Gulf bourses shrugged off global market turmoil and surged ahead by more than $60 billion in April despite fluctuations in the previous month. The figures show that the UAE, Saudi Arabia, and Qatar were by far the best performers. Starting at $1 trillion during the first of April, the market caps in the GCC grew to $1.126 trillion by todays (Sunday’s) opening.
“This year is expected to be a good one based on the market and economic fundamentals. But you have to expect instability from time to time because of speculation in some markets, mainly in Saudi Arabia and UAE bourse.”
- In a report by the AMF
Here is a detailed list of the exchanges increases (by region):
- Dubai’s International Financial Exchange (DIFX) - $8 billion
- Qatar’s Doha Securities Market - $19.8 billion
- Kuwait Stock Exchange - $1.2 billion
- Oman Stock Exchange- $2 billion
- Bahrain Stock Exchange- $1.5 billion
“All GCC markets have emerged as gainers so far this year and this shows their exposure to overseas markets is minimal… Another reason is that many foreigners are scared of volatile global markets and are finding a safe haven in this region… Since most of the listed companies are expected to make higher profits this year, the investors’ gains will be more”
- Ziad Dabbas, National Bank of Abu Dhabi.
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