2023-05-31
Daily Market Monitor 31-05-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose slightly on Tuesday’s session, ending a 7-day loss by 4 points to close at 11,140 levels. TASI opened the session positively, by 20 points, and continued to rise till it reached its intraday high of 67 points in the first hour of trading. However, TASI started to minimize its gains during the remainder of the session to close at its intraday low. In general, 8 out of 20 sectors closed in the green zone, while 74 stocks rose and 130 fell. Telecom (+1.6%), Health care equipment and services (+1.4%), and Energy (+0.4%) sectors contributed the most to the index's 17 points rise. Stockwise, Saudi Telecom (+1.5%), Aramco (+0.3%), and Etihad Etisalat (+2.5%) were the major contributors. The trading volume activity decreased by -4% DoD to reach 151mn shares, while the trading value increased by 4% DoD to reach SAR4.9bn.
The global equity indices were mixed on Tuesday amid concerns on further hikes in interest rates and global demand growth. The investors were also kept a close eye on the impending voting on the bipartisan bill on the debt ceiling. In the U.S, the equity indices moved sideways before closing with minor gains. The S&P 500 and Nasdaq Composite closed with 0.002% and 0.3% gains. The tech sectors in general and chip makers in general were in the limelight again after Nvidia, the latest company to have joined the USD1trn dollar market cap club, unveiled new products. Energy names were battered due to the drop in oil prices. The sovereign yields in the U.S eased by 2.2-2.3bps in the wake of the deal on debt ceiling.
In Europe, the Stoxx Europe 600 Index fell by 0.9%. The country level indices too faced pressure and were down 0.3-1.4%/ FTSE-100 (-1.4%) was a major laggard in the region following unexpected pickup in inflation data for the U.K economy.
In Asia, major equity indices moved sideways (+0.3% to -0.1%)on Tuesday barring tech-heavy names. KOPSI (+1.0%) remained a major performer in the region following the reopening of the market for trading after a national holiday on Monday. Semiconductor stocks were the major driver in Korea as Investors played catch-up in AI-related part suppliers. In China, Hang Seng briefly touched the bear territory (-20% correction).
Daily Market Monitor 31-05-2023
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