GCC stock markets succumbed to coronavirus, weak Q3 results in October | ZAWYA MENA Edition
Most GCC stock markets fell during October as concerns ratcheted up over the surge in the number of COVID-19 cases and the re-imposition of lockdowns in many cities, according to the GCC Markets Monthly Report by Kamco Invest.
In addition, the sentiments of GCC investors, who had defied growth in COVID-19 numbers during the previous months, were also affected by the initial cues from the Q3-2020 earnings.
The MSCI GCC Index closed at a 10-week low level by the end of October-2020 to report a monthly decline of 2.1 percent.
In terms of year-to-date (YTD) returns, the October decline once again pushed all the GCC equity markets back in the red with DFM showing the biggest drop of 21 percent, while Saudi Arabia’s TASI showed the smallest decline of 5.7 percent.
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