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
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
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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