The stock markets in the six-member Gulf states were up again in March, gaining 4.6 per cent after surging 7.4 per cent in February. However, Omani bourse slipped two per cent amid dividend adjustment in March.
The surge in Gulf Cooperation Council (GCC) bourses was led by Saudi Arabia, which was up 8.39 per cent for the third consecutive month, while Kuwait’s weighted index gained 2.61 per cent. Losses were seen in the United Arab Emirates (UAE), with Abu Dhabi and Dubai declining 1.69 per cent and 2.73 per cent, respectively, while Oman was down two per cent, said a report released by Kuwait Financial Centre yesterday.
“The upward trend was led by Saudi Arabia, primarily due to enhanced liquidity and high oil prices,” said Kanaga Sundar, Senior Research Analyst at Gulf Baader Capital Markets. “The fundamentals of Saudi market are improving. The growth in government expenditure is benefiting the corporate sector.
The surge in Gulf Cooperation Council (GCC) bourses was led by Saudi Arabia, which was up 8.39 per cent for the third consecutive month, while Kuwait’s weighted index gained 2.61 per cent. Losses were seen in the United Arab Emirates (UAE), with Abu Dhabi and Dubai declining 1.69 per cent and 2.73 per cent, respectively, while Oman was down two per cent, said a report released by Kuwait Financial Centre yesterday.
“The upward trend was led by Saudi Arabia, primarily due to enhanced liquidity and high oil prices,” said Kanaga Sundar, Senior Research Analyst at Gulf Baader Capital Markets. “The fundamentals of Saudi market are improving. The growth in government expenditure is benefiting the corporate sector.
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