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GCC markets close in green for July except TASI

August 2016

August 7, 2016 | 11:00 | Dubai

GCC markets ended on a mixed note in July on strong global cues and mixed earnings amid a decline in crude oil prices. The QE (7.3%MoM) was the top gainer for the month, followed by the DFM (5.2%MoM), BSE (3.3%MoM), ADX (1.7%MoM), KSE (1.6%MoM) and MSM30 (1.2%MoM). The TASI (-3%MoM) was the only loser for the month which declined in 10 out of 16 sessions. According to a report by Global Investment House released on August 3, the combined market capitalization of GCC markets rose 0.7% MoM to USD841bn in July from USD836bn in June.

The Saudi market contributed the most (USD389bn or 46.2%) to the overall market capitalization, followed by the Qatari index (USD131bn or 15.6%), and the Abu Dhabi and Dubai markets (USD206n or 24.5%). The Kuwaiti, Omani, and Bahraini exchanges contributed USD115bn (13.7%). Trading activity slowed down in July, with the volume traded declining 22.7%MoM to 9.7bn shares and value traded falling 25.5%MoM to USD19.6bn.

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