‎How did international markets perform in H1 2025?

‎How did international markets perform in H1 2025? ‎How did international markets perform in H1 2025?

​‎

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%)

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