"The Share": The war has not left any noticeable negative impact on the performance of stock market sectors
A report issued today by Shal Consulting stated that “the war does not appear to have had a noticeable negative impact on the performance of various stock market sectors, as most sector indices posted positive returns for the period between the last trading day before the US-Iran war, which was February 24, 2026, and September 15, 2026, albeit with varying degrees of performance.”
The report added, “What remains unknown is the extent of the positive performance those sector indices would have achieved had the war not occurred, particularly the banking sector index, which carries the highest weight in terms of contribution to the market capitalization of listed companies.”
The report noted that the best-performing sector was technology, whose index rose by approximately 1,455.6 percent; however, its contribution to the stock market’s total capitalization is marginal, accounting for no more than 0.3 percent. The second-best performing sector was insurance, whose index rose by approximately 35.8 percent, a rise that is understandable, as higher risks due to the war inevitably lead to increased insurance premiums.
It further stated that the basic materials sector ranked third in performance, with its index rising by approximately 26.4 percent, another justified increase given supply chain disruptions and demand outstripping supply, which necessitates higher prices.
The report pointed out that eight sectors posted positive returns ranging from moderate to weak. Leading this group was the telecommunications sector, with its index gaining around 11.3 percent. The real estate sector index gained approximately 9.9 percent, the financial services sector gained around 7.3 percent, and the healthcare sector gained approximately 5.3 percent.
It noted that the consumer goods sector gained around 4.9 percent, while three other sectors posted modest gains: the energy sector gained approximately 3.8 percent, and the industrial sector gained around 2.7 percent.
The report added, “The modest gains of the banking sector, amounting to approximately 1.2 percent, warrant further verification and analysis, as do the reasons behind them—whether directly attributable to geopolitical tensions, the domestic economic environment due to the war, or other factors. Only two sectors posted negative performance: the consumer services sector index lost approximately 1.2 percent, and the utilities sector incurred losses of around 4.9 percent, though these losses remain within expected limits.”
Concluding its market performance analysis, the report indicated that it currently lacks an explanation for the varying performance of stock market sector indices. However, it can be said that the performance of sector indices was better than expected, considering the scale of the war’s repercussions on public finances and the economy.
