GCC Equity Market Index Dropped 6.4% in 2022  

GCC Equity Market Index Dropped 6.4% in 2022  

The Gulf Cooperation Council (GCC) equity market index closed 2022 with a decline of 6.4 percent after demonstrating one of the most significant gains globally last year, according to a recent report.

Markets in the region remained volatile during the year, and gains made during the first four months were more than offset by declines for most months after that.

A Kuwait-based KAMCO Investment Company report said that the oil market also influenced regional markets, while additional volatility came from volatile global financial markets.

The Russia-Ukraine war and its impact on the global supply chain, especially for commodities, and the strict lockdowns in China affected technology and components supply chains during the year.

The trend in global inflation and the steps taken by international central banks with the unprecedented rate hikes also affected markets. It was worsened by sanctions on Russia that came into effect in December 2022.

According to the market monitoring of the markets of the GCC countries, Qatar reported the most significant decline during 2022, with the DSM Index receding by 8.1 percent, followed by Saudi Arabia, which dropped by 7.1 percent, marking the first decline in the Saudi index after six consecutive years of gains.

On the other hand, Abu Dhabi was