Page 14 - UNION PROPERTIES GENERAL REPORT - September 2023

UAE equities buck global downtrend in

August

Story by Somshankar Bandyopadhyay •7h

The Dubai Financial Market. Dubai was the best performing market with a YTD-2023 gain of 22.4 per cent, according
to Kamco data. — KT file© Provided by Khaleej Times
The UAE financial markets bucked the global and regional downtrend in equities
last month, a recent report showed.

According to Kamco Invest’s GCC Markets Monthly report, GCC equity markets
witnessed its first decline in three months taking cues from the worst monthly
performance in global equity markets this year.

Despite a second half recovery, the MSCI World index was down 3.6 per cent
during August-2023 after a hawkish Fed led to fears of higher for longer rates

with some economists even pricing-in another rate hike this year and the first cut
deep into next year. Weak data coming from China also affected sentiments
across the board that got exacerbated by probability of a continued rate hike by

https://www.msn.com/en-ae/money/news/uae-equities-buck-global-downtrend-in-august/ar-AA1gbQPr