GCC stocks drop 1.3% in May as Hormuz disruption offsets global AI rally

RIYADH: Gulf stock markets fell 1.3 percent in May, diverging sharply from a global equity rally fueled by artificial intelligence optimism, as the third month of disruption in the Strait of Hormuz weighed on investor sentiment and oil market volatility. According to Kamco Invest’s monthly report, while the MSCI GCC Index declined 1.3 percent over the month, the MSCI World Index surged 5 percent, extending a record 15 percent-plus gain over the past two months driven by AI infrastructure stocks.

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