Tadawul Review: 

Tadawul All Share Index (TASI) fell on Wednesday, falling by -52 points (-0.4%) to close at the 12,128 level. TASI started the session negatively, opening with a fall of -108 points but displaying a gradual increase then fluctuations throughout the session until the close. Overall, 17 out of 21 sectors closed in the red zone, while 180 shares fell and 46 rose. Materials (-0.9%), Energy (-0.9%), and Telecommunications (-0.9%) sectors contributed the most to the index fall. Stockwise, Aramco (-0.9%), Bank AlBilad (-1.4%), and Etihad Etisalat (-1.7%) were the major contributors. The trading activity witnessed a decline in volume by -1% to reach 447mn shares, while the value increased by 2% to reach SAR7.4bn value traded.

 

 

 

Market Wrap International:

On Wednesday, global stocks plummeted, largely due to a steep decline in technology shares following a historic sell-off of U.S. chipmaker Nvidia. Additionally, worries about slowing global growth affected riskier investments, causing oil prices to fall to their lowest point in several months. The S&P 500 experienced a decline of -0.2%, while the Nasdaq Composite saw a decrease of -0.3%. Additionally, the Dow Jones Industrial Average rose by 0.1%, reflecting a broad downturn in major U.S. stock indices.

European stock markets dropped in the morning, following the declines in the U.S. and Asia, as persistent worries about the U.S. economy rattled investors. Semiconductor supply chain stocks were particularly affected, experiencing some of the largest losses. The CAC 40 dropped by -1.0% the DAX dropped by -0.8%, and the Euro STOXX index by -1.0%.

Asian markets fell sharply, led by declines in tech firms, following a significant drop on Wall Street. The Wall Street slump was driven by Nvidia's severe decline and disappointing US factory data, which raised new fears of a recession. The Hang Seng Index dropped by -1.1%, the NIKKEI 225 fell by -4.2%, and the KOSPI decreased by -3.1%, reflecting a broadly negative trend across the region.