Markets Market cap of Arab stock markets reached $4.5trn in 2023 By Pramod Kumar April 1, 2024, 4:51 AM Alamy via Reuters The market cap of the Saudi stock exchange rose 14 percent year on year to more than $3 trillion in 2023 The combined market capitalisation of Arab stock markets reached $4.5 trillion, rising 12 percent year on year by the end of December 2023, the Union of Arab Securities Authorities (UASA) has said. The surge was primarily driven by the Saudi stock exchange, which recorded a 14 percent rise to more than $3 trillion in 2023, up from $2.6 trillion a year earlier. The UASA aims to support and promote cooperation between Arab securities commissions and enhance the effectiveness of its oversight role, according to its website. You might also like:Economic indicators from every GCC country Arab stock markets faced a turbulent start to 2023 because of challenging conditions in the first five months of the year, the report said. However, regional markets reported significant growth, mainly in the last two months. The Egyptian exchange witnessed a 96 percent increase in traded stock value, reaching $110.7 billion, constituting 17 percent of the region’s total trading value. Saudi stock exchange to hold Hong Kong forum in May Gulf markets attracting more international investors Borse Dubai to sell $1.6bn stake in Nasdaq The surge was propelled by growing trading activity following the introduction of treasury bill trading. Last year, Morocco’s benchmark index surged by 23 percent, compared with a negative performance of 32 percent in the previous year. Lebanon’s index concluded the year with a 47 percent increase, building upon an 86 percent rise in 2022, the report said.
