Kuwait Business: GCC markets positive in August despite a slide in oil prices – Gulf Digital News

Kuwait Business: GCC markets positive in August despite a slide in oil prices – Gulf Digital News

Most of the GCC markets ended positive in August with Dubai and Abu Dhabi equity indices rising the most, gaining 3.2% and 2.2% respectively, according to Kuwait Financial Centre (Markaz).

Regionally, the Gulf markets outperformed global markets with S&P GCC composite index rising by 0.7% for the month. This was despite oil prices declining by 12.3% for the month with downwards pressure on demand, increasing fears of recession and uncertainty over a potential nuclear deal with Iran, stated Markaz in its recently released Monthly Market Review report for August..

Qatar’s equity index also posted a gain of 0.4% over the same period, backed by rising oil prices and increased demand for natural gas, while Saudi Arabia’s index was up by 0.7% driven by positive Q2 earnings released by major blue-chip companies,

Among premier market stocks, Kuwait Projects Company Holding (Kipco) and HumanSoft Holding Company gained the most for the month, rising by 5.9% and 4.9% respectively.

National Investments Company and Kuwait Real Estate Company fell the most for the month at 11.4% and 8.1% respectively, it added.

Kipco obtained CMA approval for capital increase, which is to be utilized towards executing the merger of Kipco and Qurain Petrochemical Industries Company (QPIC).

According to Markaz, the Central