Tadawul Review: 

The Tadawul All Share Index (TASI) fell on Wednesday’s  session, falling by -15 points (-0.1%) to close at the 12,063 level. TASI began the session on a positive note, gaining 16 points initially. However, it experienced fluctuations and followed a downward trajectory throughout the session until the end. Overall, 10 out of 20 sectors closed in the red zone, while 159 shares fell and 60 rose. Materials (-1.1%), Real Estate (-1.4%), and Energy (-0.6%) sectors contributed the most to the index fall. Stockwise, Aramco (-0.6%), Al Rajhi Bank (-0.6%), and Riyad Bank (-2.3%) were the major contributors. The trading activity witnessed an increase in volume and value of +0.1% and +18%, respectively, to reach 366mn shares and SAR10.7bn in value traded.

 

 

 

Market Wrap International:

In the U.S., stocks declined on Wednesday as the market responded to the central bank's resistance to interest rate cuts, which diminished expectations of a rate cut in March. The S&P 500 was down -0.6%, with all of 11 sectors falling, and the Nasdaq composite experienced a -0.6% drop. Additionally, gold prices continued their downward trend, reaching a near-one-week low, influenced by a stronger dollar and hawkish comments from a Federal Reserve official.

In Europe, the Stoxx Europe 600 fell -1.1% on Wednesday as investor bets for ECB rate cuts are excessive and possibly self-defeating because they could hold back monetary easing. The FTSE 100 was down too by -1.5% as the UK's annual consumer price inflation (CPI) rose to 4.0% in December, dampening expectations for an early Bank of England rate cut.

In Asia, the market witnessed mixed outcomes as China's economy grew 5.2% in 2023, exceeding the target. However, concerns arose amidst a shaky recovery, a deepening property crisis, deflationary risks, and subdued demand, impacting investor sentiment. The Hang Seng index fell by -3.7%, and the Shanghai Composite index experienced a decline of -2.1%. On the other hand, Japan witnessed losses, with the TOPIX and Nikkei 225 falling by -0.3% and -0.4%, respectively.