Dubai stock market best performer in GCC: KAMCO

The Saudi stock market took a breather during February after two consecutive months of gains which saw the index moving up more than 11 percent, KAMCO Research noted in its latest GCC markets monthly report.

The TASI benchmark declined 0.8 percent during the month and settled at 8,492.7 points amid a broad-based decline in the market resulting in a slightly scaled down YTD-2019 gains of 8.5 percent, KAMCO report added.

A broad-based sell-off during last month affected almost all the sectors in the GCC and resulted in a decline in last month’s best performing markets.

Qatar was the top decliner during the month falling 5.7 percent and more than offset last month’s gain to report a YTD decline of 1.8 percent. Saudi Arabia was next with a decline of 0.8 percent, the report added.

On the other hand, UAE reported the best monthly performance with Dubai, after several months, being the best monthly performer after a late month rally in key real estate stocks pushed the benchmark higher for the month.

Monthly trading activity also retreated with value traded declining by a quarter to reach a six-month low level of $17.9 billion.