Tadawul Review:

Tadawul All Share Index (TASI) ended the first session of the week with an increase of 107 points (+0.8%) to close at 12,876 levels, recording the highest closing since 2006. ARAMCO’s result moved the market upwards as the company posted net earnings of SAR412 bn in 2021, recording a growth of 124% YoY. ARAMCO also announced a dividend of SAR0.35/sh along with bonus shares. The energy sector rose by +2.9%, contributed by ARAMCO, which closed in gains of 3.4%. MAADEN gained +4.9% closing at SAR 129.6/sh dragging the Materials sector up by +0.7%. The Bank sector ended the session in the positive mainly due to ALINMA which increased by +5.0% to reach an all-time high of SAR 39.1/sh. Trading volumes and values decreased by -45.6% and -50.3%, respectively. With Brent prices at USD108/bbl, the market is likely to maintain its current levels.

Market Wrap International:

After absorbing a long-awaited rate hike from the Federal Reserve, Wall Street roared back last week with S&P500 posting its largest weekly gain since November 2020. Investors were buoyed by clarity on the monetary policy and Fed’s upbeat assessment of the US economy. The S&P 500 ended the week at 4,463, up approximately 6.2%. The Nasdaq rose 8.2%, while the Dow climbed 5.5%. Market participants will get a couple of key reads on China next week when Nike announces earnings on March 21 and Nio releases figures on March 24. With the most recent supply and demand trends, both companies might cause havoc in their respective industries.

One of the first indicators of the impact of Russia's invasion of Ukraine on the continent’s economy will be the euro-area composite PMI survey for March. In Q1, the euro-area economy had to deal with the spread of the omicron version of Covid-19 in addition to the war in Ukraine. Early information from the United Kingdom suggests that major economic harm was avoided, with just minor constraints on daily life compared to previous waves. In other parts of EMEA, the South African Reserve Bank is expected to adopt a more hawkish posture and raise interest rates.