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Kuwait market fickle ahead of National Day

 
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Kirk
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PostPosted: Wed Feb 22, 2012 7:05 pm    Post subject: Kuwait market fickle ahead of National Day Reply with quote

Banks and real estate shares mostly weighed on the KSE Market Index, which slipped 0.16% to close at 6,088.5 points. The country's largest lender National Bank of Kuwait (NBK) fell 1.69% to KD1.160. "Will higher oil prices spike the markets' rise?" Gary Dugan, CIO Private Banking at Emirates NBD, asked in his weekly commentary. Dugan wrote: "We continue to caution against chasing markets after such a strong run-up in recent weeks. For sure there is a growing confidence that the worst Euro zone outcomes may have been avoided. However there are also head winds to markets that will at the very least slow progress. The recent 10% rise in oil prices if sustained will detract from global growth and slow the pace of interest rate cuts in the emerging countries. The situation in Greece is better but still far from secure and any significant setback in negotiations could lead to some rapid profit taking." Year to date, Kuwait, which wil celebrate its National Day on Sunday, February 26, has seen a 4.72% rise in its stock market gauge.

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