Dubai Financial Market (DFM) has emerged as the top-performing stock market in the Gulf Cooperation Council (GCC) for 2024, with the DFM General Index achieving an impressive 10.9% gain since the start of the year, according to a report.
The report noted that DFM’s strong momentum continued into September 2024, as the General Index recorded a 4.1% monthly increase, marking the fourth consecutive month of gains. This was the largest monthly rise among GCC markets, pushing the index to close at 4,503.48 points.
The overall growth in the DFM index was largely supported by its top-weighted sectors. The Financial Index contributed a 3.6% increase, while the Real Estate Index added another 3.1%, both driving the broader market’s strong performance in September.
Other sectors also posted solid gains, with the Communications Services Index leading the way with an 11.1% jump, followed by Consumer Staples (+5.7%) and Utilities (+5.2%).
Kamco Invest’s report further highlighted that the positive sentiment in DFM was mirrored in other regional markets. The FTSE ADX General Index rebounded with a 1.5% increase in September, following a slight decline in August, closing the month at 9,425.49 points.
GCC equity markets generally experienced positive performances in September 2024, taking cues from a global financial rally that began in the latter half of the month. The MSCI GCC index rose by 0.9%, reflecting gains in five of the seven regional exchanges.
Among other GCC markets, the Qatar Stock Exchange posted a notable 4% rise, while the Bahrain Bourse climbed 2.8%. Saudi Arabia’s TASI recorded a modest 0.7% gain for the month, rounding out a generally strong performance across the region’s stock markets.
Investors remain optimistic as DFM continues to attract substantial capital inflows, bolstered by government initiatives and a diversified economy. Analysts predict sustained growth as market confidence strengthens in the coming months.
