KIPCO Invest: “Main 50” is the best-performing stock market index since the beginning of the year
A report by KAMCO Invest noted that Gulf stock markets declined for the third consecutive month in July 2026. The MSCI Gulf Index fell by 0.7%, primarily driven by declines in most markets ranging from low to mid-single digits, while Kuwait and Abu Dhabi posted marginal gains. The monthly decline reduced the year-to-date gains of the Muscat Securities Market Index to 24% and the TASI Index to 0.9%, while markets in Qatar, Bahrain, and Dubai recorded moderate single-digit declines.
The report indicated that most sector indices across Gulf markets declined, with the exception of the healthcare and telecommunications sectors, which posted gains of 2.3% and 1.8%, respectively. The banking sector index also achieved a marginal increase of 0.6%, supported particularly by performance in the final trading sessions of the month. Conversely, the insurance sector index recorded the largest decline at 11.5%, followed by the long-term commodities sector index, which fell by 7.3%.
The report stated that the Kuwait Stock Exchange General Index concluded July’s trading with limited monthly gains of 0.6%, closing at 8,756.7 points. The Main Market 50 Index and the First Market Index rose by 2.4% and 1.5%, respectively, supported by gains in large- and mid-cap stocks. In contrast, the Main Market 3 Index declined by 3.6% during the month.
Regarding year-to-date performance, the Main Market 50 Index remained the best performer with gains of 15.8%, followed by the Main Market Index, which rose by 5.2%. Meanwhile, the First Market Index fell by 3%, and the General Index recorded losses of 1.7%.
Sectoral performance remained mixed in July 2026, with six out of 13 sector indices ending the month in the red. The insurance sector index recorded the largest drop, falling 26.4% during the month, followed by the basic materials and telecommunications sector indices, which declined by 5.5% and 4.7%, respectively.
Among gaining sectors, the consumer goods sector index led with a rise of 3.5%, followed by the banking and technology sector indices, which returned 3.1% and 2.7%, respectively. Within the banking sector, shares of three out of nine banks posted gains in July 2026.
Commercial Bank of Kuwait, National Bank of Kuwait, and Kuwait Finance House led the sector’s gains, rising by 5.9%, 3.1%, and 2.3%, respectively. Within the telecommunications sector, all constituent stocks of the index declined in July 2026.
The energy sector index also received support from a 2.7% rise in Burkan for Drilling, Trading, and Maintenance shares, and a 2.5% increase in Independent Petroleum Group shares.
The Saudi Stock Exchange (Tadawul) General Index declined in July. It began the month’s trading on an upward note, reaching its highest closing level of 10,856.9 points on July 1, 2026, before trending downward in subsequent sessions.
Despite the decline, the Saudi market’s year-to-date performance remained positive, with gains of 0.9%, making it the second-best performing Gulf market.
The Abu Dhabi Securities Exchange General Index rose by 1.1% during July, marking its second consecutive month of growth after similar gains of 1.1% in June 2026, closing the month at 9,914.62 points.
The Dubai Financial Market General Index fell by 2.7%, following strong gains in the previous month, closing the month at 5,795.9 points.
The Qatar 20 Index fell 3.1%, closing the month’s trading session at 9,920.7 points, as investor sentiment remained cautious amid escalating geopolitical tensions in the Middle East.
The Muscat 30 Index declined by 3.1%, marking its third consecutive monthly drop after ten straight months of strong gains, and ended the month’s trading at 7,277.2 points. Despite the decline, year-to-date returns remained in double digits at 24%, the highest among Gulf markets.
