RIYADH: Gulf Cooperation Council indexes recovered during July on the back of strong earnings and global recovery, reversing two consecutive months of decline.
The MSCI GCC index hit a six-month high of 6.1 percent in July, broadly in line with global equity markets, according to data by Kamco Invest.
Oman experienced the largest monthly gain of 9.9 percent, closely followed by Qatar and Saudi Arabia with gains of 9.7 percent and 5.9 percent, respectively.
The ADX and DFM markets in the UAE lagged behind with smaller gains of 3.1 percent and 3.6 percent, respectively.
The strong growth during the month of July has added strength to the performance of GCC markets for the year.
The MSCI GCC index gained 7.4 percent since the start of the year, with double-digit gains in Qatar and Abu Dhabi at 15 percent and 13.8 percent, respectively.
Oman and Kuwait were next with gains of around 10 percent while Saudi Arabia’s TASI showed a gain of 8.1 percent.
This was driven by gains across all sectors with the performance chart for the month showing gains across the board.