Reports

2023-08-20

Daily Market Monitor 20-08-2023

Tadawul Review:

Tadawul All Share Index (TASI) rose on Thursday’s  session by 59 points (+0.5%) to close at 11,451 levels. TASI opened the session on a negative note by -17 points from the previous close before starting to rise throughout until the end ‎‎.In general, 8 out of 20 sectors closed in the green zone, while ‎‎71 of 223 shares rose and 143 fell. Banks (+1.1%), Energy ‎‎(+1.7%), and Capital goods (+0.6%) sectors contributed the most to the index's 58 point rise. Stockwise, Aramco (+1.7%), Aramco (+1.0%), and Saudi National Bank (+1.1%) were the major contributors. The trading activity witnessed an increase in volume and value by 20% and 20%, respectively, to reach ‎‎232mn shares and SAR6.3bn in value traded.

 

 

Market Wrap International:

The global equity markets remained volatile on Friday amid growing concerns on CHina economic recovery and possibility of further interest rate by the Fed. In the U.S, the 10-year yields softened a little after  hitting 2007 high a day earlier. Investors are still digesting the details of minutes of the last Fed meeting which hinted at the possibility of further rate hike due to sticky inflation. The key equity indices in the U.S managed to close with minor losses on the back of support from energy and defensive names. The S&P 500 Index closed almost flat after remaining volatile throughout the session. Tech heavy Nasdaq Composite however recorded modest losses.

In Europe, the Stoxx Europe 600 Index ended the session lower by 0.6% with concerns over China economic recovery, interest rate and latest economic data in the U.K.  Other country level indices too moved in the same direction. The retail sales data in the U.K showed the drop of 1.2% in sales came ahead of the consensus forecast of 0.5% for the month of July.

in Asia, the major equity indices recorded losses in the range of ‎‎2.1-0.3% despite mixed economic data. The inflation data in Japan carried a positive surprise. However, the data failed to inpsire the markets. Meanwhile, CHina introduced a new set of measures to support the stock market. Investors are closely tracking the property market in China . The latest development regarding filing of bankruptcy protection by Evergrande Group, one of the latest property developers in China, in the U.S over the weekend is likely to put more pressure on Chinese stocks in particular and Asian names in general.  

Daily Market Monitor 20-08-2023