RIYADH: The Saudi Stock Exchange or Tadawul outperformed all its GCC counterparts, as the benchmark TASI recorded an 11.6 percent gain in the first two months of 2022, according to a report by Kamco Invest.
Most of the Gulf Cooperation Council equity markets remained resilient in the face of the global stock market turmoil caused by the ongoing Ukraine-Russia tensions.
The Saudi index was followed by Qatar, which recorded an 11.4 percent surge. Abu Dhabi, Dubai, Kuwait, and Bahrain bourses
surged between 5 and 9.8 percent. Only Oman’s stock market dropped 1.8 percent.
Led by the energy sector that surged on the back of record oil prices, GCC stock indices ended February higher, except for Oman, which declined for a second straight month.
MSCI GCC index, which captures the performance across GCC countries, registered a monthly gain of 4.2 percent in February.
Oil prices have been on the rise since the beginning of the year. Brent crude topped $111 during Wednesday Trading, after settling at $105 a day earlier, and US benchmark West Texas Intermediate neared $110 per barrel.