Dubai’s Market Best in the Gulf… Rises for Sixth Consecutive Month

Dubai’s financial market led a 2% rise in key Gulf stock indexes in September, extending its gains for a sixth consecutive month, and was followed by a key index in Qatar Stock Exchange. According to the monthly report of “COMCO”, the rest of the indexes fell into the red zone, marginally increasing by 0.6%. “Invest.”

The Morgan Stanley Gulf Index fell 2.7% this month, erasing gains made since the start of the year. The year-to-date decline in the index is 3.0%. The decline was widespread across Gulf bourses, with only Dubai and Qatar bourses recording gains, while other markets declined. The Saudi market index “TASI” was the top falling stock market this month with monthly losses of 3.8%, followed by Oman and Kuwait stock markets with declines of 2.5% and 1.7% respectively.
In terms of year-to-date performance, Dubai continues to post healthy gains of 24.8%, followed by Saudi Arabia and Bahrain with gains of 5.5% and 2.3% respectively. The rest of the Gulf markets ended the month trading in the red zone.

In terms of sectoral performance, most Gulf indicators were in the red zone in September 2023, including banks, which declined by 3.8%. Sector winners, on the other hand, were much smaller, but included real estate and energy, with gains of 2.4% and 1.6%, respectively.

Dubai market
The general index of the Dubai Financial Market rose 2.0% on a monthly basis in September 2023, ending the month’s trade at 4,163.58 points, continuing its gains for the sixth month in a row. After September 2023 saw gains in 5 out of 8 sectoral indices, the monthly performance of the market indices turned towards the gainers while the remaining three indices saw declines which somewhat negatively affected the overall growth of the month.

The real estate sector index recorded a growth of 8.6% to end the month’s trade at 7,457.1 points, mainly driven by a 13.9% rise in Emaar Properties share price in September 2023. Financial Services Code. With a growth of 13.9%, it was the second highest gainer for the month, 2.4% after several listed heavyweights in the sector posted significant gains for the month. These include stakes in Emirates NPT Bank (8.9%), Dubai Islamic Bank (3.7%), and National General Insurance Company (8.9%). On the other hand, the consumer goods sector index witnessed the biggest monthly decline, losing 9.9 percent of its value to end the month’s trade at 138.1 points.

Declines in the share prices of Emirates Refreshment Company (-9.9%) and Union Coop (-5%) led to a decline in the index in September 2023. The consumer services retail sector index fell to 4.8. % to end the month trading by closing at 1,503.8 points.

Abu Dhabi Market
On the other hand, the FTSE Abu Dhabi market index fell 0.3% in September 2023 to end the month’s trade at 9,785.32 points, registering its first monthly decline after three consecutive months of gains.
In terms of year-to-date performance, the Abu Dhabi Securities Index is down 4.2%.

In terms of sectoral indices, 6 out of 10 sectoral indices recorded growth during the month, while the remaining four sectoral indices declined.

In terms of gains, the real estate sector index witnessed the biggest monthly gains, registering a growth of 7.1%, ending the month’s trade at 8,766.7 points. The healthcare sector index continued to gain 5% to end the month trading at 3,790.0 points, with 2 of the 3 listed companies in the sector recording monthly gains, namely Gulf Medical Plans (7.34%) and Burjeel Holding Company (6.4%). On the declining sector side, the consumer staples index fell 6.8% to end the month’s trade at 9,738.0 points, followed by the consumer discretionary index which saw a 2.2% decline. By the end of September 2023.

Kuwait
The Kuwait Stock Exchange ended trading in September 2023 with a 1.7% monthly decline to close at 7,886.7 points, on the back of sustained losses throughout the month. The decline was driven by performance in major institutions including banks as the sector index recorded a decline in the month. Although the Premier Market Index saw its largest monthly decline of 2.3% in September 2023, in light of the decline in performance of most of the stocks that make up the index. In contrast, the benchmark 50 and benchmark index rose 1.3% and 0.4% respectively this month. Monthly declines have affected market performance since the start of 2023 to date, with the general market index now the biggest decliner among the Gulf Co-operative Council countries, with losses of 5.6%. The Premier Market Index is down 7.3% since the start of the year, while the Main Market Index 50 is down 0.2% and the Main Market Index is up 2.2%.

Saudi Arabia
The Saudi Stock Market Index (TASI) posted a monthly decline in September 2023. The index touched its highest levels of 11,491.20 points in the first week of the month, but it generally declined during the rest of the period. The month trade ended the month at 11,056.0 points with a decline of 3.8%. Despite this decline, Saudi Arabia remains the second-best performing Gulf Cooperation Council country, recording 5.5% gains from the start of 2023 to date. The month also saw the listing of Lumi Leasing shares in the transport sector.

Qatar
After posting a loss in the previous month, the Qatar stock market turned into a marginal gain in September 2023. The Qatar Stock Exchange index ended the month’s trade at 10,252.0 points, gaining 0.6%. Qatar All Shares Index, which rose 0.6%. In terms of year-to-date performance, Qatar’s stock market index fell 4%, the second-biggest decliner among Gulf Cooperation Council countries, while the all-stock Qatar stock market index posted a 0.2% gain. .

Two seas
The Bahrain Stock Exchange’s general index fell for the second month in a row in September 2023, registering a marginal decline of 0.7% to end the month’s trade at 1,939.13 points.In terms of year-to-date performance, the Bahrain Stock Exchange Index rose 2.3%.

Oman
The Muscat 30 index fell 2.5% in September 2023 to end the month’s trade at 4,678.13 points, registering its first monthly decline in four months.
In terms of year-to-date performance, the Amman Stock Exchange Index is down 3.7%.