GCC markets gain in October on strong banking sector earnings | ZAWYA MENA Edition

GCC markets gain in October on strong banking sector earnings | ZAWYA MENA Edition

GCC equity markets witnessed gains for the 12th consecutive month supported by a broad -based rally across exchanges in the region.

The MSCI GCC index was up 3.1 percent during October 2021 supported by consistent gains since the start of the month that was partially offset by a 1.6 percent decline since last week.

The monthly gains pushed GCC’s year-to-date (YTD) 2021 returns to one of the highest globally at 36.1 percent.

Kuwait was the best performing market in the GCC during the month with a gain of 3.5 percent backed by gain in stocks in the Main Market, Kamco Invest said in its GCC markets monthly report.

Oman followed with a gain of 3.4 percent after three consecutive months of declines. In terms of year-to-date 2021 gains, Abu Dhabi further strengthened its position as one of the best performing markets globally with a gain of 55.9 percent followed by Saudi and Kuwait, also with solid gains of 34.7 percent and 28.2 percent, respectively.

According to the Kamco Invest report, the sector performance chart for the month showed mid-to-low single digit gains for large[1]cap sectors including Banks, Energy and Utilities. Gains for the Banking sector were mainly led by solid earnings announced by most banks in the region, while Energy stocks reflected the consistent gain in oil prices.