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ABU DHABI / WAM
An economic report revealed that Dubai Financial Market’s (DFM) general index recorded double-digit gains of 10.9 percent, the biggest in the Gulf Cooperation Council (GCC) region since the beginning of 2024. The report, published on Tuesday by Kamco Invest, said that the DFM general index recorded a 4.1 percent increase in September, its fourth consecutive monthly gain and the largest monthly gain among the GCC markets in September-2024, to close at 4,503.48 points.
The overall index growth was broad-based although growth in the top weighted indices such as the financial index (+3.6 percent) and the real estate (+3.1 percent) drove the overall index performance during September-2024. The communications services index reported an 11.1 percent jump, the biggest increase during September-2024, followed by the consumer staples and the utilities indices which recorded gains of 5.7 and 5.2 percent during the month, respectively.
The report showed that the FTSE ADX general index recorded a 1.5 percent increase in September-2024 bouncing back from its 0.6 percent dip in August-2024 to close the month at 9,425.49 points. The report stated that GCC equity markets mostly closed with monthly gains during September-2024 taking cues from the rally in global financial markets that was seen during the second half of the month. MSCI GCC index witnessed a gain of 0.9 percent during the month reflecting positive performance in five out of seven exchanges in the region. Furthermore, the report noted that Qatar Stock Exchange rose by 4 percent, the Bahrain Bourse by 2.8 percent, and Saudi Arabia’s TASI by 0.7 percent.