The trading floor of one of the GCC’s stock markets
In this report, Argaam monitors the performance of the stock markets in the Gulf Cooperation Council (GCC) countries during the first half of 2023.
Dubai led the GCC markets in the six-month period, with the Dubai Financial Market (DFM) General Index rising 14%, or 456 points, to close at 3,792 points.
Saudi Arabia’s benchmark Tadawul All Share Index (TASI) came second, adding 9.4%, or 980.5 points, to end the period at 11,459 points.
Meanwhile, Abu Dhabi’s FTSE ADX General Index led the decliners in H1 2023.
This wide-ranging performance was influenced by global economic fluctuations and recessions, amid the global banking developments that included Silicon Valley Bank bankruptcy, Credit Suisse crisis, repercussions of interest-rate hikes, and a decline in oil prices.
The following table indicates the performance of GCC markets in H1 2023:
GCC markets performance in H1 2023
Market
December 2022
June 2023
Change (Points)
Change %
Dubai
3336.07
3791.99
455.92
+13.7%
Saudi Arabia
10478.46
11458.98
980.52
+9.4%
Bahrain
1895.27
1957.87
62.60
+3.3%
Muscat
4857.44
4768.22
(89.22)
(1.8%)
Kuwait*
8115.68
7809.34
(306.34)
(3.8%)
Qatar
10681.07
10074.60
(606.47)
(5.7%)
Abu Dhabi
10211.09
9550.40
(660.69)
(6.5%)
*The first index with large caps
Traded value of GCC markets in H1 2023
The combined traded value of GCC markets dropped 37% year-on-year (YoY) from $403.3 billion to $252.7 billion.
Traded value of GCC markets ($ bln)
Market
H1 2016
H1 2017
H1 2018
H1 2019
H1 2020
H1 2021
H2 2022
H1 2023
Saudi Arabia
183.5
116.3
126.2
117.1
220.1
356.8
276.7
158.6
Kuwait
5.3
12.1
4.2
12.7
13.9
21.1
27.4
16.4
Qatar
10.1
10.8
11.3
10.7
10.6
16.4
26.5
17.0
Dubai
19.0
19.0
9.9
6.6
8.5
7.8
13.5
12.7
Abu Dhabi
7.4
7.6
4.7
7.5
5.5
39.7
57.6
46.8
Muscat
1.5
1.2
1.3
1.2
0.7
1.2
1.5
1.1
Bahrain
0.12
0.29
0.34
0.46
0.30
0.27
0.27
0.32
Key market indicators
At the end of H1 2023, the aggregate market cap of GCC markets rose by $244.06 billion to reach $2.14 trillion, compared with $1.89 trillion a year before.
DFM recorded the lowest P/E ratio of 9.69x over the last 12 months, followed by Bahrain Bourse with 10.04x. Meanwhile, Abu Dhabi Securities Exchange (ADX) and Saudi Exchange (Tadawul) recorded the highest P/E ratio of 22.91x and 21.54x, respectively.
Key indicators at H1 2023-end
Market
Market Value
($ bln)
P/E ratio
(×1)
Book Value
(×1)
June 2022
June 2023
June 2022
June 2023
Dubai
145.92
178.06
9.69
1.36
Bahrain
29.46
20.45
10.04
1.03
Qatar
187.92
162.70
12.22
1.36
Muscat
57.73
62.25
12.33
1.02
Kuwait
143.90
134.92
19.10
1.54
Saudi Arabia*
790.12
827.47
21.54
2.29
Abu Dhabi
542.75
756.00
22.91
4.26
Total
1897.80
2141.86
—
—
*Excluding Saudi Aramco
Sulaiman Al Habib, ADNOC Drilling lead by market value among GCC blue chips
The 30 heavyweights in the GCC markets showed varied performance, with 15 companies recording a rise in their market value, topped by Tadawul-listed Dr. Sulaiman Al Habib Medical Services Group with 30%. It was followed by Abu Dhabi-listed ADNOC Drilling and Saudi telecom operator stc, with 19% increase each.
The market value of Emirates NBD rose 14%, while that of Almarai Co. and Dubai Electricity & Water Authority (DEWA) grew by 13% each.
The list was topped by Saudi Arabian Oil Co. (Saudi Aramco) with a market value of $2.08 trillion, followed by International Holding Co. (IHC) with $235.42 billion.
Top GCC Performers by Market Value ($ bln)
Company
Market
December 2022
June 2023
Change %
Saudi Aramco
Saudi Arabia
1882729.2
2080679.7
11%+
IHC
Abu Dhabi
244863.8
235423.0
(4%)
TAQA
Abu Dhabi
105969.7
108113.6
+2%
Al Rajhi Bank
Saudi Arabia
80193.3
77847.2
(3%)
SABIC
Saudi Arabia
71502.1
70542.4
(1%)
SNB
Saudi Arabia
60288.7
58865.3
(2%)
stc
Saudi Arabia
48787.8
57985.5
+19%
e&
Abu Dhabi
54771.2
53065.5
(3%)
Maaden
Saudi Arabia
42452.9
41534.3
(2%)
FAB
Abu Dhabi
52302.8
41047.8
(22%)
QNB
Qatar
44889.1
38455.0
(14%)
KFH
Kuwait
36037.6
36188.4
0.4%+
DEWA
Dubai
31462.2
35684.4
+13%
ACWA Power
Saudi Arabia
29626.1
32510.8
+10%
Riyad Bank
Saudi Arabia
25433.6
26913.3
+6%
Sulaiman Al Habib
Saudi Arabia
20584.2
26705.3
+30%
Emirates NBD
Dubai
22368.3
25551.5
+14%
Saudi Electricity
Saudi Arabia
25659.8
25037.7
(2%)
NBK
Kuwait
26785.2
24393.7
(9%)
Borouge
Abu Dhabi
20633.0
21615.6
5%
Saudi Awwal Bank
Saudi Arabia
21337.2
20898.9
(2%)
Industries Qatar
Qatar
20925.1
18344.2
(12%)
Alinma Bank
Saudi Arabia
17355.7
17862.2
3%
SABIC Agri-Nutrients
Saudi Arabia
18554.6
16447.8
(11%)
Almarai
Saudi Arabia
14263.1
16182.6
13%
ADCB
Abu Dhabi
17132.5
16171.0
(6%)
ADNOC Drilling
Abu Dhabi
12991.8
15515.9
19%
Emaar EC
Dubai
14085.0
15433.3
10%
Banque Saudi Fransi
Saudi Arabia
13047.2
13400.7
3%
ADNOC Distribution
Abu Dhabi
15050.1
13279.5
(12%)
Top gainers
Tadawul led in terms of the number of best performers with 14, followed by DFM and ADX with three companies each, then Muscat Securities Exchange (MSX), Bahrain Bourse and Qatar Exchange (QSE) with one company each.
Dubai-listed Gulf Navigation was the top gainer, soaring 309%, followed by Tadawul-listed Middle East Healthcare Co. (Saudi German Health) and Ekttitab Co., which leapt 178% and 106%, respectively.
GCC Top Gainers in H1 2023**
Stock*
Trading Market
December 2022
June 2023
Change
GNAV
Dubai
1.38
5.63
309%+
Saudi German Health
Saudi Arabia
25.45
70.7
178%+
Ekkitab
Kuwait
0.01
0.021
106%+
NADEC
Kuwait
20.42
41.3
102%+
Salama
Kuwait
12.96
25.5
97%+
Ajman Bank
Dubai
1.14
2.24
96%+
Malath Insurance
Saudi Arabia
11.04
20.98
90%+
Electrical Industries
Saudi Arabia
18.8
35.4
88%+
Riyadh Cables
Saudi Arabia
36.25
65.4
80%+
SASCO
Saudi Arabia
32.5
58.4
80%+
Elm
Saudi Arabia
332
582
75%+
SPIMACO
Saudi Arabia
21.78
38.05
75%+
Care
Saudi Arabia
73.9
128.6
74%+
Tawuniya
Saudi Arabia
80.5
140
74%+
Al Kathiri
Saudi Arabia
1.78
3.09
74%+
Al Khaleej Training
Saudi Arabia
13.76
23.78
73%+
Al-Baha
Saudi Arabia
11.5
19.72
71%+
GINS
Kuwait
1.015
1.721
70%+
QGMD
Qatar
1.257
2.1
67%+
ADNH
Abu Dhabi
3.19
5.28
65%+
KFOUC
Kuwait
0.327
0.536
64%+
PHPC
Muscat
0.043
0.067
56%+
TAALEEM
Dubai
2.6
4.04
55%+
Al Salam Bank
Bahrain
0.096
0.149
55%+
Alaqaria
Kuwait
0.036
0.054
51%+
Sembcorp Salalah
Muscat
0.065
0.096
48%+
Munshaat
Kuwait
0.058
0.085
46%+
Americana
Abu Dhabi
2.97
4.23
42%+
Hayah Insurance
Abu Dhabi
0.97
1.32
36%+
Mezzan Holding
Kuwait
0.393
0.533
36%+
*Excluding companies with low turnover.
**The price depends on the country.
Top losers
ADX led with 13 decliners, followed by Boursa Kuwait (eight), QSE (four), DFM (three) and MSX (Two).
GCC Top Decliners in H1 2023**
Stock*
Trading Market
December 2022
June 2023
Change
Energy House
Kuwait
0.356
0.068
(81%)
Apex Investments
Abu Dhabi
3.5
1.82
(48%)
Oman Fisheries
Muscat
0.106
0.058
(45%)
Ghitha Holding
Abu Dhabi
73
41.1
(44%)
Q Holding
Abu Dhabi
4
2.36
(41%)
ESG Group
Abu Dhabi
7.76
4.82
(38%)
Response Plus Holding
Abu Dhabi
6.19
4.07
(34%)
QLM
Qatar
4.45
3
(33%)
KPPC
Kuwait
0.036
0.024
(33%)
Mannai Trading
Qatar
7.588
5.126
(32%)
Multiply Group
Abu Dhabi
4.64
3.16
(32%)
OIFC
Muscat
0.124
0.087
(30%)
Ooredoo
Kuwait
0.125
0.09
(28%)
Unicap Investment
Kuwait
0.061
0.044
(28%)
INVICTUS
Abu Dhabi
3.82
2.77
(27%)
Julphar
Abu Dhabi
1.16
0.85
(26%)
Emirates Refreshments
Dubai
4.31
3.19
(26%)
DALQAN
Kuwait
0.23
0.17
(25%)
SUDATEL
Abu Dhabi
0.46
0.35
(24%)
ABK
Kuwait
0.309
0.235
(24%)
Alpha Dhabi Holding
Abu Dhabi
27.08
20.92
(23%)
FERTIGLOBE
Abu Dhabi
4.23
3.32
(22%)
Doha Bank
Qatar
1.953
1.539
(21%)
QNCD
Qatar
4.84
3.85
(20%)
NMDC
Abu Dhabi
24.48
19.52
(20%)
FAB
Abu Dhabi
17.1
13.64
(20%)
Aramex
Saudi Arabia
3.52
2.81
(20%)
KGL
Saudi Arabia
0.059
0.047
(20%)
Aman Insurance
Saudi Arabia
0.88
0.71
(20%)
KCRM
Saudi Arabia
0.223
0.18
(19%)
*Excluding companies with low turnover.
**The price depends on the country.
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