S&P GCC index marginally up in October

Muscat: The S&P GCC index was marginally up 0.1 per cent in October, retaining the overall gains for the year at 9.8 per cent, according to Kuwait Financial Centre's (Markaz's) recently released Monthly Markets Review.
Qatar was the best performing market during the month, gaining 5.0 per cent despite the ongoing sell-off in emerging market equities. Qatar’s resilience in overcoming the embargo through progressive economic reforms aided the market’s rebound in 2018, helping it gain 20.9 per cent in year-to-date (YTD) 2018 after a lacklustre end to 2017.
The beat down in Dubai stocks continued as Dubai’s DFM General Index extended its losing streak, falling by 1.8 per cent during October and 17.4 per cent in YTD 2018.
Intermittent volatility was observed in the Saudi markets during October, as geopolitical concerns and heavy foreign selling weighed in on the country’s index.
However, Saudi Arabia’s main index lost only 1.2 per cent during the month, much lesser than its emerging market peers after receiving support from domestic institutions. Abu Dhabi, Bahrain and Oman indices lost 0.7 per cent, 1.8 per cent and 2.7 per cent respectively during the month.