In this report, Argaam monitors the performance of major international market indices during the first half of 2025, covering around 112 main indices. Of these, 88 posted gains, while 24 declined.
Most of the key indices rose during the six-month period due to the easing of monetary policy tightening and inflation rates nearing central banks’ target levels.
US markets led the global rally, reaching new record highs driven by expectations of monetary easing by the Federal Reserve, easing global trade tensions, and a rise in tech sector indices. However, US markets experienced sharp volatility in early June due to military escalation between Israel and Iran, which led to a temporary decline in the main indices.
European markets saw moderate gains, supported by easing energy crises and improved economic data in some major economies. The European Central Bank’s (ECB) accommodative monetary policy, having cut interest rates eight times over a year, helped inject liquidity into the markets and stabilize stock indices, despite weak industrial demand.
The US Dollar Index declined by around 11% in H1 2025, recording its worst performance in nearly five decades. It ended June at 96.88 points, mainly impacted by trade policies involving the imposition of tariffs.
Concerning crude oil, prices experienced high volatility in H1 2025. Prices rose above $80 per barrel amid concerns over supply disruptions due to geopolitical tensions in the region. However, they declined to end the half down by 9% at $66.74 per barrel following a complete end to the war, which eased geopolitical fears.
Oil prices had a direct impact on markets and companies, as rising prices earlier in the year supported energy stocks, while the subsequent decline negatively affected the sector.
Gold reached a record high during the first half of the year, surpassing $3,500 per ounce due to increased investor demand for it as a key safe-haven asset amid market volatility.
Top gaining markets
Venezuela’s stock market was the top performer globally, with gains exceeding 200% in H1 2025, driven by investors turning to equities amid high inflation and continued depreciation of the local currency. Morocco’s market ranked 11th with a 24% gain, supported by improved agricultural and industrial production and economic growth.
TASI among the most declining indices
The Saudi stock index (TASI) was among the most declining markets globally during the first half of 2025, reflecting regional instability and broader economic pressures.
Top Performing Indices (Points)
Global ranking
Country
Index
Close
June 2025
Change
YTD%
1
Venezuela
IBC
373072
+213%
2
Slovenia
SBITOP
2276
+36%
3
Zambia
LUSAKA ALL SHARE
21511
+33%
4
Greece
FTSE/ATHEX LARGE CAP
4680
+31%
5
Poland
WIG20
2845
+30%
6
Russia
RTS
1142
+28%
7
Greece
ASE
1868
+27%
8
Canada
SP/TSX 60 IDX
2807
+27%
9
Luxembourg
LUXEMBOURG SE LUXX
1633
+25%
10
Brazil
FTSE BRAZIL
378
+25%
11
Morocco
CASABLANCA SE ALL SHARE
18297
+24%
12
Hungary
BUX
97667
+23%
13
Hungary
BUDAPEST SE INDX
97667
+23%
14
Chile
SP IPSA CLP
8248
+23%
15
Czech Republic
Index PX
2157
+23%
16
Vietnam
FTSE VIETNAM 30
2154
+22%
17
Austria
ATX
4430
+21%
18
Colombia
MSCI COLCAP
1668
+21%
19
Spain
IBEX
13992
+21%
20
Germany
DAX
23910
+20%
Worst Performing Indices
Meanwhile, the list of top decliners included four Arab indices, mainly, Tadawul All Share Index (TASI) which ranked 13th globally, down 7% on the investors’ woes towards the latest regional turmoil. The Bahrain All Share Index (BHBX) followed, taking the 20th position after retreating by 2%.
Worst Performing Indices
Global ranking
Country
Index
Close
June 2025
Change
YTD%
1
Zimbabwe
ZIMBABWE SE MINING
145
(38%)
2
Thailand
SET
1090
(22%)
3
Thailand
SET Index
1090
(22%)
4
Thailand
SET 50
709
(22%)
5
Argentina
BUSE MERVAL INDX
1994825
(21%)
6
Denmark
OMXC 20
1736
(17%)
7
Iceland
OMXI
2065
(14%)
8
Iraq
ISX Main 60
966
(10%)
9
Bosnia
BOSNIAN INVFUNDS
493
(10%)
10
Zimbabwe
ZIMBABWE INDUSTRIAL
197
(9%)
11
Lebanon
BLOM Stock
2294
(9%)
12
Bosnia
BIRS
850
(7%)
13
Saudi Arabia
TASI
11164
(7%)
14
Malaysia
KLSE
1533
(7%)
15
Mauritius
MAURITIUS ALL SHARE
2309
(4%)
16
New Zealand
NZX 50
12603
(4%)
17
Taiwan
TWII
22256
(3%)
18
Philippines
PHILIPPINE-PSEi
6365
(3%)
19
Indonesia
IDX COMPOSITE
6928
(2%)
20
Bahrain
BAHRAIN ALL SHARE
1944
(2%)
The table below shows the performance of Arab and GCC indices in H1 2025:
Performance of Arab, GCC indices
Global ranking
Country
Index
Close
June 2024
Change
YTD%
11
Morrocco
CASABLANCA SE
18297
+24%
22
Estonia
OMX TALLINN
2069
+19%
24
Palestine
Al-Quds index
587
+18%
26
Kuwait
Premier Market Index
9188
+17%
31
Tunisia
TUNISIAN MAIN
11577
+16%
44
Jordan
AMMAN SE GENERAL
2777
+12%
46
UAE
DFM GENERAL
5706
+11%
47
Egypt
EGX 30
32858
+10%
62
Kuwait
KUWAIT MAIN MKT 50
7221
+6%
63
UAE
ADX
9958
+6%
82
Qatar
QATAR MAIN 20
10749
+2%
8
Iraq
ISX Main 60
966
(10%)
11
Lebanon
BLOM Stock
2294
(9%)
13
Saudi Arabia
TASI
11164
(7%)
20
Bahrain
BAHRAIN ALL SHARE
1944
(2%)
22
Oman
MSX 30
4501
(2%)
The table below shows the performance of other global indices in H1 2025:
Performance of Some Global Indicess
Global ranking
Country
Index
Close
June 2025
Change
YTD%
21
Hong Kong
HANG SENG
24072
+20%
23
Hong Kong
HSCE
8678
+19%
25
South Africa
FTSE/JSE SA TOP40
88758
+18%
27
Ireland
ISEQ
11422
+17%
28
Portugal
PSI 20
7456
+17%
29
Nigeria
NIGERIAN ALL SHARE
119979
+17%
30
Italy
FTSE MIB
39792
+16%
32
Mexico
MXSE IPC
57451
+16%
33
Norway
OSLO OBX INDEX
1539
+16%
34
Cyprus
CYMAIN
211
+16%
35
Brazil
BOVESPA
138855
+15%
36
Mexico
FTSE BIVA
1159
+15%
37
Bulgaria
BULGARIAN SE SOFIX
1025
+15%
38
South Africa
FTSE/JSE SA ALL-SHARE
96430
+15%
39
Norway
OSE Benchmark
1621
+14%
40
Sri Lanka
CSE ALL-SHARE
18015
+13%
41
Croatia
CROBEX
3603
+13%
42
Lithuania
OMXV
1201
+13%
43
Romania
BUCHAREST SE BET
18736
+12%
45
Finland
HEX25
10546
+11%
48
Tanzania
TANZANIAN ALL SHARE
2357
+10%
49
Pakistan
KARACHI 100
125723
+9%
50
Vietnam
VN Index
1376
+9%
51
Canada
SP/TSX
26857
+9%
52
USA
NASDAQ 100
22679
+8%
54
India
CNX NIFTY
25517
+8%
56
Peru
SP/BVL LIMA 25
41396
+7%
57
Britain
FTSE 100
8761
+7%
58
India
SENSEX
83606
+7%
59
USA
NYSE COMPOSITE
20430
+7%
60
China
CSI 1000
6356
+7%
61
Europe
STXE 600 PR
541
+7%
64
USA
SP 500
6205
+6%
65
USA
Nasdaq Composite
20370
+5%
66
Belgium
BEL20
4476
+5%
67
Australia
SP/ASX 200
8542
+5%
68
Singapore
FTSE STI
3964
+5%
69
India
Nifty Midcap 150
21989
+4%
70
Holland
AEX
913
+4%
71
France
CAC 40
7666
+4%
72
Turkey
BIST 30
11161
+4%
73
Serbia
BELEX15 BELGRADE
1189
+4%
74
USA
DJI
44095
+4%
76
Europe
STXE 50 PR
4454
+3%
79
China
SSE COMPOSITE
3444
+3%
80
Switzerland
SMI
11921
+3%
83
Japan
NIKKEI 225
40487
+1%
84
Mongolia
MSE
3817
+1%
85
Turkey
BIST 100
9949
+1%
21
Taiwan
FTSE TW50
19049
(2%)
23
Russia
MOEX RUSSIA
2846
(1%)
24
Namibia
FTSE NSX
1787
(1%)
In this report, Argaam monitors the performance of major international market indices during the first half of 2025, covering around 112 main indices. Of these, 88 posted gains, while 24 declined.
Most of the key indices rose during the six-month period due to the easing of monetary policy tightening and inflation rates nearing central banks’ target levels.
US markets led the global rally, reaching new record highs driven by expectations of monetary easing by the Federal Reserve, easing global trade tensions, and a rise in tech sector indices. However, US markets experienced sharp volatility in early June due to military escalation between Israel and Iran, which led to a temporary decline in the main indices.
European markets saw moderate gains, supported by easing energy crises and improved economic data in some major economies. The European Central Bank’s (ECB) accommodative monetary policy, having cut interest rates eight times over a year, helped inject liquidity into the markets and stabilize stock indices, despite weak industrial demand.
The US Dollar Index declined by around 11% in H1 2025, recording its worst performance in nearly five decades. It ended June at 96.88 points, mainly impacted by trade policies involving the imposition of tariffs.
Concerning crude oil, prices experienced high volatility in H1 2025. Prices rose above $80 per barrel amid concerns over supply disruptions due to geopolitical tensions in the region. However, they declined to end the half down by 9% at $66.74 per barrel following a complete end to the war, which eased geopolitical fears.
Oil prices had a direct impact on markets and companies, as rising prices earlier in the year supported energy stocks, while the subsequent decline negatively affected the sector.
Gold reached a record high during the first half of the year, surpassing $3,500 per ounce due to increased investor demand for it as a key safe-haven asset amid market volatility.
Top gaining markets
Venezuela’s stock market was the top performer globally, with gains exceeding 200% in H1 2025, driven by investors turning to equities amid high inflation and continued depreciation of the local currency. Morocco’s market ranked 11th with a 24% gain, supported by improved agricultural and industrial production and economic growth.
TASI among the most declining indices
The Saudi stock index (TASI) was among the most declining markets globally during the first half of 2025, reflecting regional instability and broader economic pressures.
Top Performing Indices (Points)
Global ranking
Country
Index
Close
June 2025
Change
YTD%
1
Venezuela
IBC
373072
+213%
2
Slovenia
SBITOP
2276
+36%
3
Zambia
LUSAKA ALL SHARE
21511
+33%
4
Greece
FTSE/ATHEX LARGE CAP
4680
+31%
5
Poland
WIG20
2845
+30%
6
Russia
RTS
1142
+28%
7
Greece
ASE
1868
+27%
8
Canada
SP/TSX 60 IDX
2807
+27%
9
Luxembourg
LUXEMBOURG SE LUXX
1633
+25%
10
Brazil
FTSE BRAZIL
378
+25%
11
Morocco
CASABLANCA SE ALL SHARE
18297
+24%
12
Hungary
BUX
97667
+23%
13
Hungary
BUDAPEST SE INDX
97667
+23%
14
Chile
SP IPSA CLP
8248
+23%
15
Czech Republic
Index PX
2157
+23%
16
Vietnam
FTSE VIETNAM 30
2154
+22%
17
Austria
ATX
4430
+21%
18
Colombia
MSCI COLCAP
1668
+21%
19
Spain
IBEX
13992
+21%
20
Germany
DAX
23910
+20%
Worst Performing Indices
Meanwhile, the list of top decliners included four Arab indices, mainly, Tadawul All Share Index (TASI) which ranked 13th globally, down 7% on the investors’ woes towards the latest regional turmoil. The Bahrain All Share Index (BHBX) followed, taking the 20th position after retreating by 2%.
Worst Performing Indices
Global ranking
Country
Index
Close
June 2025
Change
YTD%
1
Zimbabwe
ZIMBABWE SE MINING
145
(38%)
2
Thailand
SET
1090
(22%)
3
Thailand
SET Index
1090
(22%)
4
Thailand
SET 50
709
(22%)
5
Argentina
BUSE MERVAL INDX
1994825
(21%)
6
Denmark
OMXC 20
1736
(17%)
7
Iceland
OMXI
2065
(14%)
8
Iraq
ISX Main 60
966
(10%)
9
Bosnia
BOSNIAN INVFUNDS
493
(10%)
10
Zimbabwe
ZIMBABWE INDUSTRIAL
197
(9%)
11
Lebanon
BLOM Stock
2294
(9%)
12
Bosnia
BIRS
850
(7%)
13
Saudi Arabia
TASI
11164
(7%)
14
Malaysia
KLSE
1533
(7%)
15
Mauritius
MAURITIUS ALL SHARE
2309
(4%)
16
New Zealand
NZX 50
12603
(4%)
17
Taiwan
TWII
22256
(3%)
18
Philippines
PHILIPPINE-PSEi
6365
(3%)
19
Indonesia
IDX COMPOSITE
6928
(2%)
20
Bahrain
BAHRAIN ALL SHARE
1944
(2%)
The table below shows the performance of Arab and GCC indices in H1 2025:
Performance of Arab, GCC indices
Global ranking
Country
Index
Close
June 2024
Change
YTD%
11
Morrocco
CASABLANCA SE
18297
+24%
22
Estonia
OMX TALLINN
2069
+19%
24
Palestine
Al-Quds index
587
+18%
26
Kuwait
Premier Market Index
9188
+17%
31
Tunisia
TUNISIAN MAIN
11577
+16%
44
Jordan
AMMAN SE GENERAL
2777
+12%
46
UAE
DFM GENERAL
5706
+11%
47
Egypt
EGX 30
32858
+10%
62
Kuwait
KUWAIT MAIN MKT 50
7221
+6%
63
UAE
ADX
9958
+6%
82
Qatar
QATAR MAIN 20
10749
+2%
8
Iraq
ISX Main 60
966
(10%)
11
Lebanon
BLOM Stock
2294
(9%)
13
Saudi Arabia
TASI
11164
(7%)
20
Bahrain
BAHRAIN ALL SHARE
1944
(2%)
22
Oman
MSX 30
4501
(2%)
The table below shows the performance of other global indices in H1 2025:
Performance of Some Global Indicess
Global ranking
Country
Index
Close
June 2025
Change
YTD%
21
Hong Kong
HANG SENG
24072
+20%
23
Hong Kong
HSCE
8678
+19%
25
South Africa
FTSE/JSE SA TOP40
88758
+18%
27
Ireland
ISEQ
11422
+17%
28
Portugal
PSI 20
7456
+17%
29
Nigeria
NIGERIAN ALL SHARE
119979
+17%
30
Italy
FTSE MIB
39792
+16%
32
Mexico
MXSE IPC
57451
+16%
33
Norway
OSLO OBX INDEX
1539
+16%
34
Cyprus
CYMAIN
211
+16%
35
Brazil
BOVESPA
138855
+15%
36
Mexico
FTSE BIVA
1159
+15%
37
Bulgaria
BULGARIAN SE SOFIX
1025
+15%
38
South Africa
FTSE/JSE SA ALL-SHARE
96430
+15%
39
Norway
OSE Benchmark
1621
+14%
40
Sri Lanka
CSE ALL-SHARE
18015
+13%
41
Croatia
CROBEX
3603
+13%
42
Lithuania
OMXV
1201
+13%
43
Romania
BUCHAREST SE BET
18736
+12%
45
Finland
HEX25
10546
+11%
48
Tanzania
TANZANIAN ALL SHARE
2357
+10%
49
Pakistan
KARACHI 100
125723
+9%
50
Vietnam
VN Index
1376
+9%
51
Canada
SP/TSX
26857
+9%
52
USA
NASDAQ 100
22679
+8%
54
India
CNX NIFTY
25517
+8%
56
Peru
SP/BVL LIMA 25
41396
+7%
57
Britain
FTSE 100
8761
+7%
58
India
SENSEX
83606
+7%
59
USA
NYSE COMPOSITE
20430
+7%
60
China
CSI 1000
6356
+7%
61
Europe
STXE 600 PR
541
+7%
64
USA
SP 500
6205
+6%
65
USA
Nasdaq Composite
20370
+5%
66
Belgium
BEL20
4476
+5%
67
Australia
SP/ASX 200
8542
+5%
68
Singapore
FTSE STI
3964
+5%
69
India
Nifty Midcap 150
21989
+4%
70
Holland
AEX
913
+4%
71
France
CAC 40
7666
+4%
72
Turkey
BIST 30
11161
+4%
73
Serbia
BELEX15 BELGRADE
1189
+4%
74
USA
DJI
44095
+4%
76
Europe
STXE 50 PR
4454
+3%
79
China
SSE COMPOSITE
3444
+3%
80
Switzerland
SMI
11921
+3%
83
Japan
NIKKEI 225
40487
+1%
84
Mongolia
MSE
3817
+1%
85
Turkey
BIST 100
9949
+1%
21
Taiwan
FTSE TW50
19049
(2%)
23
Russia
MOEX RUSSIA
2846
(1%)
24
Namibia
FTSE NSX
1787
(1%)
