Reports

2022-10-12

Daily Market Monitor 12-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) remained flattish on Tuesday, decreasing by just 16 points (-0.1%) to close at the 11,514 level. The index opened the session at 11,543, slightly higher than the previous closing level (+12 points), and trading remained in the range of 104 points throughout the day. Despite 10 sectors closing marginally up, the TASI index slipped due to index heavyweights, namely, the Banks (-0.9%), Materials (-0.2%), and Retailing (-1.4%) sectors' closing down. Amongst the stocks, the shares of Saudi National Bank (-2.5%), Al Rajhi Bank ‎‎(-0.7%), and STC (-0.9%) influenced the index the most. Middle East Healthcare and Gulf Insurance Group were the top gainers for the day, closing up by 9% and 7.4%. Trading activity also witnessed a decrease in the volume and value of trading by -‎‎11% and -6%, respectively, to reach 124mn shares and SAR4.4bn.

 

 

Market Wrap International:

The global equity indices suffered one more session of gloom over rising yields, increased geopolitical tension and prospects of fresh lock-down measures in China. The yields on the U.S treasury jumped again and stoked fears of continued hawkish stance by central banks around the globe. In the U.S, the benchmark indices recorded fourth straight session of losses the S&P 500 and Nasdaq dropped by 0.7 – 1.1%. ‏7‏ out of eleven listed sectors on the S&P 500 Index closed negative. All eyes are on the upcoming minutes of the FOMC meeting (due on Wednesday) and CPI data (due on Thursday) in the U.S.

In Europe, the benchmark Stoxx Europe 600 Index recorded losses of 0.6%, a fifth straight session of losses. Investors remained cautious ahead of the upcoming data release in the U.S. The latest proposal from Germany to issue a joint debt, extension of Bank of England bond purchase program and latest data on consumer confidence in the U.K added to investors’ concerns.

In Asia, markets reeled from dual shocks of increased prospects of fresh lockdown measures in China and the latest announcement from the U.S to introduce fresh curbs on Chinese semiconductors’ exporters. HangSeng in Hong Korea suffered another significant daily loss of 2.2% as Chinese stocks listed on the exchange dragged the index down. TAIEX, a tech heavy index in Taiwan, dropped the most (4.4%) in the region. Japan (Topix: 1.9%) and KOSPI in Korea (-1.8%) also recorded heavy losses for the day. China’s Shanghai Composite Index managed to eke out nominal gain.

Daily Market Monitor 12-10-2022