2023-11-07
Daily Market Monitor 7-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) slightly advanced on Monday’s session, up by +10 points (+0.1%) to close at 10,949 levels. TASI opened on a negative note with -17 points and continued fluctuating throughout the session until the end. Overall, 8 out of 20 sectors closed in the green zone, while 74 shares rose and 144 fell. Banks (+0.7%), Energy (+0.4%), and Health care equipment and services (+1.2%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+0.6%), Maaden (+3.4%), and Riyad Bank (+2.6%) were the major contributors. The trading activity witnessed an increase in volume and value of +41% and +27%, respectively, to reach 255mn shares and SAR6.1bn in value traded.
In the U.S., the stock markets rose on the first day of the week, with the S&P 500 closing up by +0.2%, five of the eleven listed sectors rising, and the Nasdaq Composite rising by +0.3% after last week's impressive rally, as traders maintained their optimism for potential interest rate cuts by US and European central banks in the coming year.
In Europe, the Stoxx Europe 600 was down by -0.2% while the FTSE-100 index was closed on Monday’s session as UK market anxiety over fiscal policy persisted due to Fitch's downgrade of the outlook for British government debt, resulting in a decline in the value of sterling and an increase in UK government bond yields.
In Asia, South Korea's decision to ban stock short-selling until June 2024 led to a significant rally in equities (KOSPI) by 5.7%. The Chinese indices were positive (Shanghai Composite: +0.9%, Hang Seng: +1.7%), and the benchmarks in Japan also showed a positive performance (Topix: +1.6%, Nikkei 225: +2.4%). The other major indices in India (SENSEX) and Taiwan (TWSE) closed up by +0.9.
Daily Market Monitor 7-11-2023
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