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Tadawul, DFM lead GCC markets in H1 2023
The trading floor of one of the GCC's stock markets
In this report, Argaam monitors the performance of the stock markets in the Gulf Cooperation Council (GCC) countries during the first half of 2023.
Dubai led the GCC markets in the six-month period, with the Dubai Financial Market (DFM) General Index rising 14%, or 456 points, to close at 3,792 points.
Saudi Arabia’s benchmark Tadawul All Share Index (TASI) came second, adding 9.4%, or 980.5 points, to end the period at 11,459 points.
Meanwhile, Abu Dhabi's FTSE ADX General Index led the decliners in H1 2023.
This wide-ranging performance was influenced by global economic fluctuations and recessions, amid the global banking developments that included Silicon Valley Bank bankruptcy, Credit Suisse crisis, repercussions of interest-rate hikes, and a decline in oil prices.
The following table indicates the performance of GCC markets in H1 2023:
|
GCC markets performance in H1 2023 |
||||
|
Market |
December 2022 |
June 2023 |
Change (Points) |
Change % |
|
Dubai |
3336.07 |
3791.99 |
455.92 |
+13.7% |
|
Saudi Arabia |
10478.46 |
11458.98 |
980.52 |
+9.4% |
|
Bahrain |
1895.27 |
1957.87 |
62.60 |
+3.3% |
|
Muscat |
4857.44 |
4768.22 |
(89.22) |
(1.8%) |
|
Kuwait* |
8115.68 |
7809.34 |
(306.34) |
(3.8%) |
|
Qatar |
10681.07 |
10074.60 |
(606.47) |
(5.7%) |
|
Abu Dhabi |
10211.09 |
9550.40 |
(660.69) |
(6.5%) |
Traded value of GCC markets in H1 2023
The combined traded value of GCC markets dropped 37% year-on-year (YoY) from $403.3 billion to $252.7 billion.
|
Traded value of GCC markets ($ bln) |
||||||||
|
Market |
H1 2016 |
H1 2017 |
H1 2018 |
H1 2019 |
H1 2020 |
H1 2021 |
H2 2022 |
H1 2023 |
|
Saudi Arabia |
183.5 |
116.3 |
126.2 |
117.1 |
220.1 |
356.8 |
276.7 |
158.6 |
|
Kuwait |
5.3 |
12.1 |
4.2 |
12.7 |
13.9 |
21.1 |
27.4 |
16.4 |
|
Qatar |
10.1 |
10.8 |
11.3 |
10.7 |
10.6 |
16.4 |
26.5 |
17.0 |
|
Dubai |
19.0 |
19.0 |
9.9 |
6.6 |
8.5 |
7.8 |
13.5 |
12.7 |
|
Abu Dhabi |
7.4 |
7.6 |
4.7 |
7.5 |
5.5 |
39.7 |
57.6 |
46.8 |
|
Muscat |
1.5 |
1.2 |
1.3 |
1.2 |
0.7 |
1.2 |
1.5 |
1.1 |
|
Bahrain |
0.12 |
0.29 |
0.34 |
0.46 |
0.30 |
0.27 |
0.27 |
0.32 |
Key market indicators
At the end of H1 2023, the aggregate market cap of GCC markets rose by $244.06 billion to reach $2.14 trillion, compared with $1.89 trillion a year before.
DFM recorded the lowest P/E ratio of 9.69x over the last 12 months, followed by Bahrain Bourse with 10.04x. Meanwhile, Abu Dhabi Securities Exchange (ADX) and Saudi Exchange (Tadawul) recorded the highest P/E ratio of 22.91x and 21.54x, respectively.
|
Key indicators at H1 2023-end |
||||
|
Market |
Market Value ($ bln) |
P/E ratio (×1) |
Book Value (×1) |
|
|
June 2022 |
June 2023 |
June 2022 |
June 2023 |
|
|
Dubai |
145.92 |
178.06 |
9.69 |
1.36 |
|
Bahrain |
29.46 |
20.45 |
10.04 |
1.03 |
|
Qatar |
187.92 |
162.70 |
12.22 |
1.36 |
|
Muscat |
57.73 |
62.25 |
12.33 |
1.02 |
|
Kuwait |
143.90 |
134.92 |
19.10 |
1.54 |
|
Saudi Arabia* |
790.12 |
827.47 |
21.54 |
2.29 |
|
Abu Dhabi |
542.75 |
756.00 |
22.91 |
4.26 |
|
Total |
1897.80 |
2141.86 |
-- |
-- |
*Excluding Saudi Aramco
Sulaiman Al Habib, ADNOC Drilling lead by market value among GCC blue chips
The 30 heavyweights in the GCC markets showed varied performance, with 15 companies recording a rise in their market value, topped by Tadawul-listed Dr. Sulaiman Al Habib Medical Services Group with 30%. It was followed by Abu Dhabi-listed ADNOC Drilling and Saudi telecom operator stc, with 19% increase each.
The market value of Emirates NBD rose 14%, while that of Almarai Co. and Dubai Electricity & Water Authority (DEWA) grew by 13% each.
The list was topped by Saudi Arabian Oil Co. (Saudi Aramco) with a market value of $2.08 trillion, followed by International Holding Co. (IHC) with $235.42 billion.
|
Top GCC Performers by Market Value ($ bln) |
||||
|
Company |
Market |
December 2022 |
June 2023 |
Change % |
|
Saudi Aramco |
Saudi Arabia |
1882729.2 |
2080679.7 |
11%+ |
|
IHC |
Abu Dhabi |
244863.8 |
235423.0 |
(4%) |
|
TAQA |
Abu Dhabi |
105969.7 |
108113.6 |
+2% |
|
Al Rajhi Bank |
Saudi Arabia |
80193.3 |
77847.2 |
(3%) |
|
SABIC |
Saudi Arabia |
71502.1 |
70542.4 |
(1%) |
|
SNB |
Saudi Arabia |
60288.7 |
58865.3 |
(2%) |
|
stc |
Saudi Arabia |
48787.8 |
57985.5 |
+19% |
|
e& |
Abu Dhabi |
54771.2 |
53065.5 |
(3%) |
|
Maaden |
Saudi Arabia |
42452.9 |
41534.3 |
(2%) |
|
FAB |
Abu Dhabi |
52302.8 |
41047.8 |
(22%) |
|
QNB |
Qatar |
44889.1 |
38455.0 |
(14%) |
|
KFH |
Kuwait |
36037.6 |
36188.4 |
0.4%+ |
|
DEWA |
Dubai |
31462.2 |
35684.4 |
+13% |
|
ACWA Power |
Saudi Arabia |
29626.1 |
32510.8 |
+10% |
|
Riyad Bank |
Saudi Arabia |
25433.6 |
26913.3 |
+6% |
|
Sulaiman Al Habib |
Saudi Arabia |
20584.2 |
26705.3 |
+30% |
|
Emirates NBD |
Dubai |
22368.3 |
25551.5 |
+14% |
|
Saudi Electricity |
Saudi Arabia |
25659.8 |
25037.7 |
(2%) |
|
NBK |
Kuwait |
26785.2 |
24393.7 |
(9%) |
|
Borouge |
Abu Dhabi |
20633.0 |
21615.6 |
5% |
|
Saudi Awwal Bank |
Saudi Arabia |
21337.2 |
20898.9 |
(2%) |
|
Industries Qatar |
Qatar |
20925.1 |
18344.2 |
(12%) |
|
Alinma Bank |
Saudi Arabia |
17355.7 |
17862.2 |
3% |
|
SABIC Agri-Nutrients |
Saudi Arabia |
18554.6 |
16447.8 |
(11%) |
|
Almarai |
Saudi Arabia |
14263.1 |
16182.6 |
13% |
|
ADCB |
Abu Dhabi |
17132.5 |
16171.0 |
(6%) |
|
ADNOC Drilling |
Abu Dhabi |
12991.8 |
15515.9 |
19% |
|
Emaar EC |
Dubai |
14085.0 |
15433.3 |
10% |
|
Banque Saudi Fransi |
Saudi Arabia |
13047.2 |
13400.7 |
3% |
|
ADNOC Distribution |
Abu Dhabi |
15050.1 |
13279.5 |
(12%) |
Top gainers
Tadawul led in terms of the number of best performers with 14, followed by DFM and ADX with three companies each, then Muscat Securities Exchange (MSX), Bahrain Bourse and Qatar Exchange (QSE) with one company each.
Dubai-listed Gulf Navigation was the top gainer, soaring 309%, followed by Tadawul-listed Middle East Healthcare Co. (Saudi German Health) and Ekttitab Co., which leapt 178% and 106%, respectively.
|
GCC Top Gainers in H1 2023** |
||||
|
Stock* |
Trading Market |
December 2022 |
June 2023 |
Change |
|
GNAV |
Dubai |
1.38 |
5.63 |
309%+ |
|
Saudi German Health |
Saudi Arabia |
25.45 |
70.7 |
178%+ |
|
Ekkitab |
Kuwait |
0.01 |
0.021 |
106%+ |
|
NADEC |
Kuwait |
20.42 |
41.3 |
102%+ |
|
Salama |
Kuwait |
12.96 |
25.5 |
97%+ |
|
Ajman Bank |
Dubai |
1.14 |
2.24 |
96%+ |
|
Malath Insurance |
Saudi Arabia |
11.04 |
20.98 |
90%+ |
|
Electrical Industries |
Saudi Arabia |
18.8 |
35.4 |
88%+ |
|
Riyadh Cables |
Saudi Arabia |
36.25 |
65.4 |
80%+ |
|
SASCO |
Saudi Arabia |
32.5 |
58.4 |
80%+ |
|
Elm |
Saudi Arabia |
332 |
582 |
75%+ |
|
SPIMACO |
Saudi Arabia |
21.78 |
38.05 |
75%+ |
|
Care |
Saudi Arabia |
73.9 |
128.6 |
74%+ |
|
Tawuniya |
Saudi Arabia |
80.5 |
140 |
74%+ |
|
Al Kathiri |
Saudi Arabia |
1.78 |
3.09 |
74%+ |
|
Al Khaleej Training |
Saudi Arabia |
13.76 |
23.78 |
73%+ |
|
Al-Baha |
Saudi Arabia |
11.5 |
19.72 |
71%+ |
|
GINS |
Kuwait |
1.015 |
1.721 |
70%+ |
|
QGMD |
Qatar |
1.257 |
2.1 |
67%+ |
|
ADNH |
Abu Dhabi |
3.19 |
5.28 |
65%+ |
|
KFOUC |
Kuwait |
0.327 |
0.536 |
64%+ |
|
PHPC |
Muscat |
0.043 |
0.067 |
56%+ |
|
TAALEEM |
Dubai |
2.6 |
4.04 |
55%+ |
|
Al Salam Bank |
Bahrain |
0.096 |
0.149 |
55%+ |
|
Alaqaria |
Kuwait |
0.036 |
0.054 |
51%+ |
|
Sembcorp Salalah |
Muscat |
0.065 |
0.096 |
48%+ |
|
Munshaat |
Kuwait |
0.058 |
0.085 |
46%+ |
|
Americana |
Abu Dhabi |
2.97 |
4.23 |
42%+ |
|
Hayah Insurance |
Abu Dhabi |
0.97 |
1.32 |
36%+ |
|
Mezzan Holding |
Kuwait |
0.393 |
0.533 |
36%+ |
*Excluding companies with low turnover.
**The price depends on the country.
Top losers
ADX led with 13 decliners, followed by Boursa Kuwait (eight), QSE (four), DFM (three) and MSX (Two).
|
GCC Top Decliners in H1 2023** |
||||
|
Stock* |
Trading Market |
December 2022 |
June 2023 |
Change |
|
Energy House |
Kuwait |
0.356 |
0.068 |
(81%) |
|
Apex Investments |
Abu Dhabi |
3.5 |
1.82 |
(48%) |
|
Oman Fisheries |
Muscat |
0.106 |
0.058 |
(45%) |
|
Ghitha Holding |
Abu Dhabi |
73 |
41.1 |
(44%) |
|
Q Holding |
Abu Dhabi |
4 |
2.36 |
(41%) |
|
ESG Group |
Abu Dhabi |
7.76 |
4.82 |
(38%) |
|
Response Plus Holding |
Abu Dhabi |
6.19 |
4.07 |
(34%) |
|
QLM |
Qatar |
4.45 |
3 |
(33%) |
|
KPPC |
Kuwait |
0.036 |
0.024 |
(33%) |
|
Mannai Trading |
Qatar |
7.588 |
5.126 |
(32%) |
|
Multiply Group |
Abu Dhabi |
4.64 |
3.16 |
(32%) |
|
OIFC |
Muscat |
0.124 |
0.087 |
(30%) |
|
Ooredoo |
Kuwait |
0.125 |
0.09 |
(28%) |
|
Unicap Investment |
Kuwait |
0.061 |
0.044 |
(28%) |
|
INVICTUS |
Abu Dhabi |
3.82 |
2.77 |
(27%) |
|
Julphar |
Abu Dhabi |
1.16 |
0.85 |
(26%) |
|
Emirates Refreshments |
Dubai |
4.31 |
3.19 |
(26%) |
|
DALQAN |
Kuwait |
0.23 |
0.17 |
(25%) |
|
SUDATEL |
Abu Dhabi |
0.46 |
0.35 |
(24%) |
|
ABK |
Kuwait |
0.309 |
0.235 |
(24%) |
|
Alpha Dhabi Holding |
Abu Dhabi |
27.08 |
20.92 |
(23%) |
|
FERTIGLOBE |
Abu Dhabi |
4.23 |
3.32 |
(22%) |
|
Doha Bank |
Qatar |
1.953 |
1.539 |
(21%) |
|
QNCD |
Qatar |
4.84 |
3.85 |
(20%) |
|
NMDC |
Abu Dhabi |
24.48 |
19.52 |
(20%) |
|
FAB |
Abu Dhabi |
17.1 |
13.64 |
(20%) |
|
Aramex |
Saudi Arabia |
3.52 |
2.81 |
(20%) |
|
KGL |
Saudi Arabia |
0.059 |
0.047 |
(20%) |
|
Aman Insurance |
Saudi Arabia |
0.88 |
0.71 |
(20%) |
|
KCRM |
Saudi Arabia |
0.223 |
0.18 |
(19%) |
*Excluding companies with low turnover.
**The price depends on the country.
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