AI Summary
The trading floor of one of the GCC's stock markets
The GCC stock markets showed mixed performance in 2023, as a total of four out of the seven exchanges closed in green, according to Argaam’s report on GCC equity markets.
Dubai Financial Market (DFM) emerged as the frontrunner among the GCC markets, rising nearly 22% (724 points) to close 2023 at 4,059.8 points. This was supported by the remarkable recovery of the UAE real estate market, which defied global trends, in addition to two listings.
The Saudi Exchange (Tadawul) hit its highest level in 18 years, climbing 14% (1,489 points) to close at 11,967.4 points.
The Saudi capital market’s positive performance was driven by six new measures, the issuance of regulations related to foreign investment by the Capital Market Authority (CMA), implementation of the decision to allow the split of company shares, increasing the number of listed companies and completing two mergers during the year.
Bahrain Bourse rose 4% to close at 1,971.5 points in 2023. In addition, Qatar Stock Exchange ended 2023 with a slight rise, adding 150 points to 10,830.6.
Boursa Kuwait was the worst performer among peers, falling about 8% (639 points) to close at 7,477 points due to higher inflation rates last year.
Muscat Stock Exchange (MSX) also retreated by 7% (343 points), closing at 4,514.1 points, followed by Abu Dhabi Securities Exchange (ADX) ending at 9,577.9 points, down 6%.
The divergence in performance among the GCC markets stemmed from global economic fluctuations and recession, exacerbated by the challenges faced by the global banking system, notably due to the Silicon Valley Bank (SVB) collapse and Credit Suisse crisis. The year also witnessed four interest rate hikes aimed at mitigating inflationary risks, alongside oil price fluctuations.
The following table shows the performance of GCC markets in 2023:
|
GCC Markets Performance in 2023 |
||||
|
Market |
December 2022 |
December 2023 |
Points |
Change (%) |
|
Dubai |
3336.07 |
4059.80 |
723.73 |
+22% |
|
Saudi Arabia |
10478.46 |
11967.39 |
1488.93 |
+14% |
|
Bahrain |
1895.27 |
1971.49 |
76.22 |
+4% |
|
Qatar |
10681.07 |
10830.63 |
149.56 |
+1% |
|
Abu Dhabi |
10211.09 |
9577.85 |
(633.24) |
(6%) |
|
Muscat |
4857.44 |
4514.07 |
(343.37) |
(7%) |
|
Kuwait* |
8115.68 |
7477.04 |
(638.64) |
(8%) |
*The first index that includes large caps
Trading values in GCC markets for 2023:
Trading values declined more than 22% to $541 billion in 2023, compared to $697.3 billion in 2022.
Tadawul reported a 22% drop in trading value to $355.5 billion, compared to $455.5 billion in 2022.
|
GCC Markets Trading Value in 2023 ($ bln) |
|||||||
|
Market |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Saudi Arabia |
223.0 |
232.2 |
234.7 |
556.7 |
596.2 |
455.5 |
455.5 |
|
Kuwait |
19.0 |
13.6 |
26.2 |
35.7 |
44.9 |
47.7 |
47.7 |
|
Qatar |
18.2 |
18.8 |
18.60 |
29.1 |
31.0 |
44.1 |
44.1 |
|
Abu Dhabi |
13.1 |
10.8 |
15.5 |
19.8 |
100.7 |
122.8 |
122.8 |
|
Dubai |
31.1 |
16.3 |
14.5 |
17.9 |
19.7 |
24.4 |
24.4 |
|
Muscat |
2.6 |
2.0 |
1.9 |
1.1 |
2.1 |
2.4 |
2.4 |
|
Bahrain |
0.55 |
0.87 |
0.75 |
0.56 |
0.52 |
0.45 |
0.45 |
|
Total |
307.6 |
294.6 |
312.2 |
660.9 |
795.1 |
697.3 |
697.3 |
Key Financial Ratios in 2023:
The aggregate market cap of GCC markets improved by $217.5 billion to stand at $2.25 trillion last year, compared to $2.03 trillion in 2022.
|
Financial Ratios of GCC Markets in 2023 |
||||
|
Market |
Market Cap ($ bln) |
P/E ratio (x) |
P/B ratio (x) |
|
|
December 2022 |
December 2023 |
December 2023 |
December 2023 |
|
|
Dubai |
158.24 |
187.34 |
8.87 |
1.40 |
|
Muscat |
61.72 |
61.89 |
10.28 |
0.94 |
|
Bahrain |
30.35 |
20.66 |
12.79 |
1.01 |
|
Qatar |
167.09 |
171.60 |
13.45 |
1.36 |
|
Kuwait |
151.38 |
130.44 |
15.43 |
1.47 |
|
Abu Dhabi |
715.19 |
807.57 |
25.07 |
4.19 |
|
Saudi Arabia* |
750.96 |
872.89 |
25.92 |
2.38 |
|
Total |
2034.93 |
2252.38 |
-- |
-- |
* Excluding Saudi Aramco.
Market cap of Elm, ACWA Power the highest among major players
The performance of the top 30 GCC companies in terms of market cap was mixed. Fifteen companies reported higher market cap, while 13 recorded a decline.
The market cap of Elm Co. rose the highest by 145% in 2023, followed by ACWA Power Co. (70%) and Emaar Properties Co. (35%).
Saudi Aramco topped the list with a total value of $2.13 trillion, significantly surpassing the next contender, International Holding Company (IHC) valuation of $238.78 billion, as the following table shows:
|
Top 30 Companies in GCC Markets by Market Value Cap* |
||||
|
Company |
Market |
December 2022 |
December 2023 |
Change (%) |
|
Aramco |
Saudi Arabia |
1882729.2 |
2132293.5 |
+13% |
|
IHC |
Abu Dhabi |
245054.9 |
238779.1 |
(3%) |
|
TAQA |
Abu Dhabi |
105081.6 |
107226.1 |
+2% |
|
Al Rajhi Bank |
Saudi Arabia |
80193.3 |
92350.2 |
+15% |
|
SABIC |
Saudi Arabia |
71502.1 |
66863.3 |
(6%) |
|
ADNOC Gas* |
Abu Dhabi |
-- |
64621.8 |
-- |
|
SNB |
Saudi Arabia |
60288.7 |
61984.5 |
+3% |
|
stc |
Saudi Arabia |
48787.8 |
53586.6 |
+10% |
|
Alpha Dhabi Holding |
Abu Dhabi |
73787.5 |
51226.2 |
(31%) |
|
ACWA Power |
Saudi Arabia |
29626.1 |
50286.4 |
+70% |
|
Maaden |
Saudi Arabia |
42452.9 |
47784.2 |
+13% |
|
Etisalat |
Abu Dhabi |
54171.0 |
46540.6 |
(14%) |
|
FAB |
Abu Dhabi |
51475.2 |
42023.1 |
(18%) |
|
QNB |
Qatar |
45674.7 |
41944.6 |
(8%) |
|
KFH |
Kuwait |
35782.0 |
34729.6 |
(3%) |
|
DEWA |
Dubai |
31607.6 |
33515.0 |
+6% |
|
Emirates NBD |
Dubai |
22374.9 |
29775.8 |
+33% |
|
Sulaiman Al Habib |
Saudi Arabia |
20584.2 |
26425.4 |
+28% |
|
NBK |
Kuwait |
26785.2 |
23324.1 |
(13%) |
|
Riyad Bank |
Saudi Arabia |
25433.6 |
22874.3 |
(10%) |
|
Saudi Electricity |
Saudi Arabia |
25659.8 |
21061.0 |
+2% |
|
Industries Qatar |
Qatar |
21291.3 |
21740.1 |
(18%) |
|
Alinma Bank |
Saudi Arabia |
17355.7 |
20608.2 |
+19% |
|
SAB |
Saudi Arabia |
21337.2 |
20515.5 |
(4%) |
|
Borouge |
Abu Dhabi |
20721.0 |
20229.6 |
(2%) |
|
Emaar Properties |
Dubai |
14113.2 |
19074.4 |
+35% |
|
ADCB |
Abu Dhabi |
17053.3 |
18309.8 |
+7% |
|
SABIC Agri-Nutrients |
Saudi Arabia |
18554.6 |
17539.3 |
(5%) |
|
Elm |
Saudi Arabia |
7082.7 |
17365.3 |
+145% |
* Listed in 2023
Top gainers in GCC markets:
Saudi market accounted for the lion's share among top gainers in the GCC markets during 2023. The list included 20 companies from Saudi Arabia, as the following table shows:
|
Top 30 Companies in GCC Markets by Market Value Cap* |
||||
|
Company** |
Market |
December 2022 |
December 2023 |
Change (%) |
|
IFA Hotels |
Kuwait |
0.098 |
0.800 |
+713% |
|
Gulf Navigation |
Dubai |
1.38 |
7.33 |
+432% |
|
Etihad Atheeb |
Saudi Arabia |
46.95 |
169.60 |
+261% |
|
Saudi German Health |
Saudi Arabia |
25.45 |
88.30 |
+247% |
|
Al Firdous Holding |
Dubai |
0.13 |
0.42 |
+225% |
|
Arabian Pipes |
Saudi Arabia |
40.00 |
127.60 |
+219% |
|
IFA KUWAIT |
Kuwait |
0.099 |
0.307 |
+210% |
|
Electrical Industries |
Saudi Arabia |
0.94 |
2.84 |
+202% |
|
ADNH |
Abu Dhabi |
0.32 |
0.94 |
+193% |
|
NADEC |
Saudi Arabia |
9.75 |
27.85 |
+186% |
|
Munshaat |
Kuwait |
0.058 |
0.153 |
+164% |
|
Astra |
Saudi Arabia |
51.70 |
133.20 |
+158% |
|
Riyadh Cables |
Saudi Arabia |
36.25 |
92.60 |
+155% |
|
Elm |
Saudi Arabia |
332.00 |
815.00 |
+145% |
|
Leejam Sports |
Saudi Arabia |
84.00 |
203.40 |
+142% |
|
Aldrees |
Saudi Arabia |
74.40 |
177.40 |
+138% |
|
Care |
Saudi Arabia |
73.90 |
174.40 |
+136% |
|
SASCO |
Saudi Arabia |
32.50 |
74.30 |
+129% |
|
Salama |
Saudi Arabia |
8.49 |
19.40 |
+129% |
|
MESC |
Saudi Arabia |
9.90 |
22.34 |
+126% |
|
Al Arabia |
Saudi Arabia |
107.00 |
241.00 |
+125% |
|
Sokouk |
Kuwait |
0.023 |
0.052 |
+124% |
|
East Pipes |
Saudi Arabia |
37.30 |
81.50 |
+119% |
|
Arabi Holding |
Kuwait |
0.239 |
0.513 |
+115% |
|
Al Salam Bank |
Bahrain |
0.096 |
0.202 |
+110% |
|
Ajman Bank |
Dubai |
1.01 |
2.08 |
+106% |
|
Saudi Steel Pipe |
Saudi Arabia |
17.90 |
36.30 |
+103% |
|
Al Rajhi Takaful |
Saudi Arabia |
35.80 |
71.00 |
+98% |
|
Al Babtain |
Saudi Arabia |
13.97 |
27.50 |
+97% |
|
Maharah |
Saudi Arabia |
40.66 |
79.50 |
+96% |
*Price depends on the country.
**Excluding poorly traded companies.
Top losers in GCC markets:
Only one company from Saudi Arabia and Oman each were among top losers in the GCC markets. In contrast, Kuwait had 12 companies on the list, followed by Abu Dhabi (9), Dubai (5), and Qatar (2), as the following table shows:
|
Lowest 30 Companies in GCC Markets by Market Value Cap* |
||||
|
Company** |
Market |
Dec. 2022 |
Dec. 2023 |
Change (%) |
|
Energy House |
Kuwait |
0.356 |
0.063 |
(82%) |
|
Warba Capital |
Kuwait |
0.270 |
0.106 |
(61%) |
|
SHUAA Capital |
Dubai |
0.42 |
0.21 |
(51%) |
|
AMAN |
Dubai |
0.88 |
0.43 |
(51%) |
|
Watania Kuwatia |
Kuwait |
0.125 |
0.066 |
(47%) |
|
Mannai Corporation |
Qatar |
7.588 |
4.201 |
(45%) |
|
QLM |
Qatar |
4.450 |
2.499 |
(44%) |
|
APEX |
Abu Dhabi |
3.50 |
1.97 |
(44%) |
|
Ghitha |
Abu Dhabi |
73.00 |
42.38 |
(42%) |
|
Oula Wasata |
Kuwait |
0.063 |
0.037 |
(42%) |
|
Kuwait Cement |
Kuwait |
0.223 |
0.134 |
(40%) |
|
RAK White Cement |
Abu Dhabi |
1.79 |
1.14 |
(36%) |
|
DALQAN |
Kuwait |
0.230 |
0.147 |
(36%) |
|
Aramex |
Dubai |
3.52 |
2.29 |
(35%) |
|
Takaful Emarat |
Dubai |
0.60 |
0.39 |
(35%) |
|
Julphar |
Abu Dhabi |
1.16 |
0.77 |
(34%) |
|
EKHolding |
Kuwait |
0.376 |
0.254 |
(32%) |
|
Invictus |
Abu Dhabi |
3.82 |
2.59 |
(32%) |
|
Bayanat |
Abu Dhabi |
4.90 |
3.33 |
(32%) |
|
Arkan |
Kuwait |
0.116 |
0.079 |
(32%) |
|
Multiply |
Abu Dhabi |
4.64 |
3.18 |
(31%) |
|
Al Batinah Power |
Muscat |
0.029 |
0.020 |
(31%) |
|
Senergy |
Kuwait |
0.044 |
0.031 |
(31%) |
|
Alamar |
Saudi Arabia |
138.80 |
95.80 |
(31%) |
|
Alpha Dhabi |
Abu Dhabi |
27.08 |
18.80 |
(31%) |
|
Reem Investments |
Dubai |
4.31 |
3.00 |
(30%) |
|
Fertiglobe |
Abu Dhabi |
4.23 |
2.97 |
(30%) |
|
Agility |
Kuwait |
0.720 |
0.509 |
(29%) |
|
Jazeera Airways |
Kuwait |
1.900 |
1.389 |
(27%) |
|
Boubyan Petrochemical |
Kuwait |
0.800 |
0.585 |
(27%) |
*Price depends on the country.
**Excluding poorly traded companies.
Be the first to comment
Comments Analysis: