3 Factors Helped in Boosting the GCC Stock Markets this Month

3 Factors Helped in Boosting the GCC Stock Markets this Month

The UAE and other Gulf bourses are heading for their best monthly performance in August in 2020, buoyed by the progress towards Covid-19 vaccines, the easing of US-China tensions, and a rebound in crude prices.

Analysts expect the markets to continue their upward trend in the weeks ahead, on the back of support from central banks.

On Sunday, most stock markets in the Gulf ended higher on Sunday, with Saudi Arabian shares rising on the back of gains in financials. The Saudi Stock Exchange launched exchange-traded derivatives market and clearing house on Sunday to make its equity markets more attractive to foreign investors.

Dubai's main share index eased 0.3 per cent, hurt by a 3.9 per cent slide in Emirates Integrated Telecommunications (du) and a 0.9 per cent fall in Emirates NBD Bank.