Gulf stocks make strong gains in April

 
All seven bourses in GCC rise at end of April as Saudi stock market leads way with 19% gain over March close.

 
KUWAIT CITY - Gulf stock markets, which slumped on the global economic slowdown last year, showed signs of recovery in April because of fresh liquidity and government stimulus plans, traders said.

All seven bourses in the energy-rich Gulf Cooperation Council (GCC) states rose at the end of April, with the Saudi market -- the largest in the Arab world -- leading the way with a 19 percent gain over its March close.

However, only two markets are above last year's level.

Total market capitalisation rose to 610 billion dollars from 550 billion dollars at the end of March and 600 billion dollars at the end of 2008 -- but remain at almost half the end-2007 level of 1.116 trillion dollars.

The rise came despite a mixed performance by shares in listed firms in the first quarter of the year.

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