Dubai Maintains Its Position as the Leading Equity Performer in the GCC This Year

05 Dec, 2023

Dubai Maintains Its Position as the Leading Equity Performer in the GCC This Year

Dubai's equities market continues its remarkable performance among Gulf bourses this year, registering a 19.7% gain, as indicated by Kamco Invest’s GCC Markets Monthly Report for November. This notable growth positions Dubai as the top-performing index within the Gulf region, with Saudi Arabia following at 6.7% as the only other index experiencing gains in 2023.

The surge in Dubai's stock market is attributed to the government's diversification initiatives and its increasing attractiveness as a secure investment amidst global geopolitical uncertainties.

The MSCI GCC index saw a 5.2% increase in November, with Dubai ranking as the third-best performer among Gulf indices, exhibiting a 3% gain during the month. Qatar led as the best-performing market in the GCC, recording a 5.4% return, followed by Saudi Arabia and Dubai with gains of 4.6%.

Sector-wise, most regional indices observed positive trends in November. Notably, sectors like pharma & biotech, consumer durable & apparel, and healthcare recorded gains of 21.4%, 14.0%, and 11.7%, respectively. Large-cap sectors such as banking also showcased impressive growth at 6.6%. Meanwhile, energy and materials indices exhibited smaller gains at 1.8% and 4.3%, respectively.

In Abu Dhabi, the FTSE ADX index bounced back with a 2.3% surge in November after two months of declines, contributing to its positive YTD performance. Notably, the health care and consumer staples sectors witnessed substantial growth, while the consumer discretionary sector faced a decline.

Trading activity in the ADX showed improvements in November, with increased volume and a marginal rise in the total value of shares traded compared to the previous month. Multiply Group, Adnoc Gas, and RAK Properties emerged as the most active stocks in terms of traded shares, while IHC, Alpha Dhabi Holding, and Multiply Group led in terms of value traded during the month.