Stock Markets in Dozens of Countries Weaken in the First Month of War (March 2026)

The Indonesia Composite Stock Price Index (IHSG) stood at 7,048.22 at the close of trading on March 31, 2026, plummeting 14.42% compared to the end of the previous month (month-to-month/mtm).

The performance of the IHSG was the weakest among the stock exchange indices of other countries monitored by the Indonesia Stock Exchange (BEI).

Out of the 33 stock exchange indices monitored, only 2 indices strengthened throughout March 2026, the first month of the war between the United States (US)-Israel versus Iran.

Meanwhile, the stock exchange indices in 31 other countries fell, including those of the US and Israel, which initiated the war.

The following is the percentage movement of stock exchange indices in 33 countries during March 2026, according to BEI data, sorted from the highest to the lowest:

1. Norway (OSE Benchmark Index): 9.30% (mtm)
2. Saudi Arabia (Tadawul All Share Index): 5.05%
3. Brazil (Ibovespa Brasil Index): -0.70%
4. Israel (Tel Aviv Stock Exchange 35 Index): -0.71%
5. Malaysia (FTSE Bursa Malaysia KLCI Index): -1.53%
6. Singapore (Straits Times Index STI): -2.19%
7. Poland (WIG Total Return Index): -3.53%
8. Colombia (MSCI COLCAP Index): -3.90%
9. Mexico (S&P/BMV IPC): -3.91%
10. Canada (S&P/TSX Composite Index): -4.58%
11. Thailand (SET Index): -5.24%
12. United States (Dow Jones Industrial Average): -5.38%
13. Austria (Austrian Traded Index): -6.29%
14. China (SSE Composite Index): -6.51%
15. United Kingdom (FTSE 100 Index): -6.73%
16. Turkey (Borsa Istanbul 100 Index): -6.76%
17. Hong Kong (Hang Seng Index): -6.92%
18. Spain (IBEX 35 Index): -7.14%
19. Qatar (Qatar Exchange Index): -7.84%
20. Australia (All Ordinaries Index): -7.97%
21. Ireland (ISEQ All-Share Index): -8.17%
22. Switzerland (Swiss Market Index): -8.83%
23. France (CAC 40 Index): -8.90%
24. Philippines (PSEi Index): -10.02%
25. Germany (German Stock Index DAX): -10.30%
26. Taiwan (TSE Weighted Index): -10.42%
27. Vietnam (VN-Index): -10.95%
28. South Africa (FTSE/JSE Africa All Share Index): -11.20%
29. India (S&P BSE SENSEX Index): -11.49%
30. Japan (Nikkei 225): -13.23%
31. Indonesia (IHSG): -14.42%
32. United Arab Emirates (Dubai Financial Market General Index): -16.44%
33. South Korea (KOSPI Index): -19.08%