Elsewhere, performance is a mixed bag. Kuwait and Oman lead with 8% rises since the start of the New Year. Behind them the UAE, Qatar and Saudi Arabia are a little over 2% higher.
Investors in last three markets appear to have been banking some New Year gains in the past week. The interesting thing will be to watch how the markets perform from here.
In the UAE the Amlak Finance IPO which closes on Wednesday should excite the interest of investors in local stocks.
The UAE bourse has not enjoyed anything like the upward run in Kuwait or Saudi Arabia, despite the fact that investment levels in infrastructure and real estate are considerably higher in the UAE.
Much will depend for 2004 on oil prices, with Opec concerned about the supply situation in the second quarter.
However, after four years of high oil prices a fifth year looks likely, particularly against the background of a global economic recovery.
Mixed start to the New Year for GCC stocks
Bahrain is the only GCC stock market to have fallen in the opening few weeks of 2004, and that despite the listing of heavyweight Gulf Finance House last week.
Bahrain: Saturday, January 24 - 2004 at 09:15
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Peter J. CooperSaturday, January 24 - 2004 at 09:15 UAE local time (GMT+4)
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