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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Global economic concerns hit GCC equity performance

SSOs contracts are standard options contracts with an individual stock as its underlying asset.
  • Gulf equity markets experienced a downturn for the second consecutive month in September 2023, reflecting global economic concerns
  • While major indices like the MSCI World Index and the S&P 500 saw declines, only Dubai and Qatari markets managed to post gains

DUBAI, UAE — The GCC equity markets have been a focal point for investors, especially with the recent downturns echoing global economic sentiments. September 2023 marked the second consecutive month of decline for these markets, with global concerns playing a significant role. But what’s the deeper story behind these numbers?

Kamco’s latest report sheds light on the performance of major indices, including the MSCI World Index, the S&P 500, and the MSCI GCC index. While the overall picture might seem gloomy, there are pockets of resilience and growth.

For instance, Dubai and Qatari markets managed to swim against the tide, posting gains amidst the downturn. On the other hand, Saudi Arabia’s TASI experienced a notable decline, but how does it fare in the year-to-date performance?

Abu Dhabi Securities Exchange recently appointed BNY Mellon, the world’s largest custodian bank, to support dual listings on the bourse by global firms.

Sector performance also paints an intriguing picture. While most GCC indices saw red, sectors like Real Estate and Energy managed to stay in the green. But what’s driving these trends? And how are individual countries like the UAE, Qatar, and Kuwait navigating these challenging waters?

Furthermore, economic projections for the UAE suggest growth driven by non-oil sectors, emphasizing the role of travel, hospitality, and technological innovations.

Meanwhile, the DFM General Index in Dubai marked its sixth consecutive monthly increase, with Emaar Properties leading the charge.

But that’s just the tip of the iceberg. Dive deeper into the intricacies of the GCC equity markets, understand the forces at play, and get a comprehensive view of where things might be headed.

Get a detailed analysis of the GCC equity market’s performance, click here.