2023-11-08
Daily Market Monitor 8-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) declined slightly on Tuesday’s session, down by -3 points (-0.03%) to close at 10,946 levels. TASI opened on a positive note with 8 points and continued fluctuating throughout the session until the end. Overall, 10 out of 20 sectors closed in the red zone, while 126 shares fell and 84 rose. Materials (-0.6%), Real Estate (-1.0%), and Banks (-0.1%) sectors contributed the most to the index fall. Stockwise Saudi National Bank (-0.7%), SIIG (-2.7%), and Sabic (-0.5%) were the major contributors. The trading activity witnessed a decline in volume and value of -27% and -12%, respectively, to reach 185mn shares and SAR5.4bn in value traded.
In the U.S., stocks rose and the dollar strengthened as a result of statements made by the President of the Minneapolis Federal Reserve, which dampened hopes of rapid interest rate cuts by the US central bank. The S&P 500 ended on a positive note by +0.3%, with five of eleven listed sectors rose, and the Nasdaq Composite rose by +0.9%. Israel's openness to temporary ceasefires in the Gaza conflict contributed to the drop in oil prices.
In Europe, the Stoxx Europe 600 was down by -0.2% due to concerns regarding economic growth and losses in the energy sector, which overshadowed certain positive earnings reports. The FTSE-100 index closed on a negative note by -0.1% with a drop in Sterling against a strengthening U.S. dollar on Tuesday.
In Asia, China's stocks fell (Shanghai Composite: -0.04%, Hang Seng: -1.65%) as new data revealed unexpected growth in imports, indicating ongoing risks for the economy, while the expectation of the economy to grow 5.4% this year. The benchmarks in Japan also showed a negative performance (Topix: -1.17%, Nikkei 225: -1.3%). The other major indices were in a range of -2.30%|+0.2%.
Daily Market Monitor 8-11-2023
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