GCC Market

Kuwait stocks fell in November driven by sharp fall in oil prices

Kuwait, in line with the broader GCC market, ended the month in red, fuelled by sharp fall in oil prices. The growing fears over a new COVID-19 variant also led to profit taking at the end of the month. Market Performance & Key Metrics Source: Refinitiv, Boursa Kuwait All sectors, except Healthcare and Insurance, declined in November. Insurance was the top gainer, rising 7.6% followed by healthcare which recorded modest gains of 1.8%. Basic materials and Industrials sector indices registered...

Blue Chip Laggards in GCC Equity Markets

The GCC Equity markets like the rest of the major world markets have been having a stellar run in 2021. Until November 21st the S & P GCC Composite Index has generated Year-to-Date (YTD) return of 35.6%, which has not been seen for many years in these markets. Valuation-wise, GCC composite index trades at P/E ratio of 23.3 and the current index value is still at a discount of 47.4% compared to its historical peak value. The performance of the...

GCC markets gain in October on rise in oil prices and strong earnings

GCC markets were positive for the month of October strengthened by strong earnings and sustained increase in oil prices. S&P GCC composite index rose by 2.3%, with Kuwait, Qatar and Abu Dhabi leading the gainers. Saudi Arabia’s main index rose 1.8% in October and had reached 15-year highs during the month. Dubai gained the least among GCC markets at 0.7%. GCC Market Performance Source: Refinitiv Among the GCC blue chip companies, the best performer was Al Rajhi Bank (Saudi Arabia),...

Kuwait leads GCC markets in October

Kuwait was the best performing GCC market in October, supported by the rise in oil prices. The Boursa Kuwait All Share index registered gains for the eighth consecutive month, gaining 3.5% for the month and extended its yearly gains to 28.2%. Kuwait government had lifted precautionary restriction measures for COVID-19 from Oct 24, with certain conditions. Kuwait Market Performance Source: Refinitiv Among sectors, the Consumer Discretionary was the top gainer, rising 13.1% followed by Financial Services at 9.1%. Utilities sector...

What Moved GCC Equity Markets?

S&P GCC composite index rose by 1.5%, with Qatar and Saudi Arabia leading the gainers. Qatar’s main index rose 3.5% for the month, while Abu Dhabi ended the month mildly positive. Dubai markets gave up some of the sharp gains witnessed in the month of August, closing 2.0% down for the current month. Abu Dhabi continues to be the top performer for the year, supported by the rise in oil prices, strong earnings and favourable valuations. Despite the run-up in...

GCC Stock Markets – Positive earnings growth strengthen business optimism

According to our recently released Monthly Market Review for the month of August, GCC equity market gained by 3.6%. At country level, all GCC markets except Oman registered gains for the month. Globally, equities continued their bullish rally as indicated by the MSCI World Index which gained by 2.3%, extending YTD gains of 16.8%. MSCI EM Index gained towards the month-end recuperating from its mid-month weakness. U.S and U.K were also positive for the month. GCC Markets: Most markets end...

Fresh listings could reinvigorate Islamic equity capital markets

This article was originally published in Islamic Finance news (IFN) GCC regional equity markets continue to scale new peaks buoyed by global rally and increasing oil prices. S&P GCC Composite Index, an index, has gained over 20% for the year. Liquidity glut sloshing around global markets has fuelled the rally. Following the COVID-19 pandemic, central banks worldwide eased money supply and increased the availability of credit at near zero interest rates to stem economic fallout. However, the capital has found...

ETF’s in GCC: How far have they come?

Exchange Traded Funds (ETF) was first introduced in the year 1993 and since then, it has made a long journey and won the interest and participation of many retail and institutional investors. Currently, there are more than 7,000 ETFs traded globally. The global ETF assets were worth about USD 7 trillion as of august 2020 (https://etfgi.com/news/press-releases/2020/09/etfgi-reports-assets-invested-etfs-and-etps-listed-globally-broke). Today ETFs are available in many countries, based on pure equity or a mix of equity and debt or fixed income instruments or alternative...

Vaccine approval helps GCC markets recover most of the year’s losses

GCC stocks staged a strong recovery towards the end of the year after seeing a sharp fall in March and April due to oil prices crashing and fears of sharp economic slowdown due to Covid-19. The benchmark S&P GCC Composite index recovered from the lows and ended the year with a fall of just 1.7%. GCC markets rose in November after pharmaceutical firms Pfizer, Moderna and AstraZeneca announced favorable news on COVID-19 vaccine development. Subsequently, several governments including many GCC...

Stock Market Commentary: Vaccine optimism drives all markets higher

All GCC equity markets ended the month in green as oil prices jumped by 27% for the month after pharmaceutical firms Pfizer, Moderna and AstraZeneca announced favorable news on COVID-19 vaccine development that rose investor hopes of quick recovery. Kuwait stock markets rose for the month with the Kuwait Main Market index registering a gain of 1.6%. Kuwait All Share index gained of 0.3% while its index PE ratio stood at 20, a premium of 33% compared to S&P GCC...