GCC markets see biggest quarterly gain since global financial crisis

GCC markets see biggest quarterly gain since global financial crisis

A broad rally across regional GCC markets and higher oil prices led to the MSCI GCC aggregate index surging about 18 per cent in the first three months of 2022, its biggest quarterly gain since the second quarter of 2009 during the global financial crisis.

The rise was supported by four consecutive months of gains in the index, Kamco Invest said in a report.

All the regional markets were in the green during the quarter, with Abu Dhabi reporting the biggest gain of about 17 per cent, followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report said.

The capital goods, materials and banking sectors had the biggest gains, at almost 20 per cent. Energy and health care followed, expanding 18 per cent and 15 per cent, respectively.

Consumer durables and apparels, and pharma were the only sectors that declined in the first quarter, the report found.