Kuwait Business: GCC equity markets end 2021 on a positive note: Markaz – Gulf Digital News

Kuwait Business: GCC equity markets end 2021 on a positive note: Markaz – Gulf Digital News

The GCC equity markets ended 2021 on a positive note with the S&P GCC composite index rising by 4.0% for the month, logging a 31.4% gain for 2021. 

Meanwhile, crude oil jumped 10% in December on easing Omicron concerns.

Reports on lower severity of Omicron variant supported the equity markets despite countries imposing restrictions amid continued spread of the Covid-19 variant, according to Kuwait Financial Centre ‘Markaz’, which recently released its Monthly Market Review report for the month of December 2021. 

Saudi Arabia was the top gainer for the month, increasing by 4.8%, followed by Dubai, which gained 4.0%. Saudi Arabia expects to post a surplus of SR90 billion ($23.99 billion) in its budget for 2022, its first surplus since 2014. While the country expects higher revenue for 2022 at SR1.05 trillion ($278 billion), its budgeted expenditure is down by 6% y/y. Abu Dhabi declined the most at 0.7%. 

Bahrain, Kuwait, Oman and Qatar gained 3.9%, 3.7%, 3.2% and 2.1% respectively.  Among the GCC blue chip companies, the best performer was Al Rajhi Bank, which gained 7.3% during the month, followed by Sabic, which gained 7.2%. Sabic’s board has recommended cash dividend at SR2.25 per share for H2