Tadawul Review:

Tadawul All-Share Index (TASI) closed positive for the third ‎session in a row on Tuesday, rising +83 points (+0.8%) to ‎‎10,661 levels. TASI index was trading within a range of 86 ‎points after it started the session with a modestly positive ‎opening, yet it continued to gradually rise for the rest of the ‎trading hours. In general, 17 out of 20 sectors closed in the ‎green zone, while 166 shares rose and 42 fell. Banks sector ‎contributed the most to the index's rise (+1.1%), followed by ‎Materials (+1.2%) and Utilities (+0.9%), as they contributed ‎to the index's rise with a total of 61 points. Stock-wise, Al ‎Rajhi Bank (+1.4%), Saudi National Bank (+1.2%), and ACWA ‎Power (+1.4%) contributed most to the rise of the index. The ‎trading volume activity declined by 3% DoD to reach 145mn ‎shares, while the trading value increased by 5% DoD to reach ‎SAR3.9bn. TASI may look to continue the recovery in near-‎term with Dec-end results and relative stability in oil prices ‎as key drivers.‎

 

 

Market Wrap International:

Major global equity indices surged on Tuesday except the US ‎markts after resuming trading post New Year holidays. The ‎China reopening theme remained a dominant trigger for the ‎markets. Investors opted to overlook bearish economic data ‎and focused on the likely winners from the economic ‎reopening in China. Besides upcoming Dec-end results were ‎also in focus.  CPI data in many major economies is due later ‎this week and may prove to be a key driver for stocks. In the ‎U.S, the S&P 500 and Nasdaq Composite Indices fells by 0.4-‎‎0.8%. The yields on the U.S treasuries were largely unchanged.  ‎

In Europe, the Stoxx Euro 600 gained for the second straight ‎session and jumped 1.2% on Tuesday. Country-level indices ‎also exhibited similar trends with DAX (+0.8%), CAC ‎‎40(+0.4%) and FTSE 100 (+1.4%) gaining for the session. The ‎drop in gas price benchmark has provided a major relief to ‎investors and has improved inflation outlook.‎

In Asia, Hang Seng and Shanghai Composite moved higher by ‎‎1.8% and   0.9% respectively. Investors were largely optimistic ‎on the easing of COVID-19 related restrictions. Indices in ‎Taiwan (TAIEX: +0.6%) and India (SENSEX: +0.2%) also ‎closed.  Besides China reopening, the rise in Yes-Dollar parity ‎to six-month high was also a major driver for the markets. ‎Markets in Japan were closed for trading on Tuesday. ‎