Tadawul Review:

Tadawul All Share Index (TASI) ended the session in the green, recording an increase of 37 points (0.3%), despite the decline in commodity prices. Many sectors closed on a positive note. The Energy sector pared previous gains and fell 0.4%. The key highlights of the session, besides index making a fresh multi-year high, include Ma’aden recording the highest closing since listing and contributed to the overall increase of +0.5% in the Materials sector. The Food & Beverages sector jumped +2%, courtesy of ALMARAI which rose by +3.2% to close at SAR 51.4/sh. The Insurance sector recorded a gain of +2%. Trading volumes and values increased by +13.5% and +10.8%, respectively. Investors might look to book profits in the upcoming session given the volatility in commodity prices on the back of positive developments in the Russia-Ukraine peace talks.

 

 

 

Market Wrap International:

The positive progress in the ongoing parley between Russia and Ukraine in Turkey has brought back risk-on sentiment among investors with the drop in commodity prices subsiding future inflation expectation. In the US, all major made positive returns with S&P 500 Index rising by 1.2% DoD to mark first closing above 4,600 levels since mid-Jan’2022. Other indices too followed suit and posted returns in the range of 1.0-1.9% returns. Treasuries in the U.S were bid up as investors responded to drop in commodity prices.

Major European markets closed Tuesday’s session in the green zone boosted by progress in peace talks between Russia and Ukraine. The European Stoxx 600 advanced by +1.7%. In Germany, the benchmark DAX rose for the third session in a row, rising by +2.8% after a slew of positive news. In the UK, the financial sector led the market higher, (+0.9%).

In Asia, nearly all major markets closed in the positive zone. Stocks across Asia-Pacific rose, following a fall in oil prices overnight. In China, SHCOMP experienced high volatility before closing -0.3% lower, the decline mainly attributed to the reinforcement of COVID-19 lockdowns. In Hong Kong, the Hang Seng Index maintained above the previous close, increasing by +1.0% to close in the green. The Nikkei 225 also underwent a session of gain, rising by +1.1%. KOSPI and SENSEX maintained above their previous close, recording minor gains of +0.4% and +0.6%, respectively.