Tadawul Review:

Tadawul All Share Index (TASI) fell Wednesday, down by -124 points (-1.1%) to close at the 11,652 level. TASI started the session positively, opening with a rise of 3 points, then started to decline until the end of the session. In general, 18 out of 21 sectors closed in the red zone, while 195 shares fell and 38 rose. Banks (-0.8%), utilities (-3.5%), and materials (-1.1%) sectors contributed the most to the index fall. Stockwise, ACWA Power (-4.3%), SNB (-1.5%), and Sulaiman Al Habib (-2.7%) were the major contributors. The trading activity witnessed an increase in volume by 7% to reach 529mn shares while the value declined by -10% to reach SA10.4bn in value traded.

 

 

 

Market Wrap International:

The U.S. stock market wrapped up Wednesday on a high note, as both the S&P 500 and Nasdaq Composite experienced gains of 0.9% and 1.5%, respectively. This positive momentum followed the Federal Reserve's press conference, where they announced their decision to keep interest rates unchanged. The benchmark lending rate remained steady at ‎‏5.5‏‎ percent.

In Europe, European stocks made a strong recovery following a period of political upheaval in France. Traders were preparing for potential disruptions caused by the release of US inflation data, which coincided with the imminent Federal Reserve interest rate decision. The Euro Stoxx 600 and FTSE 100 both experienced rises of 1.1% and 0.8%, respectively.

In Asia, Hong Kong’s benchmark closed a decline by -1.3%. China’s consumer price gains held above zero in May, while factory-gate prices remained stuck in deflation, fueling concerns over persistently weak demand. While the SHCOMP Index gains by 0.3%.