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An investor uses his mobile phone at the Dubai Financial Market.
Stock markets in the Gulf Cooperation Council (GCC) region rallied in June on the back of easing tensions and positive investor sentiment.
The S&P GCC Composite Index posted a 3% gain during the month, led by equities in Kuwait and Dubai. The positive trend was primarily driven by the de-escalation of geopolitical tensions in the Middle East, as well as global optimism, according to Kuwait Financial Centre (Markaz).
Leading the rally, Kuwait’s All Share Index surged by 4.2% last month, pushing its year-to-date (YTD) gains to 14.8%, while Dubai’s equity index rose 4.1% for the month.
Kuwait’s star performers were the consumer staples and real estate sectors, which went up by 9.1% and 7.7%, respectively. Banks also performed well, including Kuwait International Bank and Burgan Bank, which rose by 15.9% and 8.7%, respectively.
Dubai’s equity index was supported by strong performances from its blue chips, including Dubai Islamic Bank and Salik Company, which jumped by 9.9% and 5.8%, respectively.
In Abu Dhabi, the equity index rose by 2.8% on the back of gains made by blue-chip stocks, with Abu Dhabi Islamic Bank (12.1%) and Aldar Properties (7.3%) making significant contributions.
Qatar’s equity market rose by 2.7%, propped up by higher natural gas prices, while Saudi Arabia’s equity index went up by 1.6% on the back of broad-based sector strength.
(Writing by Cleofe Maceda; editing by Seban Scaria)
