2023-09-26
Daily Market Monitor 26-09-2023
Tadawul Review:
Tadawul AllShare Index (TASI) fell for third straight session and recorded a drop of -71 points (-0.7%) to close at 10,878 levels. TASI opened the session on a negative note with a drop of -18 points and fluctuated throughout the session to close at its intraday low. In general, 18 out of 20 sectors closed in the red zone, while 184 of 223 shares fell and 34 rose. Banks (-0.5%), Materials (-0.6%), and Food and beverages (-1.5%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-1.9%), Aramco (-0.4%), and Sabic Agri-Nutrients (-3.5%) were the major contributors. The trading activity witnessed a significant increase in volume and value by 15% and 8%, respectively, to reach 190mn shares and SAR5.4bn in value traded.
In the global markets, share prices extended their decline on Monday as central banks reaffirmed their commitment to maintaining higher interest rates for an extended duration, while investors braced for high-stakes U.S. inflation data on Friday. Additionally, the dollar reached its highest level since March. The S&P 500 and Nasdaq Composite experienced further rose by 0.4% and 0.5%, respectively. The U.S. 10-year Treasury yields have nudged at 4.5% for the first time since October 2007, and on Monday were up 5 basis points at 4.491%.
In Europe, the stocks experienced volatility as escalating issues in China's property sector heightened worries about the stability of the global economic powerhouse. The Stoxx Europe 600 closed on a negative note by -0.6%, and the FTSE 100 index closed up by -0.8%. The country-level indices closed within a range of -1% to -0.8%.
In Asia, the equities fell, led by a slump in Chinese stocks due the concerns about the smoldering real estate problem knocked China's main bourses (.CSI300) again by another 0.6%, but Hong Kong's Hang Seng (.HSI) plunged 1.8%. The Japanese benchmarks TOPIX and NIKKEI 225 were up by 0.4% and 0.9, respectively as yen fell 0.17% to 148.66 per dollar, touching its lowest since late October. The other major indices were negative within a range of -0.5 to +0.7.
Daily Market Monitor 26-09-2023
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