GCC markets see broad-based gains in June quarter – Times of Oman

GCC markets see broad-based gains in June quarter – Times of Oman

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Muscat: GCC stock markets mostly witnessed broad-based gains during June-2020, in line with global benchmarks, with all regional stock markets barring Oman closing in the green, according to a new report.

Regional market volatility also witnessed a steep decline during the month, as investors preferred to stay cautious over concerns of the impact of Covid-19 crisis, the Kuwait-based Kamco Invest said in its latest monthly report on GCC stock markets.

Moreover, despite consecutive monthly gains, markets remained in the red at the end of the first half of 2020 at -15.7 per cent year-to-date (YTD), as the 12 per cent rally during the second quarter of 2020 was unable to offset the 25 per cent decline during the first quarter of 2020.

The GCC monthly sector performance was broad-based with gains in almost all the sectors in the green, barring insurance that receded 1.3 per cent. The transportation index witnessed the biggest monthly gains as prospects of the near-term opening of economies pushed the most affected sectors over the past few months including consumer cyclical, real estate, industrials and basic materials higher.

That said, in terms of first-half 2020 gains, only the defensive consumer-facing sectors like food & beverage