Police say the two victims, both aged in their 50s, sustained minor injuries and left badly shaken by the ordeal.
The PSNI revealed that the women were sitting in a silver-coloured Vauxhall Astra in McDonnell Street at around 1.30 am this morning.
The four man gang approached the car, opened the doors and assaulted the women before ordering them out of the vehicle.
The men then sped off in the car in the direction of Cullingtree Road.
The hijacked Astra car was later found by police in Quadrant Place in the Lower Falls district.
It is now being forensically examined for fingerprints and DNA clues.
Detectives have appealed for anyone with information to contact them on the 101 number or through Crimestoppers on 088 555 111.