GCC Equity Funds Up by 17pc in Q2

DUBAI — Equity funds in the Gulf Co-operation Council rose in the second quarter, boosted by a rally in stock markets as oil prices climbed on expectations of better corporate earnings, a study said.

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Published: Wed 26 Aug 2009, 10:43 PM

Last updated: Thu 2 Apr 2015, 3:46 AM

Kuwait-based Markaz Research said that positive market momentum in the second quarter allowed assets under management, or AUM, to partially recover its losses from last year. It said that GCC funds expanded by 17 per cent to $10.5 billion, led by Saudi Arabia, the region’s largest economy. This was in line with the 27 per cent quarterly gain in the MCSI GCC index. In the second quarter, conventional fund AUMs rose by 15 per cent to Dh3.59 billion, while most equity funds gained as their respective markets recovered.

After the declines in the first quarter, most indices rebounded in the second quarter, according to Markaz

In the UAE, the Dubai Financial Market outperformed the Abu Dhabi Exchange, gaining by 13.7 per cent, compared to a gain of 5.8 per cent in Abu Dhabi. Dubai’s gains were led by the real estate and construction sector, which rose by 33 per cent.

· rocel@khaleejtimes.com

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