The analysis of weekly price indices in Kuwait, Bahrain, and Oman stock markets showed that: (1) share prices were cointegrated with one cointegrating vector and two common stochastic trends driving the series, which indicates the existence of a stable, long-term equilibrium relationship between them; and (2) prices were not affected by short-term changes but were moving along the trend values of each other. Therefore, information on the price levels would be helpful for predicting their changes. Omran (2003) focused on examining the impact of real interest rates as a key factor in the performance of the Egyptian stock market,.
