Dow Jones reported Nov. 24 that several indices tracking Shariah-compliant stocks fell in November.
The Dow Jones Islamic Market Titans 100 Index (IMXL) measures 100 leading Shariah-compliant global stocks. The Index fell 0.98% as of Nov. 23, to close at 2119.15. The Islamic Market U.S. Titans 50 Index (DJUS50) also fell, dropping 0.63% to 2145.71 and the Islamic Market Europe Titans 25 Index (DJEU25) fell 3.44% to 2053.13.
The Dubai Financial Market struggled in November, as well; the DFM Titans 10 Index posted a month-to-date loss of 6.77%, closing at 2243.47. Indices for Kuwait and Turkey fell also, dropping 2.15% and 4.89%, respectively. While the Islamic market indices suffered, their conventional counterparts posted even larger drops, however. The Kuwait Composite Index fell 1.2% and the Turkey Total Stock Market Index fell 6.4%.
The Asian and Pacific markets fared slightly better, however, as the Islamic Market Asia/Pacific Titans 25 Index (DJAP25T) increased by 2.49% to 2041.49. The Citigroup Sukuk Index increased as well, gaining 0.44% to close at 126.49.
The Basic Materials, Oil & Gas and Consumer Goods industry indices performed well in November, gaining 1.23%, 1.02% and 0.97%, respectively. Financials, Telecommunications and Health Care were the three worst performing industries, losing 5.28%, 2.46% and 1.96%, respectively.