GCC Markets lifted by the rally in UAE and Kuwait equities

Executive Summary

GCC markets ended the month of July on a positive note continuing the momentum from last month aided by the strong growth witnessed in the Dubai and Abu Dhabi stock markets. The S&P GCC composite index gained 1.1% for the month, extending its yearly gains to 11.0%. The global markets as well as the US indices registered gains during the month, in the run-up to the first interest rates by the Fed in more than a decade. Oil prices witnessed downward pressure even though OPEC decided to extend production cuts into 2020, due to the shadow cast by the negative outlook towards global demand growth and the consistent rise in output from U.S. fields.