Reports

2022-10-26

Daily Market Monitor 26-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) ended its three-day winning streak on Tuesday, falling 101 points (-0.8%) to close at ‎‎11,974 levels. TASI started the session on Tuesday at the same level as the previous close and made an intraday high of +24 points. TASI started its decline for the rest of the normal trading hours to lose the levels of 11,908, down 166 points from before the closing auction. At the closing auction, the index was able to trim some of its losses by adding 65 points. In general, all sectors were closed in the red zone except for the Telecom sector, while 43 shares rose and 170 shares fell. The decline was led by the Banks sector (-0.5%), followed by Energy (-2%), and Materials (3.6%). Altogether, the aforementioned sectors contributed to the decline of the index by 55 points. Amongst stocks, Aramco (-2.1%), ACWA Power (-3.4%), and Saudi National Bank (-0.6%) stocks pulled the index down the most. The trading volume activity increased by +11% DoD to reach 165mn shares, while the trading value decreased by -4% DoD to reach SAR6.3bn. The index is likely to move around 12,000 mark in near-term. ‎‎

 

 

 

Market Wrap International:

The global equity indices surged on Tuesday amid strong sentiments on the ongoing result season. The gas prices in Europe and the latest leadership changes in China also remained in the limelight. The U.S treasury yields S retreated for the second consecutive session. In the U.S, the benchmark indices jumped by ‏1.1‏-‏2‏.‏3‏% led by positive earnings surprises and optimism over tech earnings due this week. Except for energy, all industrial sectors listed on the S&P 500 moved higher led by real estate and communication.

 In Europe, the initial cautiousness in the trading hours gave to positive sentiment around the drop in gas prices in the region and ahead of the policy rate announcement by the ECB on Thursday.  Earnings seasons and clarity over leadership roles in the U.K were the other two major drivers for stock prices. The Stoxx Euro 600 Index closed higher by 1.‏4‏% at the session close led by financials, real estate and technology.

 

In Asia, the ripple effects of the changes in leadership position in China continued for the second straight session. HangSeng Index in Hong Kong,  China Composite in China and KOSPI in Korea were little changed. Equity indices in Japan (Nikkei 225, TOPIX) was the major outlier in the region with 1-1.1% gains for the session. TAIE in Taiwan (-1.5%), and SENSEX (-0.‏5‏%) in India were the two other major drags in the region.

 

Daily Market Monitor 26-10-2022