(MENAFN - Kuwait News Agency (KUNA)) Buoyed by considerable earnings for 2011, surging oil prices and governmental economic backing, most Gulf markets did a good job in the first quarter of 2012, according to an economic report.
The Saudi stock market was the key winner in the reporting period by an index surge of 22.1 percent, prompted by unprecedented record trading, with cash liquidity having exceeded the USD 182 billion mark, showed the report, released by KIPCO Asset Management Company (KAMCO) on Wednesday.
Notwithstanding lull in real estate, Dubai stock market had the second place in the first quarter of 2012 by a rise of 21.8 percent thanks to the good performance of basic economic sectors in Dubai, mainly tourism and trade, together with strong growth in 2011 profits hitting two billion US dollars, up by 30 percent over 2010, with a daily trading of USD 2.8 billion, the report said.
In Abu Dhabi, stocks shot up by 6.3 percent due to 2011 profits surging by 93 percent to eight billion US dollars, it added.
In Kuwait, trading was overshadowed by speculation in the reporting period, sending trading value into a jump of USD 8.7 billion, with the weighted index having edged up by 3.6 percent to USD 109 billion, the report showed.
The market value of the Gulf stock markets exceeded the USD 800 billion mark up to USD 810 billion, up USD 87 billion over 2011, it added.
The report ascribed the positive financial results of the Gulf stock markets in 2011, excluding Kuwait and Muscat bourses, to Gulf economic recovery and governmental backing to investment in development and infrastructure projects.