Here’s how global equity markets fared in H1 2024
Argaam monitors in this report the performance of the main indices of global markets by the end of the first half of 2024, which included about 104 main indices, of which 76 headed north, while 28 declined.
The rise in most indices last year was due to the imminent end of the monetary tightening policies amid expectations of lower inflation rates. Moreover, some central banks have shifted to interest rate cuts, most notably the European Central Bank, which decided to slash interest rates for the first time in five years by about 25 basis points last June, bringing policy rates down to 3.75%.
The technology sector led the market rally, amid strong demand for shares of tech companies in line the boom in artificial intelligence.
The report also highlights the main economic events that affected global markets, as the H1 2024 witnessed several events that directly affected the trading movement in the markets, most notable of which are as follows:
US Fed: It kept interest rates at a range between 5.25-5.50% for the fourth time YTD.
Oil: Oil prices jumped by about 10% to end H1 2024 trading at $85 per barrel, amid growing demand and increasing geopolitical concerns in the markets, in addition to OPEC’s decision to extend the production cut until 2025.
Best Performing Indices
The market indices of Argentina, Turkey and Venezuela came on top of the highest indices, due to the inflationary pressures facing these countries, while Japan's Nikkei index rose by 18%, ranking 14th in light of the decline of the local currency.
The list included Nasdaq and Nasdaq 100 indices for the US markets, which rose by 18% and 17%, respectively, in H1 2024, backed by the faltering of recession fears in the US economy, in addition to the increased demand for technology stocks.
Best Performing Indices |
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Global ranking |
Country |
Index |
Close June 2024 |
Change YTD% |
1 |
Argentina |
S&P Merval |
1611295 |
+73% |
2 |
Turkey |
ISA 100 |
10648 |
+43% |
3 |
Venezuela |
Bursatil |
77422 |
+34% |
4 |
Nigeria |
NSE 30 |
3710 |
+33% |
5 |
Zambia |
LSE All Share |
14273 |
+29% |
6 |
Taiwan |
Taiwan Index |
23032 |
+28% |
7 |
Denmark |
OMXC20 |
2888 |
+26% |
8 |
Slovenia |
Blue-Chip SBITOP |
1576 |
+26% |
9 |
Pakistan |
Karachi 100 |
78378 |
+26% |
10 |
Kazakhstan |
KASE |
5152 |
+23% |
11 |
India |
Nifty Midcap 150 |
20832 |
+22% |
12 |
Cyprus |
Cyprus Main Market |
126 |
+22% |
13 |
Hungary |
Budapest SE |
72095 |
+19% |
14 |
Japan |
Nikkei 225 |
39558 |
+18% |
15 |
Uganda |
Uganda All Share |
1031 |
+18% |
16 |
US |
Nasdaq |
17724 |
+18% |
17 |
Taiwan |
TPEx 50 |
305 |
+18% |
18 |
Romania |
BET |
18058 |
+17% |
19 |
Netherlands |
AIX 25 |
924 |
+17% |
20 |
US |
Nasdaq 100 |
19673 |
+17% |
Worst Performing Indices
Meanwhile, the list of biggest decliners included six Arab indices, which were affected by geopolitical conditions, mainly the Lebanon and Palestine indices, which ranked 5th and 6th globally, followed by Qatar Stock Exchange index, which ranked 11th, with a decline rate of 8%.
Abu Dhabi index came in 16th place with a decline of 5%, and then the Saudi Exchange index TASI ranked 19th globally, down 2%.
Worst Performing Indices |
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Global ranking |
Country |
Index |
Close June 2024 |
Change YTD% |
1 |
Zimbabwe |
ZSE Industrials |
129 |
(100%) |
2 |
Zimbabwe |
ZSE Mining |
114 |
(100%) |
3 |
Latvia |
Riga General |
1112 |
(17%) |
4 |
Jamaica |
JSE Market |
317394 |
(14%) |
5 |
Lebanon |
BLOM Stock |
1742 |
(13%) |
6 |
Palestine |
Jerusalem Index |
525 |
(11%) |
7 |
Mexico |
FTSE BIVA Real Time Price |
1072 |
(9%) |
8 |
Mexico |
S&P/BMV IPC |
52440 |
(9%) |
9 |
Bangladesh |
DSE 30 |
1923 |
(8%) |
10 |
Thailand |
SET |
1301 |
(8%) |
11 |
Qatar |
QSI |
9968 |
(8%) |
12 |
Bosnia and Herzegovina |
BIRS |
895 |
(8%) |
13 |
Brazil |
Bovespa Index |
123898 |
(8%) |
14 |
Iceland |
OMX Iceland All-Share |
1987 |
(6%) |
15 |
Malta |
MSE |
3730 |
(6%) |
16 |
UAE |
ADX |
9061 |
(5%) |
17 |
New Zealand |
NZX MidCap |
4787 |
(4%) |
18 |
Indonesia |
IDX Composite |
7078 |
(3%) |
19 |
Saudi Cement |
TASI |
11680 |
(2%) |
20 |
Jordan |
ASE Index |
2392 |
(2%) |
The table below shows the performance of Arab and GCC indices in H1 2024
Global Ranking |
Country |
Index |
Close June 2024 |
Change YTD% |
26 |
Tunisia |
Tunindex20 |
4370 |
+14% |
29 |
Egypt |
EGX 30 |
27766 |
+12% |
30 |
Tunisia |
Tunindex |
9726 |
+11% |
37 |
Morocco |
MASI |
13301 |
+10% |
52 |
Saudi Cement |
Nomu |
26146 |
+7% |
59 |
Kuwait |
Main Market Index 50 |
5763 |
+5% |
63 |
Oman |
MSE Index |
4687 |
+4% |
69 |
Iraq |
ISX Main 60 |
882 |
+3% |
70 |
Bahrain |
BAX |
2025 |
+3% |
76 |
Kuwait |
Kuwait Premier Index |
7544 |
+1% |
5 |
Lebanon |
BLOM Stock |
1742 |
(13%) |
6 |
Palestine |
Jerusalem Index |
525 |
(11%) |
11 |
Qatar |
QSI |
9968 |
(8%) |
16 |
UAE |
ADX |
9061 |
(5%) |
19 |
Saudi Cement |
TASI |
11680 |
(2%) |
20 |
Jordan |
ASE Index |
2392 |
(2%) |
23 |
UAE |
DFM |
4030 |
(1%) |
The table below shows the performance of other global indices in H1 2024
Global ranking |
Country |
Index |
Close June 2024 |
Change YTD% |
24 |
US |
S&P 500 |
5460 |
+14% |
31 |
Norway |
Oslo OBX |
1325 |
+11% |
33 |
India |
Nifty Index |
24011 |
+10% |
34 |
Vietnam |
VNI |
1245 |
+10% |
36 |
Poland |
WIG30 |
3199 |
+10% |
38 |
India |
BSESN |
79033 |
+9% |
43 |
Germany |
DAX |
18234 |
+9% |
44 |
Greece |
Athens General Composite |
1404 |
+9% |
45 |
Spain |
IBEX 35 |
10944 |
+8% |
46 |
Germany |
Eurostoxx 50 |
4893 |
+8% |
47 |
Switzerland |
SMI Index |
11986 |
+8% |
48 |
South Korea |
KOSPI 50 |
2666 |
+7% |
49 |
Sweden |
OMX 30 Index |
2569 |
+7% |
51 |
Russia |
RTS Index |
1157 |
+7% |
53 |
Ireland |
ISEQ Overall |
9318 |
+6% |
54 |
UK |
FTSE 100 |
8164 |
+6% |
55 |
South Korea |
Kospi |
2798 |
+5% |
57 |
Austria |
ATX |
3609 |
+5% |
58 |
Botswana |
BSE Domestic Company |
9375 |
+5% |
60 |
Belgium |
Belgium 20 |
3882 |
+5% |
61 |
Canada |
S&P Canada |
21876 |
+4% |
62 |
Hong Kong |
Hang Seng Index |
17722 |
+4% |
64 |
US |
Dow Jones |
39119 |
+4% |
65 |
South Africa |
South Africa Top 40 |
72979 |
+4% |
71 |
Singapore |
STI Index |
3333 |
+3% |
72 |
Australia |
ASX 200 |
7768 |
+2% |
73 |
Russia |
Moscow Exchange index |
3151 |
+2% |
74 |
Portugal |
PSI |
6480 |
+1% |
21 |
Estonia |
Tallinn SE General |
1745 |
(1%) |
22 |
France |
CAC 40 |
7479 |
(1%) |
27 |
New Zealand |
NZX 50 |
11717 |
(0.5%) |
28 |
China |
Shanghai |
2967 |
(0.3%) |
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