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In this report, Argaam highlights the performance of global stock markets in the first half of 2023, covering almost 109 indexes, 78 of which rose and 31 declined.
The rise in most indices was due to the approaching end of the monetary tightening cycle and easing of interest rate hikes compared to last year. This is in light of inflation rates reaching their peak in major economies, which led to an increase in the market value of global markets by 12%, equivalent to $ 6 trillion, during the first half of 2023.
The technology sector led the increases after the demand for its tech company shares grew in conjunction with the artificial intelligence (AI) boom.
On the other hand, several factors contributed to limiting further market rises. The most important of them was the crisis of the global banking system in light of the collapse of several banks led by Silicon Valley and Credit Suisse. This is in addition to the continued fears of the Russian-Ukrainian war, which negatively affected the European stock market and the energy sector, as the war disrupted energy supplies and led to a rise in energy prices.
The report captures the most important economic events that directly affected global markets in H1 2023, including:
The US Federal Reserve: It raised interest rates twice during H1 2023 in March and May, while deciding to keep interest rates unchanged in mid-June, compared to raising interest rates seven times during 2022.
Oil: Brent crude ended H1 down by 13% at $74.9 a barrel, after recording the fourth quarterly decline during Q2 of this year, the longest consecutive losing streak since the start of data recording in 1988 affected by expectations of global recession fears during the coming period.
Top rising indices
Zimbabwe Stock Exchange topped the list with a nearly eight-fold increase as investors protected their savings with the currency collapse and inflation. Argentina Stock Market came in second with a rise of 111% with the slide in currency value and inflation.
The list also included the markets of Lebanon and Egypt in 13th and 14th place, respectively, after the former achieved an increase of 22% and the latter gained 21%. The main market index of Saudi Arabia "TASI" ranked 44th globally after achieving gains of 9% during H1 2023.
Top Performing Global Indices During H1 2023 (June close) |
||||
Global ranking |
Country |
Index |
Close of June 2023 |
Change (%) |
1 |
Zimbabwe |
ZSE All Share |
171911 |
+782% |
2 |
Argentina |
S&P Merval |
426281 |
+111% |
3 |
Venezuela |
Bursatil |
33297 |
+59% |
4 |
USA |
Nasdaq 100 |
15179 |
+39% |
5 |
Cyprus |
Cyprus Main Market |
86 |
+38% |
6 |
Greece |
Athens General Composite |
1279 |
+32% |
7 |
USA |
Nasdaq |
13788 |
+32% |
8 |
Russia |
IMOEX |
2797 |
+30% |
9 |
Vietnam |
HNX 30 |
427 |
+29% |
10 |
Japan |
Nikkei 225 |
33189 |
+27% |
11 |
Taiwan |
TPEx 50 |
242 |
+26% |
12 |
Ireland |
ISEQ Overall |
8723 |
+23% |
13 |
Lebanon |
BLOM Stock |
1722 |
+22% |
14 |
Egypt |
EGX 30 |
17665 |
+21% |
15 |
Taiwan |
TWII |
16916 |
+20% |
16 |
Nigeria |
NSE 30 |
2201 |
+19% |
17 |
Croatia |
CROBEX |
2348 |
+19% |
18 |
South Korea |
KOSPI 50 |
2337 |
+18% |
19 |
Slovenia |
Blue-Chip SBITOP |
1233 |
+18% |
20 |
Spain |
IBEX 35 |
9593 |
+17% |
On the other hand, Uganda topped the list of most declining indices with a decline of 17%. The list included four Arab indices, most notably MT30 Index - Saudi Arabia with a drop of 8%, Abu Dhabi Securities Exchange (ADX) and the main index of Kuwait and Qatar with a decline of 6% each.
Most Declining Global Indices During H1 2023 (June close) |
||||
Global ranking |
Country |
Index |
Close of June 2023 |
Change (%) |
1 |
Uganda |
Uganda All Share |
1009 |
(17%) |
2 |
Bosnia and Herzegovina |
BIRS |
736 |
(12%) |
3 |
Columbia |
COLCAP |
1134 |
(12%) |
4 |
Iceland |
OMX Iceland All-Share |
1973 |
(10%) |
5 |
Thailand |
SET |
1503 |
(10%) |
6 |
Finland |
OMX Helsinki 25 |
4420 |
(8%) |
7 |
Malysia |
Bursa Malaysia |
1377 |
(8%) |
8 |
Jamaica |
JSE Market |
329758 |
(7%) |
9 |
UAE |
ADX |
9550 |
(6%) |
10 |
Kenya |
Kenya NSE 20 |
1571 |
(6%) |
11 |
Kuwait |
Main Market 50 Index |
5375 |
(6%) |
12 |
Bosnia and Herzegovina |
Sarajevo 10 |
995 |
(6%) |
13 |
Qatar |
QSE |
10075 |
(6%) |
14 |
Hong Kong |
FTSE China 50 |
12337 |
(5%) |
15 |
Namibia |
NSX |
1560 |
(4%) |
16 |
Hong Kong |
Hang Seng Index |
18916 |
(4%) |
17 |
Mauritius |
Semdex |
1967 |
(4%) |
18 |
Belgium |
BEL20 |
3543 |
(4%) |
19 |
Tanzania |
Tanzania All Share |
1807 |
(4%) |
The following table indicates the performance of Arab and GCC stock markets in H1 2023:
Performance of Arab Countries, GCC’s Indices During H1 2023 (June Close) |
||||
Global ranking |
Country |
Index |
Closing |
Change (%) |
13 |
Lebanon |
BLOM Stock |
1722 |
+22% |
14 |
Egypt |
EGX 30 |
17665 |
+21% |
29 |
UAE |
DFM |
3792 |
+14% |
35 |
Tunisia |
Tunindex20 |
4002 |
+11% |
42 |
Tunisia |
Tunindex |
8949 |
+10% |
44 |
Saudi Arabia |
TASI |
11459 |
+9% |
47 |
Morocco |
MASI |
11580 |
+8% |
68 |
Bahrain |
BHBX |
1958 |
+3% |
69 |
Saudi Arabia |
MT 30 |
1510 |
+3% |
73 |
Palestine |
PLE |
653 |
+2% |
85 |
Oman |
MSX30 |
4768 |
(2%) |
89 |
Kuwait |
BKP |
7809 |
(4%) |
97 |
Qatar |
QSE |
10075 |
(6%) |
99 |
Kuwait |
Main Market 50 |
5375 |
(6%) |
101 |
UAE |
ADX |
9550 |
(6%) |
The following table illustrates the performance of some global indices in H1 2023:
Performance of Some Global Indices During H1 2023 (June Close) |
|
||||||
Global ranking |
Country |
Index |
Close of June 2023 |
Change (%) |
|
||
21 |
Germany |
DAX |
16148 |
+16% |
|
||
23 |
USA |
S&P500 |
4450 |
+16% |
|
||
27 |
South Korea |
KOSPI |
2564 |
+15% |
|
||
28 |
France |
CAC 40 |
7400 |
+14% |
|
||
31 |
India |
Nifty Midcap 150 |
13401 |
+13% |
|||
32 |
Holland |
AEX 25 |
774 |
+12% |
|
||
38 |
Denmark |
OMXC20 |
2040 |
+11% |
|
||
48 |
Brazil |
BOVESPA |
118087 |
+8% |
|
||
51 |
India |
Sensex |
64719 |
+6% |
|
||
52 |
Czechia |
PX |
1275 |
+6% |
|
||
54 |
South Africa |
South Africa Top 40 |
70705 |
+6% |
|
||
55 |
Serbia |
Belex 15 |
869 |
+5% |
|
||
57 |
Switzerland |
SMI |
11280 |
+5% |
|
||
58 |
China |
CSI 1000 |
6602 |
+5% |
|
||
59 |
Turkey |
ISE 100 |
5759 |
+5% |
|
||
61 |
Canada |
S&P Canada |
20155 |
+4% |
|
||
62 |
New Zealand |
NZX 50 |
11916 |
+4% |
|
||
63 |
USA |
Dow Jones |
34408 |
+4% |
|
||
65 |
China |
Shanghai |
3202 |
+4% |
|
||
69 |
Australia |
ASX200 |
7203 |
+2% |
|
||
71 |
Norway |
OSE Benchmark |
1214 |
+2% |
|
||
74 |
Russia |
RTS |
983 |
+1% |
|
||
75 |
Britain |
FTSE 100 |
7532 |
+1% |
|
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