Tadawul Review:

Tadawul All Share Index (TASI) fell for the second day on ‎Sunday’s session by -58 points (-0.5%) to close at 11,789 ‎levels. TASI opened the session on a positive note with +7 ‎points from the previous close. Then continued to decline ‎until the end of the session. In general, 14 out of 20 sectors ‎closed in the red zone, while 145 of 223 shares fell and 63 ‎rose. Banks (-1.0%), Food and beverages (-1.3%), and ‎Telecom (-0.8%) sectors contributed the most to the index's -‎‎50-point fall. Stockwise, Saudi Awwal Bank (-3.8%), Al Rajhi ‎Bank (-0.5%), and Almarai (-3.1%) were the major ‎contributors. The trading activity witnessed a decline in ‎volume and value by -26% and -25%, respectively, to reach ‎‎173mn shares and SAR4.9bn in value traded.‎

 

 

 

Market Wrap International:

The global equity markets faced an interesting backdrop for ‎trading next week in the form of major policy decisions from ‎the three global banks and the Chinese authorities finally ‎walking the talk and rolling out the much-hyped measures to ‎support the economy in the preceding week. The market ‎focus, besides the ongoing earnings season, is likely to be on ‎economic data and inflation, confirming current market view ‎of a soft landing of the economy and a deepening of ‎disinflationary trends. Besides, investors will also look for more ‎measures from China to support consumption and property ‎sectors. In the U.S., the major data points next week relate to ‎ISM Survey and labor market (JOLT, jobless claims, ‎employment report). The data may further market bias of the ‎economy by making soft lending.‎

In Europe, the Bank of England will be in the limelight for a ‎possible another 50bps jumbo hike in its benchmark rate to ‎‎5.5% though the latest inflation data has eased pressure on ‎the central bank to make another jumbo hike. For the rest of ‎the region, Euro area GDP and CPI will be widely focused ‎data.‎

In Asia, the preceding week saw dramatic developments in ‎both Japan (flexibility in ceiling for benchmark 10-year bond) ‎and China. However, investors are expecting more ‎developments / updates in future (minutes of BoJ’s last week ‎meeting, more follow-up measures, particularly targeting ‎consumer and property) which would be key market drivers in ‎the near term.‎