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The performance of the Middle East’s stock markets was positive
through August. Of the six markets followed here, four markets went
up and only two went down. The period’s best performer was
Kuwait, up 3.9 percent, while the worst was Israel, down 3.7 percent.
Bahrain
The Bahrain All Share, BSE and Esterad indices all received all-time
highs in August, closing at 1672.40, 2808.80 and 1753.38 points
respectively. The value and volume of shares that changed hands,
along with the number of executed trades, increased over July, recording
amounts of $27.7734 million, 21.56 million shares and 1,499 transactions
respectively.
Israel
The TA 100 and TA 25 indices continued their losing streak through
August, retreating 3.7 percent and 4 percent respectively, while
the Tel-Tech Index endured a mild loss of 1.9 percent. The average
daily trading volume was $123 million for shares and convertibles,
$158 million for bonds and $135 million for treasury bills.
Jordan
The main index dropped a meager 0.47 percent to 2901.95 by the end
of August. The average daily trading volume was $11,258,138.05,
while the daily average shares traded was 3,928,275. The market
witnessed selling pressures for profit taking and slow position
building as investors paid more attention to non-blue chip stocks.
Kuwait
The Kuwait Stock Exchange started August with a small increase,
gaining momentum through the second week of the month on investors’
optimism over the positive corporate earnings recorded in the first
half of 2004. The main price index closed at 5904.5 points, an increase
of 225.5 points or 3.9 percent.
Saudi Arabia
Several positive trends helped the Saudi market through August.
Investors showed optimism on the corporate earnings for 2004 while
keeping an eye on the government’s order to establish a financial
market commission. Oil prices, meanwhile, continued to increase,
reaching new, historic levels. The Tadawul All Shares Index closed
at 6291.77 points, an increase of 2.1 percent.
Turkey
The ISE 100 Index increased by 1.6 percent in US dollar terms while
the stock market’s monthly total traded value decreased by
5.6 percent in US dollar terms to $8,563 million from the previous
month. The year-to-date average daily traded value stood at $556
million at the end of August.
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