GCC market cap drops to $1.1t in June
Dubai - GIH said GCC markets ended mixed in June, as investors awaited the second quarter results.
The combined market capitalisation of GCC bourses declined one per cent month on month to $1.103 trillion in June as trading across the region declined by 29 per cent, Global Investment House (GIH) said.
Market capitalisation of all indices, except Saudi Arabia, rose during the month. However, since Saudi Arabia was the largest contributor ($569.4 billion or 51.6 per cent) to the total value, it dragged down the GCC total.
Qatar contributed ($176.6 billion or 16 per cent) to the total market capitalisation in the GCC; Abu Dhabi and Dubai together contributed $218 billion (19.8 per cent) to the total; Kuwait, Oman, and Bahrain together contributed $138.9 billion.
GIH said GCC markets ended mixed in June, as investors awaited the second quarter results.
“Furthermore, market activities were subdued due to the holy month of Ramadan. Among gainers, Abu Dhabi bourse (ADX) rose 4.3 per cent month on month, followed by Dubai Financial Market (4.2 per cent month on month), Qatar Exchange (1.3 per cent), Muscat Securities Market (0.6 per cent), and Bahrain Stock Exchange (0.3 per cent).
After a sharp decline last month, Qatar Exchange recovered in June, as there was no further action taken by Fifa on the World Cup 2022 matter. Among losers, Tasi lost 6.2 per cent due to a decline in the heavyweight banks and petrochemical sectors.
In May, the combined market capitalisation of UAE bourses shrank 3.46 per cent, or $7.5 billion to $208.8 billion as compared to the previous month.
The market cap of Dubai Financial Market and Abu Dhabi Securities Exchange stood at $216.3 billion (Dh793.8 billion) in April 2015, according to GIH figures.
On Wednesday, Gulf stock markets remained soft in modest volumes during early trade due to a slide in Asian stock markets prompted by China’s equities crash and weak oil prices.
The Dubai stock index slid 0.8 per cent. Construction firm Arabtec dropped 1.2 per cent after saying its group chief financial officer, human resources officer and general counsel had resigned, the latest in a series of management upheavals at the company since June last year.