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MENAFN - Khaleej Times - 14/06/2014
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(MENAFN - Khaleej Times) Saudi arabia leads way in region with 530.

the uae had the biggest rise in value traded at 48.1 per cent as well as the largest trading volume with 18 billion shares. — kt file photo

the combined market capitalisation of gcc bourses rose 1.9 per cent to 1.118 trillion in may from 1.09 trillion in april as all markets except kuwait recorded higher trading transactions driven by rising investor optimism.

all indices witnessed a rise in market capitalisation during the month. with 530.6 billion saudi arabia’s tasi was the highest contributor followed by abu dhabi and dubai (225.7 billion accounting for 20.2 per cent) and qatar (203.4 billion or 18.2 per cent). kuwait oman and bahrain together contributed 158.3 billion to the total market cap in may data released global investment house showed.

trading in gcc markets remained mixed in may. the volume traded declined 21 per cent month-on-month with all markets except bahrain and saudi arabia registering growth. “however the value traded rose 11.9 per cent primarily due to gains in the uae saudi arabia and qatar” the kuwait-based investment firm said in its research report.

the uae registered the biggest rise in value traded (48.1 per cent) followed by saudi arabia (4.4 per cent) and qatar (two per cent). with 64.7 billion saudi arabia was the largest contributor to total trading value. in terms of trading volume the uae led with 18 billion shares. “most gcc indices surged in may due to investor optimism post-positive earnings seasons; higher global cues supported the upbeat sentiment” global said.

five markets advanced with the qatar exchange (eight per cent) being the best performer followed by abu dhabi (4.1 per cent) tasi (2.5 per cent) bahrain’s bse (2.2 per cent) oman’s msm30 (1.9 per cent) and dubai’s dfm (0.6 per cent). kuwait’s kse down 1.6 per cent is the only index that declined in may.

in the first quarter the market capitalisation of the dubai financial market surged 25.8 per cent over the previous quarter as the benchmark dfm general index jumped 32.1 per cent by the end of the quarter ending march 31.

the dfm’s market cap rose to dh326.7 billion in 2014 first quarter compared to dh259.7 billion at the end of previous quarter the bourse said in a statement. the value of shares traded during this quarter reached dh110.2 billion compared to dh52 billion recorded during fourth quarter up 111.8 per cent.

in 2014 gcc equities began on a positive note largely led by an uptick in earnings across key cyclical sectors such as banking services insurance and industrial.

— issacjohn?khaleejtimes.com


 


Khaleej Times




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