Dubai Financial Market’s (DFM) General Index achieved a notable 10.9% gain, the highest in the Gulf Cooperation Council (GCC) region since the beginning of 2024, according to a new report.
The report, released today by Kamco Invest, noted that the DFM General Index increased by 4.1% in September, marking its fourth consecutive monthly gain. This was the largest monthly gain among GCC markets in September 2024, closing at 4,503.48 points.
The overall index growth was broad-based, with significant contributions from the top-weighted indices such as the Financial Index (+3.6%) and the Real Estate Index (+3.1%) driving the performance in September 2024.
The Communications Services index saw an 11.1% jump, the highest increase during September 2024, followed by the Consumer Staples and Utilities indices, which recorded gains of 5.7% and 5.2% respectively. Additionally, the FTSE ADX General Index recorded a 1.5% increase in September 2024, rebounding from a 0.6% dip in August 2024 to close the month at 9,425.49 points.
The report indicated that GCC equity markets generally closed with monthly gains in September 2024, influenced by a rally in global financial markets during the latter half of the month.
The MSCI GCC index saw a 0.9% gain during the month, reflecting positive performance in five out of seven exchanges in the region.
The Qatar Stock Exchange rose by 4%, the Bahrain Bourse by 2.8%, and Saudi Arabia’s TASI by 0.7% during the same period.
