Reports

2023-01-22

Daily Market Monitor 22-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended its losing streak on Thursday, rising +18 points (+0.2%) and closing at 10,682 levels. TASI opened the session negatively, down by -55 points, but TASI began building positive momentum from the first hour of trading to compensate for the losses it incurred at the opening level, and closing the session at its intraday high. In general, 13 sectors out of 20 closed in the green zone, while 95 stocks rose and 108 fell. Banks (+0.3%), Food and beverages (+0.9%), and Telecom (+0.5%) sectors contributed the most to the index's rise. Stock-wise, Al Rajhi Bank ‎‎(+0.3%), Bank AlBilad (+1.5%), and Arab National Bank ‎‎(+2.1%) contributed most to the rise of the index. The trading activity witnessed a decline in the volume and value of trading by 21% and 12%, respectively, to reach 101mn shares and SAR3.5bn. TASI is likely to maintain its current range-bound pattern though the direction is likely to be positive with the lift provided by strong oil prices in the international market and acceleration in Dec-end result season.

 

 

 

Market Wrap International:

The global equity markets moved higher on Friday amid optimism over Dec-end results and China economic re-opening theme. In the U.S, the markets had to digest a not-so-healthy retail sales data in the previous session and the uptick in the yields. The positive start of earnings in tech space and newsflow over corporate restructuring set off a rally in tech names in the U.S. The tech-heavy Nasdaq Composite jumped ‏2.7‏% on Friday, erasing most of the losses for the week. The S&P 500 Index also rose by ‏1.9‏%.

In Europe, optimism over earnings season overshadowed concerns on inflation and further interest rate hikes. The Stoxx Europe 600 Index rose ‏0.4‏% on Friday led by Travel, leisure and retail sectors. The country level indices were also positive in the range of 0.3-0.‏8‏%.

In Asia, major markets sustained the rally on Friday ahead of extended Chinese New Year holidays next week. With major COVID-19 restrictions already eased/withdrawn ahead of the start of the new Chinese year, markets are keeping a close eye on normalization of economic activity in China. HangSeng was a major outperformer in the region and jumped 1.8%. Other major markets were up 0.‏6‏-0.8%, barring SENSEX in India which closed negative by 0.‏4‏%.    ‎‎

 

 

 

Daily Market Monitor 22-01-2023