Global & GCC Capital Markets Review: July 2021

Executive Summary

A monthly publication that covers the performance of GCC and global stock markets, provides economic commentary and captures key happenings in GCC.

Key Trends

• GCC stock markets make small gains in July. S&P GCC composite index ended the month 1.2% higher.
• Kuwait Stock markets outperformed Global and GCC markets with 3.0% gain for the All-Share Index. The index has gained 18.7% for the year. Boubyan Bank was the top gainer in July with 9.3% gain.
• U.S. market (S&P 500) gained 2.3% for the month reaching new record highs while the MSCI Emerging Index lost 7% due to the Chinese Government action against tech companies like Tencent and Didi.
• Oil prices closed at USD 76.3 per barrel at the end of July as oil markets consolidated after several consecutive months of gains.

Table of Content

• Market Commentary, July 2021
• S&P downgrades Kuwait for the second time in two years
• Fitch raises Saudi outlook to stable, cites improved financial position
• Inflation accelerates in KSA underpinned by VAT raise last year; Expected to taper in the coming months
• OPEC+ reaches consensus to increase supply gradually
• GCC Equity Market performance, July 2021
• GCC Sectoral performance, July 2021
• GCC Equity Market valuation
• Global Equity Market performance, July 2021
• Monthly Returns and Value of USD 1 Invested