The FTSE ADX and the DFM both broke their two-month losing streak in October, with the Abu Dhabi bourse inching up 0.9% in October and the DFM General Index rising a sharper 3.8%, according to Kamco Invest’s GCC Markets Monthly Report (pdf). On a YTD basis, the FTSE ADX is up 7.2%, while the DFM is up 17.5% YTD.

Six out of 10 sectors on the ADX closed in the green last month, including telecoms (2.9%), consumer discretionary (1.9%), and financials (1.4%). Meanwhile, real estate was down 5.2%, and utilities was down 4.0%. Financial heavyweights including National Bank of Fujairah (+13.5%) and First Abu Dhabi Bank (+11.5%) underpinned the month’s gains.

Dubai’s rally was similarly concentrated in blue chips: Six of eight DFM sectors ended higher, driven by real estate, which was up 7.7%, and financials, up 4.3%. Property giants including Emaar Properties and lenders including Emirates NBD (+15.6%) and Commercial Bank of Dubai (+2.6%) led the rally, while United Foods (-17.6%) and Talabat (-14.5%) were among the main laggards.

ELSEWHERE IN THE REGION- GCC equities rose for the second month in a row, with the MSCI GCC climbing 1.2%. TASI gained 1.3% in October, marking its second consecutive month on the up, despite being the only GCC member down YTD (-3.2%). Oman was up 8.3% last month, while Bahrain was up 5.9% and Kuwait was up 2.7%. Egypt’s EGX30 outperformed both the UAE, Kuwait, and Saudi Arabia, climbing 4.4% in October.

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