decades apart from 2000.
Who is to say that with booming Chinese demand and a few more terrorist scares and geopolitical rumbles that 2004 will not prove to be exactly the same.
Meanwhile, local economies should begin to feel the Iraq effect this year. The injection of $18 billion into the Iraqi economy by the US is another source of new business for regional companies on top of booming oil revenues.
Good start to the New Year
GCC stocks opened 2004 with a 4.4% gain in Kuwait, followed by a 2.4% rise in Oman, 2.3% better in Qatar and 1.5% increase in UAE share prices.
Thursday, January 08 - 2004 at 10:11
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Peter J. CooperThursday, January 08 - 2004 at 10:11 UAE local time (GMT+4)
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