Kuwait's share index closed above 6,000 points for the first time ever on Sunday, as the Arab world's No. 2 bourse benefits from high oil prices, solid economic fundamentals and expectations of firm company profits.
The Kuwait Stock Exchange index grouping more than 110 companies gained 43 points, or 0.72 percent, to end at a session high of 6,017.70. It more than doubled in 2003 and is up more than 25 percent since the start of 2004.
"Investors' expectations are that profits this year will be even better than last year," said Ahmad al-Sumait, senior trader at First Securities Brokerage.
High global oil prices were also keeping the mood buoyant among investors in the Gulf Arab state, which sits on one tenth of global petroleum reserves and is pumping flat out at 2.5 million barrels per day.
National Bank of Kuwait says the state's budget surplus could easily double as oil prices crawl back up on strong demand and concerns about spare capacity. This could result in a surplus of up to 3.43 billion Kuwaiti dinars ($11.7 billion), Kuwait's largest bank added in a recent report.
Among the latest of such corporate news, local newspapers on Sunday quoted Public Warehousing Co as saying it has won various defence-related contracts with the United States for regional projects that have helped the company expand. Public Warehousing climbed 100 fils, or 4.17 percent, to 2.50 dinars.
More than 172 million shares traded. There were 25 gainers versus 21 losers on Sunday, which marked the start of the trading week due to the Prophet's Ascension holiday on Saturday.