GCC stock market index touches 7-year high

GCC stock market index touches 7-year high

Muscat: The MSCI GCC index posted gains for the tenth consecutive month during August-2021 backed by gains in key large-cap sectors during the month, a new report shows. The index closed at a 7-year high level on August 17, 2021, but as investors booked profits, the index receded towards the end of the month to close at 708. 48 points, registering a monthly gain of 4. 3 per cent, Kuwait-based Kamco Invest, an investment strategy and research firm said. Market performance during the month was broadly positive as barring Oman the remaining six exchanges in the Gulf Cooperation Council (GCC) posted monthly gains. UAE exchanges reported the highest gains during the month, both recording gains of 5. 0 per cent. Qatar and Kuwaiti benchmarks followed with monthly gains of 3. 2 per cent and 3. 1 per cent, respectively. The gains in Abu Dhabi once again pushed the year-to-date returns for the benchmark to the highest level among key global markets with a gain of 52. 3 per cent. Saudi Arabia's TASI also showed solid gains of 30. 3 per cent since the start of the year followed by Kuwait's All Share Index with a gain of 22. 4 per