Tadawul Review:

Tadawul All Share Index (TASI) rose on Thursday’s session, up by +74 points (+0.7%) to close at 11,177 levels. TASI closed the month with a 487 points gains (MoM: +4.2%), increasing its YTD gains to 6.3%. TASI opened on a negative note with -10 points but started to increase gradually to close at its intraday high. Overall, 13 out of 20 sectors closed in the green zone, while 124 shares rose and 90 fell. Banks (+1.0%), Materials (+0.8%), and Utilities (+2.1%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+0.9%), Saudi National Bank (+2.0%), and ACWA Power (+2.7%) were the major contributors. The trading activity ‎witnessed an decline in volume by -2% to reach 296mn ‎shares, while the value slightly increased by +74% to reach SAR7.4bn in ‎value traded.

 

 

 

Market Wrap International:

The S&P 500 ended the week on a positive note with the highest level of the year by 0.6% , with ten out of eleven sectors rising. This was fueled by the optimism that the Federal Reserve has concluded its tightening of U.S. interest rates and is considering potential rate cuts in the coming year. The Nasdaq composite rose by 0.6% while oil prices slumped over 2% on Friday amid doubts about OPEC+ supply cuts and concerns over global manufacturing activity.

In Europe, the Stoxx Europe 600 rose on Friday by 1.0% as bond yields in the euro zone continued to decline due to increasing expectations of an interest rate cut. The FTSE 100 index closed higher by 1.0% after the new data on Euro zone manufacturing activity eased slightly but remained in contraction territory.

In Asia, the Japanese benchmarks (TOPIX rose by 0.3% while NIKKEI 225 fell by -0.2%, following the data of Japan's capital expenditure growth slowdown in July–September, which challenges the central bank's belief in robust corporate spending for a vulnerable economic recovery. The Hang Seng fell by -1.2% while the Shanghai Composite increased by +0.1%.