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 with the boom in artificial intelligence.
The report also highlights the key economic events that affected global markets. In H1 2024, several factors directly hit global stock trading movement, most notably of the US Federal Reserve’s move to fix interest rates at the 5.25-5.50% range for the fourth time year-to-date (YTD).
Oil prices jumped by about 10%, ending H1 2024 at $85 per barrel. This came amid growing demand and increasing geopolitical concerns in global markets, in addition to OPEC’s decision to extend production cuts until 2025.
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 |
4,370 |
+14% |
|
29 |
Egypt |
EGX30 |
27,766 |
+12% |
|
30 |
Tunisia |
Tunindex |
9,726 |
+11% |
|
37 |
Morocco |
MASI |
13,301 |
+10% |
|
52 |
Saudi Arabia |
NomuC |
26,146 |
+7% |
Top Performing Indices
The market indices of Argentina, Turkey, and Venezuela led top performers despite the inflationary pressures facing these countries. Further, Japan's Nikkei index rose by 18%, ranking 14th in light of the weaker Japanese Yen.
The list included Nasdaq and Nasdaq 100 indices for the US markets, which climbed 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 tech stocks.
|
Top Performing Indices |
||||
|
Global ranking |
Country |
Index |
Close June 2024 |
Change YTD% |
|
1 |
Argentina |
S&P Merval |
1,611,295 |
+73% |
|
2 |
Turkey |
ISA 100 |
10,648 |
+43% |
|
3 |
Venezuela |
Bursatil |
77,422 |
+34% |
|
4 |
Nigeria |
NSE 30 |
3,710 |
+33% |
|
5 |
Zambia |
LSE All Share |
14,273 |
+29% |
|
6 |
Taiwan |
Taiwan Index |
23,032 |
+28% |
|
7 |
Denmark |
OMXC20 |
2,888 |
+26% |
|
8 |
Slovenia |
Blue-Chip SBITOP |
1,576 |
+26% |
|
9 |
Pakistan |
Karachi 100 |
78,378 |
+26% |
|
10 |
Kazakhstan |
KASE |
5,152 |
+23% |
|
11 |
India |
Nifty Midcap 150 |
20,832 |
+22% |
|
12 |
Cyprus |
Cyprus Main Market |
126 |
+22% |
|
13 |
Hungary |
Budapest SE |
72,095 |
+19% |
|
14 |
Japan |
Nikkei 225 |
39,558 |
+18% |
|
15 |
Uganda |
Uganda All Share |
1,031 |
+18% |
|
16 |
US |
Nasdaq |
17,724 |
+18% |
|
17 |
Taiwan |
TPEx 50 |
305 |
+18% |
|
18 |
Romania |
BET |
18,058 |
+17% |
|
19 |
Netherlands |
AIX 25 |
924 |
+17% |
|
20 |
US |
Nasdaq 100 |
19,673 |
+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 fifth and sixth globally. The Qatari benchmark index QSI followed, taking the 11th position after plunging by 8%.
The Abu Dhabi benchmark ADX index came in 16th place with a decline of 5%, while Saudi Arabia’s benchmark Tadawul All Share Index (TASI) ranked 19th globally, down 2%.
|
Worst Performing Indices |
||||
|
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 |
1,112 |
(17%) |
|
4 |
Jamaica |
JSE Market |
317,394 |
(14%) |
|
5 |
Lebanon |
BLOM Stock |
1,742 |
(13%) |
|
6 |
Palestine |
Jerusalem Index |
525 |
(11%) |
|
7 |
Mexico |
FTSE BIVA Real Time Price |
1,072 |
(9%) |
|
8 |
Mexico |
S&P/BMV IPC |
52,440 |
(9%) |
|
9 |
Bangladesh |
DSE 30 |
1,923 |
(8%) |
|
10 |
Thailand |
SET |
1,301 |
(8%) |
|
11 |
Qatar |
QSI |
9,968 |
(8%) |
|
12 |
Bosnia & Herzegovina |
BIRS |
895 |
(8%) |
|
13 |
Brazil |
Bovespa Index |
123,898 |
(8%) |
|
14 |
Iceland |
OMX Iceland All-Share |
1,987 |
(6%) |
|
15 |
Malta |
MSE |
3,730 |
(6%) |
|
16 |
UAE |
ADX |
9,061 |
(5%) |
|
17 |
New Zealand |
NZX MidCap |
4,787 |
(4%) |
|
18 |
Indonesia |
IDX Composite |
7,078 |
(3%) |
|
19 |
Saudi Arabia |
TASI |
11,680 |
(2%) |
|
20 |
Jordan |
ASE Index |
2,392 |
(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 |
4,370 |
+14% |
|
29 |
Egypt |
EGX30 |
27,766 |
+12% |
|
30 |
Tunisia |
Tunindex |
9,726 |
+11% |
|
37 |
Morocco |
MASI |
13,301 |
+10% |
|
52 |
Saudi Arabia |
Nomu |
26,146 |
+7% |
|
59 |
Kuwait |
Main Market Index 50 |
5,763 |
+5% |
|
63 |
Oman |
MSE Index |
4,687 |
+4% |
|
69 |
Iraq |
ISX Main 60 |
882 |
+3% |
|
70 |
Bahrain |
BAX |
2,025 |
+3% |
|
76 |
Kuwait |
Kuwait Premier Index |
7,544 |
+1% |
|
5 |
Lebanon |
BLOM Stock |
1,742 |
(13%) |
|
6 |
Palestine |
Jerusalem Index |
525 |
(11%) |
|
11 |
Qatar |
QSI |
9,968 |
(8%) |
|
16 |
UAE |
ADX |
9,061 |
(5%) |
|
19 |
Saudi Arabia |
TASI |
11,680 |
(2%) |
|
20 |
Jordan |
ASE Index |
2,392 |
(2%) |
|
23 |
UAE |
DFM |
4,030 |
(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 |
5,460 |
+14% |
|
31 |
Norway |
Oslo OBX |
1,325 |
+11% |
|
33 |
India |
Nifty Index |
24,011 |
+10% |
|
34 |
Vietnam |
VNI |
1,245 |
+10% |
|
36 |
Poland |
WIG30 |
3,199 |
+10% |
|
38 |
India |
BSESN |
79,033 |
+9% |
|
43 |
Germany |
DAX |
18,234 |
+9% |
|
44 |
Greece |
Athens General Composite |
1,404 |
+9% |
|
45 |
Spain |
IBEX 35 |
10,944 |
+8% |
|
46 |
Germany |
Eurostoxx 50 |
4,893 |
+8% |
|
47 |
Switzerland |
SMI Index |
11,986 |
+8% |
|
48 |
South Korea |
KOSPI 50 |
2,666 |
+7% |
|
49 |
Sweden |
OMX 30 Index |
2,569 |
+7% |
|
51 |
Russia |
RTS Index |
1,157 |
+7% |
|
53 |
Ireland |
ISEQ Overall |
9,318 |
+6% |
|
54 |
UK |
FTSE 100 |
8,164 |
+6% |
|
55 |
South Korea |
Kospi |
2,798 |
+5% |
|
57 |
Austria |
ATX |
3,609 |
+5% |
|
58 |
Botswana |
BSE Domestic Company |
9,375 |
+5% |
|
60 |
Belgium |
Belgium 20 |
3,882 |
+5% |
|
61 |
Canada |
S&P Canada |
21,876 |
+4% |
|
62 |
Hong Kong |
Hang Seng Index |
17,722 |
+4% |
|
64 |
US |
Dow Jones |
39,119 |
+4% |
|
65 |
South Africa |
South Africa Top 40 |
72,979 |
+4% |
|
71 |
Singapore |
STI Index |
3,333 |
+3% |
|
72 |
Australia |
ASX 200 |
7,768 |
+2% |
|
73 |
Russia |
Moscow Exchange index |
3,151 |
+2% |
|
74 |
Portugal |
PSI |
6,480 |
+1% |
|
21 |
Estonia |
Tallinn SE General |
1,745 |
(1%) |
|
22 |
France |
CAC 40 |
7,479 |
(1%) |
|
27 |
New Zealand |
NZX 50 |
11,717 |
(0.5%) |
|
28 |
China |
Shanghai |
2,967 |
(0.3%) |
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