Tadawul Review:

Tadawul All Share Index (TASI) slightly rose on Wednesday’s ‎session by 2 points to close at 11,103 levels. TASI opened the ‎session positively by 39 points due to the announcement of ‎Expo 2030. However, it faced selling pressure, causing the ‎index to gradually decline throughout the session until the ‎end. Overall, 11 out of 20 sectors closed in the green zone, ‎while 118 shares rose and 95 fell. Materials (+0.2%), Food ‎and Beverages (+0.4%), and Energy (+0.2%) sectors ‎contributed the most to the index rise. Stockwise, Aramco ‎‎(+0.2%), Riyad Bank (+0.7%), and Riyadh Cables Group ‎‎(+3.6%) were the major contributors. The trading activity ‎witnessed an increase in volume by +45% to reach 301mn ‎shares, while the value declined by -13% to reach SAR4.3bn in ‎value traded. The anticipation is high for the market to ‎persist in its upward momentum and draw greater attention ‎from foreign investors in the next few sessions, bolstered by ‎the increasing confidence in the future prospects of the ‎Kingdom of Saudi Arabia.‎

 

 

 

Market Wrap International:

In the U.S., stocks fell as expectations grew that the Federal ‎Reserve had concluded its policy tightening and might initiate ‎interest rate cuts in the coming year. The S&P 500 closed ‎down by -0.1%, with 6 of the eleven listed sectors rose, and ‎the Nasdaq Composite also fell by -0.2%. The crude oil price ‎slightly rose prior to Thursday's OPEC+ meeting, which is ‎proceeding as planned despite reports of potential delays.‎

In Europe, investors were eagerly anticipating Thursday's ‎inflation data to evaluate the market's prospects for the rest ‎of 2023. The Stoxx Europe 600 rallied by +0.5%, partly due to ‎the rise in the so-called Magnificent Seven technology ‎behemoths, while the FTSE-100 index also saw a decline of -‎‎0.4% as UK consumers ramped up borrowing at the fastest ‎rate in five years.‎

In Asia, the stock markets tracked choppily lower Wednesday ‎as traders weighed China property markets and currency ‎exchange rates. The Chinese indices were down (Shanghai ‎Composite: -0.6%, Hang Seng: -2.1%), and the Japanese indices ‎ended on a negative note (Topix: -0.5%, Nikkei 225: -0.3%). ‎The other major indices were in a range of -0.1% to +1.1%.‎