Algiers Stock Exchange Among Top Performers in Arab Region During Q4 2025
Image: Ennahar
Takeaway
The Algiers Stock Exchange's strong performance in Q4 2025, driven by increased trading volumes and new listings like BDL and Moustachir, signals growing investor confidence in the Algerian market. International investors should monitor the exchange for potential opportunities, particularly in sectors like banking and technology, while also considering the relatively small size and limited number of listed companies compared to other regional exchanges.
The Algiers Stock Exchange (SGBV) demonstrated positive momentum during the fourth quarter of 2025, positioning it as one of the best-performing stock markets in the Arab world. According to a recent report by the Arab Monetary Fund (AMF), the Algiers Stock Exchange saw a significant increase in trading volume, with over 3.7 million shares traded during the last three months of 2025. This performance marks a substantial increase compared to the 1.9 million shares traded during the same period the previous year.
Throughout 2025, the Algiers Stock Exchange experienced considerable growth, driven by new listings and increased investor confidence. In the first quarter of 2025, the market capitalization of the Algiers Stock Exchange increased by 40.07%, making it the fastest-growing stock exchange in the Arab world during that period. The market value rose from $3.848 billion in the first quarter of 2024 to $5.39 billion in the first quarter of 2025, a rise of $1.542 billion. By the end of June 2025, the market capitalization reached 745.4 billion dinars (~$5.73 billion), a 43% increase from approximately 520 billion dinars in early January.
Two new listings significantly contributed to the market's growth in the first half of 2025: Banque de Développement Local (BDL) and the start-up Moustachir. BDL raised 61.88 billion dinars (~$458 million) through its listing, including 44.2 billion dinars (~$327 million) from a capital increase and 17.68 billion dinars (~$131 million) from an issue premium. Moustachir, founded in 2021, raised 94.6 million dinars (~$700,000) through its start-up financing segment, offering online consulting and support for foreign companies. The total value of shares traded in the first half of 2025 reached 4.5 billion dinars (~$33 million), a 235% increase from 1.35 billion dinars during the same period in 2024. The number of shares traded also rose by 232.8% year-on-year to 2.1 million units.
Despite the positive performance, the Algiers Stock Exchange remains a relatively small player in Algeria's economy, with only eight listed companies. These include Alliance Assurances, Biopharm, El Aurassi, Saidal, Crédit Populaire d'Algérie, AOM Invest SPA, BDL, and Moustachir. In 2024, the Algiers Stock Exchange closed with a market capitalization of approximately 522 billion dinars (~$3.8 billion), largely due to the listing of Crédit Populaire d'Algérie (CPA). Trading volume also surged to 2.7 billion dinars (~$20 million), a 441% increase from the previous year, indicating increased investor confidence and market liquidity.
The AMF composite index, which measures the performance of Arab capital markets, declined by 1.04% in Q4 2025 compared to the end of Q3 2025, but recorded an annual growth of 5.61%. While indices rose in ten Arab markets, led by the Amman Stock Exchange with a gain of 19.07%, six Arab exchanges recorded declines, including Saudi Arabia and Damascus. The total market capitalization of Arab financial markets decreased by approximately $107 billion, or 2.48%, to reach $4,208.08 billion by the end of the fourth quarter. Market participants will be closely watching the Algiers Stock Exchange in 2026 to see if it can sustain its growth trajectory and attract further listings.