Reports

2023-03-29

Daily Market Monitor 29-03-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended Tuesday's session with little change, up +4 points to close at 10,468 levels. TASI had started the session positively, up +23 points from the previous close, and it continued to rise during the first hour of trading until it reached its intraday high at +68 points, but then it retreated to reduce all its profits and reach its intraday low at -48 points. The index made a recovery at the end of the last hour of trading and closed in the green zone. In general, 15 sectors out of 20 closed in the green zone, while 147 stocks rose and 60 fell. Materials (+0.6%), Energy ‎‎(+0.6%), and Health care (+1.4%) sectors led the index gains, while Banks (-1%), Telecom (-0.1%), and Commercial & Professional Svc (-0.6%) were the major drags on the index. Among stocks, Aramco (+0.6%), Sipchem (+3.9%), and Americana (+4.5%) contributed most to the rise of the index. The trading volume activity increased by 0.3% DoD to reach ‎‎232mn shares, while the trading value decreased by 17% DoD to reach SAR5.7bn. The index is likely to remain range bound in near-term

 

 

 

Market Wrap International:

The global equity markets moved in a narrow range amid uptick in treasury yields and lingering concerns on financial names. The investors’ views are largely dividend on the path of interest rate beyond an expected ‎‎25bps hike per the latest Fed’s dot plot. Meanwhile, recession concerns have started to gain more traction. In the U.S, the S&P 500 and Nasdaq Composite indices moved down by marginal ‏0.2‏% and ‏0.4‏%. ‏5 ‏out of eleven sectors in the S&P 500 Index moved higher.

In Europe, the Stoxx Europe 600 Index gave up early gains to close with little change. The latest newsflow related to a tax and money laundering probe in France renewed investors’ concerns on financial names in the region.

Asia moved higher with easing investors' concerns on financial names. The major indices were up 0.3-1.1% barring Sensex in India and Shanghai Composite in China which marginally dropped by 0.1% and 0.2% respectively. The market report of possible break up of Ali Baba into six separate companies and subsequent IPOs drew a positive reaction in the market.

 

 

 

Daily Market Monitor 29-03-2023