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GCC markets continue to see gains on higher oil prices – Markaz

GCC markets continue to see gains on higher oil prices – Markaz
Oil prices closed at $75 per barrel at the end of June

Mubasher: The S&P GCC Composite index, a comprehensive benchmark covering stocks from the six Gulf markets, gained last June for the eighth consecutive month as oil prices continued to rise, with Brent crude remaining above $70 per barrel throughout the month.

With the index closing June 3.1% higher, most of the GCC markets witnessed gains, including Saudi Arabia and Bahrain which added 4.1% and 4%, respectively, according to Kuwait Financial Centre (Markaz) report.

Oman was the top with 5.5%, while Abu Dhabi and Dubai gained 4.2% and 0.5%, respectively. Qatar meanwhile was down 0.2%.

As for the GCC blue chips, the best performer was the UAE’s International Holdings Company which gained 25.3% in June and 183% for the year, becoming the largest company by market capitalisation of $59 billion across the UAE.  The report added, “the stock was further boosted by the listing of Alpha Dhabi Holding, a real estate company in which it holds a 45% stake.”

Oil prices closed at $75 per barrel at the end of June, registering a monthly gain of 7.6%.

The report noted that oil reached its highest level since 2018, backed by “sustained demand indicated by declining stockpiles and dimming prospect of any immediate spike in oil supply from Iran as talks with the US on a nuclear deal faltered.”