Tadawul Review:

Tadawul All Share Index (TASI) rose on Wednesday’s session, rising by 30 points (+0.3%) to close at the 11,174 level. TASI opened the session positively by 3 points and continued rising gradually during the session until the end. Overall, 11 out of 20 sectors closed in the green zone, while 117 shares rose and 93 fell. Food and beverages (+2.8%), Banks (+0.3%), and Capital goods (+4.3%) sectors contributed the most to the index rise. Stockwise, Riyadh Cables Group (+9.4%), Savola (+4.6%), and Alinma Bank (+1.4%) were the major contributors. The trading activity witnessed an increase in volume by +3% to reach 244mn shares, while the value declined by -1% to be at SAR5.8bn in value traded.

 

 

 

Market Wrap International:

In the U.S., shares slipped on Wednesday following a mixed set of reports on the U.S. economy. The S&P 500 ended the session on a negative note by -0.4%, with xx out of eleven sectors falling as the leading banks cautioned that proposed capital hikes and new regulations under consideration by U.S. bank regulators would have adverse effects on credit markets and the broader economy. The Nasdaq composite also fell by -0.6% while oil prices were stable on Wednesday.

In Europe, the Stoxx Europe 600 rose +0.5% on Wednesday with a drop in bond yields as investor confidence increased regarding major central banks reaching the peak of their tightening cycle. The FTSE 100 index closed lower by +0.3% while Germany's benchmark DAX reached a new record high propelled by the positive performance of automaker Volkswagen.

In Asia, after moody’s downgrade of the China outlook, the indices ended the session (the Hang Seng: +0.8% while the Shanghai Composite: -0.1%) as China's blue-chip stocks plummeted to a nearly five-year low, while the Japanese benchmarks, TOPIX and Nikkei 225, ended positively by +1.9 and +2.0%, respectively, as the yuan currency continued to weaken.