DUBAI - Shuaa Capital Arab Composite Index (SCACI) witnessed a 5.91 per cent growth to end the month at an all time high level of 2026.79, which heralded the first time the regional index closed the month above the 2000 point mark. The performance of the index was fuelled by market growth in the AGCC alongside a strong return on Egyptian equities.
The number one performer, for the second consecutive month was the UAE, which featured a 7.48 per cent surge in market value. Its 2004 performance places the UAE as Shuaa Capital's premiere market whereby its market value has soared 36.11 per cent.
Saudi Arabia followed suit posting a strong gain of 6.59 per cent for the month of July bringing its year to date performance to 36.03 per cent, Shuaa Capital's second best performing market.
Walid Shihabi, head of research at Shuaa Capital, said: "As more companies report first quarter earnings, the market has risen reflecting investors expectations. The reports that have been received, so far, either come in line or beat projections."
Egypt ranked fourth this month whereby the stock market exhibited a 6.49 per cent month on month gain, reflecting, a 33.30 per cent year to date gain. The Shuaa Capital Arab Bond Index (SCABI) recovered this month and posted a relatively high gain of 1.09 per cent, more than half its year-to-date contribution of a 1.97 per cent return to date.
The market embarked on a continuation of the June trend, albeit at a lower growth rate. The UAE witnessed a gain of 7.48 per cent in July compared with a stronger performance of 9.62 per cent in June.
Kuwait reversed its direction this month posting substantial returns this month of 6.92 per cent, hence, an accumulated performance, to date, of -3.77 per cent. The Oman market also bucked the trend this month by slightly slipping 0.49 per cent this month, due to the liquidation of the Oryx fund, however, its year to date growth remains solid at 29.74 per cent.
BY A STAFF REPORTER
© Khaleej Times 2004
