GCC equity markets suffer 2023 slump

The equity markets of the GCC underperformed in 2023 when compared to counterparts around the world, according to a report from Kuwait-based fund manager Kamco Invest.

The report found that the GCC equity market index registered one of the smallest annual gains among major global equity markets.

A gain of 714.69 points amounted to a 3.7% which was significantly lower than the double-digit gains elsewhere.

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Within the GCC there was a mixed picture for 2023. Dubai and Saudi Arabia were the only two stock markets to record double digit gains – 21.7% and 14.2 % respectively.

However, the Bahrain and Qatari indices only recorded modest gains of 4% and 1.4% respectively while Oman and Kuwait saw declines of 7.1% and 6.5% respectively.

A strong pipeline of IPOs was seen as a contributory factor in the relatively positive performances of Dubai and Saudi Arabia’s equity markets.

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