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Mubasher: Despite the hardship hit the global markets in 2018, last year was not but positive for the GCC equity markets, posting their best yearly performance in 5 years.
Qatar saw a good year, which offset the double digit declines recorded in 2017, while benchmarks Abu Dhabi and Saudi Arabia registered high results at the end of last year, according to a report released by Kuwait’s KAMCO Investment Company,
The Kuwait All Share Index closed in green in 2018 on the back of the decision on MSCI and FTSE index inclusions of Kuwait and Saudi Arabia.
Last year, global markets saw negative performance, which was resulted in an 11% decline in the MSCI World Index in 2018, compared to over 20% gains in 2017, the report said.
“In terms of asset class performance, USD outperformed with a gain of almost 5% during the year after falling 10% in 2017. Gold declined by 2% during the year despite being a safe haven during global market declines.”
Oil prices were volatile throughout 2018, as Brent Crude declined 20%, while concerns over oversupply deepened.
“Gains until October-18 pushed prices to a 4-year high level while consistent oversupply during the final two months pushed prices back to sub-USD 50/b only to see marginal recovery by year end.”
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