‎Here’s how global equity markets fared in H1 2024

by kerstinmighell1

Here’s how global equity markets fared in H1 2024


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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