GCC Index Records Biggest Gain since 2008

GCC Index Records Biggest Gain since 2008

The GCC equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008. (Asharq Al-Awsat)

The Gulf Cooperation Council (GCC) equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008, according to a report by Kuwait-based Kamco Invest.

The aggregate MSCI GCC Index witnessed gains for 12 consecutive months until November 2021, when in declined by 3.4%. However, gains during December partially offset the trimmed yearly gains.

The report indicated that Abu Dhabi was the best performing market amongst prominent equity markets globally with a gain of 68.2%.

Saudi Arabia was next in the region with a healthy gain of 29.8%, closely followed by Dubai and Kuwaiti benchmarks with gains of 28.2% and 27%, respectively.

GCC equity markets outperformed its global peers with a yearly return of 34.9% in 2021 for the MSCI GCC Index.

The index recovered fully from the COVID-19 and oil-led decline of 3.7% in 2020.

Global markets had an equally exciting year with the MSCI World Index touching a record high on December 29, but declines during the last two trading sessions of the year partially trimmed the third consecutive year of gains that reached 20.1%.

Gains for both Saudi Arabia and Abu Dhabi Securities