Tadawul Review:

Tadawul All Share Index (TASI) rose on Sunday, up by +34 points (+0.3%) to close at 12,762 levels. TASI started the session positively, opening with a gain of +16 points and continued to rise, reaching its intraday high in the first trading hour; however, the index minimized its gains and continued steady until the end. In general, 13 of 21 sectors closed in the green zone, and 135 shares rose while 78 fell. Utilities (+6.0%), Materials (+0.5%), and Real Estate (+1.5%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+8.6%), Maaden (+1.1%), and Dar Al Arkan (+3.6%) were the major contributors to the index’s rise. The trading activity witnessed a decline in volume and value of -19% and -37%, respectively, to reach 380mn shares and SAR9.0bn in value traded.

 

 

 

Market Wrap International:

In the U.S., investors are optimistic about a potential upswing in the stock market on Wall Street and are holding onto expectations of an interest rate cut this year, despite persistent inflation concerns. This sentiment persists as we approach the Federal Reserve's meeting next week as traders scaled back their predictions of a rate cut in June by the Federal Reserve following the release of inflation data that exceeded expectations earlier this week.

In Europe, market participants are keeping a close eye on the STOXX 600 index after its eight consecutive weeks of gains, fueled by positive corporate news and the anticipation of interest rate cuts by the ECB. The recent easing of euro zone inflation brings relief, while authorities prioritize addressing banking sector vulnerabilities, especially in Switzerland after the Credit Suisse crisis.

In Asia, the Bank of Japan is set to end its negative interest rate policy on Tuesday amid substantial wage hikes by major firms. China's market regulator will tighten listing requirements and oversight for enhanced stock market confidence.