The Month That Was - Saudi Arabia lifts GCC Index

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It is not very often we see GCC among the best performing markets in the world and that is exactly what happened in March 2018. Buoyed by a strong oil.....

Summary

It is not very often we see GCC among the best performing markets in the world and that is exactly what happened in March 2018. Buoyed by a strong oil price at $70/bbl, Saudi Arabia’s Tadawul shot up by over 6% during March 2018. The year to date performance of Saudi market is close to 9% making it as one of the best performing markets in the world. Given its large share in the GCC index, this pepped up the overall index as well though a closer look paints a sorry picture about other markets, especially Dubai that is down by 7.8% for the year.

The strong oil price is attributed to strong compliance levels of OPEC members with the outside support of Russia. The instability factor in the Middle East remained heightened over Iranian Nuclear accord necessitating a rebuttal by Saudi Arabia that it will also plunge into the nuclear build-up game, if pushed to. However, the high and strong oil price exuded optimism only for the Saudi market with other markets still on the listless path.

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The Month That Was - Saudi Arabia lifts GCC Index

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