GCC index sees biggest gains since global financial crisis
- Date: 04-Apr-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Gulf
GCC index sees biggest gains since global financial crisis
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A broad-based rally in GCC markets coupled with elevated oil prices have pushed the MSCI GCC aggregate benchmark up 17.7% during Q1-2022, the biggest gains since Q2-2009.
Gains were supported by four consecutive months of gains in the index, according to Kamco Invest a premier investment company based in Kuwait.
All markets were in the green during quarter with Abu Dhabi reported the biggest gain of 17.2% followed by Qatar and Saudi Arabia with gains of 16.4% and 16.0%, respectively.
Positive performance
In terms of monthly performance, the MSCI GCC index was up 5.2% during the month backed by positive performance in all GCC markets during March-2022.
On the sectoral front, the GCC Capital Goods, Materials and Banks sectors topped during Q1-2022 with gains of almost 20%. Energy and Healthcare followed with growth of 18.2% and 15.1%, respectively.
Consumer Durable and Apparels and Pharma were the only sectors that declined this quarter by 10.0% and 5.1%, respectively. Monthly performance also saw Materials at the top with a gain of 9.7% followed by Healthcare and Cap Goods indices.
Crude oil volatility
Moreover, despite recent weakness, the disruption caused on the supply front pushed crude oil prices to a 7-quarter high growth of almost 40% during Q1-2022.
The volatility in oil