GCC stock markets' performance in 2025: Index trends, top gainers & losers

A special report by Argaam on GCC equity markets showed that major indices closed 2025 with broad-based gains, with six of the seven markets finishing higher.

Leading the rally was the Muscat Securities Market (MSX), which surged 28.2%, closing at 5,866.8 points, adding 1,290.2 points since the start of the year.

The strong performance was supported by improved market liquidity, backing from local funds and institutional investors, growth in the energy and industrial sectors, and solid financial results from leading companies. The market also benefited from government privatization and listing initiatives, as well as ongoing measures aimed at further developing the capital market.

Boursa Kuwait ranked second with a 21.2% gain, adding approximately 1,660 points since the start of the year to close at 9,498.31 points.

The Dubai Financial Market (DFM) came in third, rising 17.2% to close at 6,047.09 points, adding 888 points, supported by real estate and banking stocks.

The Abu Dhabi Securities Exchange (ADX) gained 6%, the Bahrain Bourse increased by 4.1%, and the Qatar Stock Exchange (QSE) rose 1.8%, closing at 10,762.51 points.

In contrast, the Saudi Exchange (Tadawul) fell 13%, closing at 10,490.69 points, down 1,545.8 points since the beginning of the year.

This marked the lowest annual close in three years (since 2022) and the largest annual decline in a decade. The drop was driven by weak liquidity, declining trading volumes, falling oil prices, which negatively affected energy and petrochemical companies, numerous IPOs, global and regional geopolitical tensions, and international trade uncertainties.

The following table details GCC equity markets’ performance in 2025

*The first index with large caps

GCC Markets Traded Values in 2025

Trading values for all GCC markets declined by 10% to $629.3 billion by the end of 2025, compared with $700.7 billion during the same period in 2024.

The decline was mainly driven by a 30% drop in Saudi market trading to $346.5 billion in 2025 from $496.6 billion in 2024 and a 1% YoY decrease in QSE trading.

*Excluding Aramco’s private deals worth $11.2 billion

Key Metrics in 2025

By the end of 2025, the total market capitalization of GCC markets increased slightly to $2.47 trillion, up from $2.43 trillion a year ago.

The Dubai Financial Market (DFM) recorded the lowest price-to-earnings (P/E) ratio among GCC markets over the past 12 months at 9.9x, followed by Muscat Stock Exchange (MSX) at 10.7x. In contrast, Abu Dhabi Securities Exchange (ADX), Boursa Kuwait, and the Saudi Exchange (Tadawul) posted the highest P/E ratios at 20.9x, 18.7x, and 17.9x, respectively.

GCC Heavyweights

The performance of the top 30 GCC companies by market capitalization was mixed. Market capitalization increased for 19 of the 30 companies, while the remaining 11 declined. The largest gainer was Abu Dhabi Islamic Bank (ADIB), with market value rising by 50%.

Conversely, ACWA Power Co. recorded the steepest decline, with a 54% drop in market capitalization, followed by Saudi Basic Industries Corp. (SABIC) at 23%, Alpha Dhabi Holding at 20%, and Saudi Aramco at 15%, compared with the end of 2024.

Saudi Aramco remained at the top of the list with a market capitalization of $1.54 trillion, well ahead of International Holding Co. (IHC), valued at $238.62 billion.