GCC markets continue to see gains on higher oil prices – Markaz

GCC markets continue to see gains on higher oil prices – Markaz

The S&P GCC Composite index, a comprehensive benchmark covering stocks from the six Gulf markets, gained last June for the eighth consecutive month as oil prices continued to rise, with Brent crude remaining above $70 per barrel throughout the month. With the index closing June 3.1% higher, most of the GCC markets witnessed gains, including Saudi Arabia and Bahrain which added 4.1% and 4%, respectively, according to Kuwait Financial Centre (Markaz) report. Oman was the top with 5.5%, while Abu Dhabi and Dubai gained 4.2% and 0.5%, respectively. Qatar meanwhile was down 0.2%. As for the GCC blue chips, the best performer was the UAE's International Holdings Company which gained 25.3% in June and 183% for the year, becoming the largest company by market capitalisation of $59 billion across the UAE. The report added, Oil prices closed at $75 per barrel at the end of June, registering a monthly gain of 7.6%. The report noted that oil reached its highest level since 2018, backed by