Kuwait: Bourse gains on anniversary

Published November 12th, 2012 - 10:09 GMT
Bourse and fireworks : Everything is going up in Kuwait
Bourse and fireworks : Everything is going up in Kuwait

Kuwait's bourse is seen rising yesterday, with celebrations marking the 50th anniversary of the country's constitution seen lifting sentiment, while gains in global markets are likely to support Gulf bourses.

Kuwait marked the anniversary on Saturday with a huge fireworks display.

"It was a needed event to get things in perspective and make people in unite in confronting challenges ahead - optimism is in the air," says Fouad Darwish, head of brokerage at Global Investment House.

Comments from the Amir helped lift Kuwait's index on Thursday, with bluechips rallying.

Shaikh Sabah Al Ahmad Al Sabah said he would deal with the political and economic problems in the country to return Kuwait to "what it was: the pearl of the Gulf." In the United Arab Emirates, shares in Shuaa Capital will be in focus after it posted a smaller quarterly loss yesterday, helped by lower provisions and a sharp drop in investment-related losses.

Global sentiment is upbeat after U.S. consumer sentiment hit a more than five-year high, outweighing gloom that the "fiscal cliff" in the United States and Europe's economic woes may lead to a world recession. U.S. stocks and oil prices gained on Friday.

© 2022 News of Bahrain

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