2023-10-02
Daily Market Monitor 2-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell on Sunday’s session by -16 points (-0.1%) to close at the 11,040 levels. TASI opened the session on a positive note of +22, and continued fluctuating throughout the session until the end. Overall, 11 out of 20 sectors closed in the red zone, while 132 of 223 shares fell and 76 rose. Energy (-0.8%), Utilities (-1.1%), and Real Estate (-0.7%) sectors contributed the most to the index’s fall. Stockwise, Aramco (-0.9%), ACWA Power (-1.2%), and Al Rajhi Bank (-0.3%) were the major contributors. The trading activity witnessed a significant decline in volume and value of -21% and -35%, respectively, to reach 143 shares and SAR4.1bn in value traded.
In the U.S., investors are closely monitoring the economic implications as Biden spoke after Congress passed a stopgap bill on Saturday that extended government funding for more than a month and avoided a shutdown that would have left most of the federal government's more than 4 million employees without a paycheck and cut a wide range of services. adding to the concerns of investors about the ambiguous future.
In Europe, while investors are waiting for an imminent government shutdown in the U.S., the U.K. economic performance since the start of the COVID-19 pandemic has been much stronger than previously thought, giving some hope to investors, especially after the benchmark index recorded its worst quarterly performance in a year.
In Asia, the stock markets are heading towards their lowest level since March due to concerns surrounding China's property market and inflation fears triggered by the rising price of oil, which has reached close to $100. hopes that China’s Golden Week holiday will spur a consumption revival and boost sentiment overshadowed by the country’s property sector crisis.
Daily Market Monitor 2-10-2023
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