Tadawul Review: 

Tadawul All Share Index (TASI) declined slightly on Monday, down by -1 ‎points to close at 12,373 levels. TASI experienced a notable surge initially by 13 points, reaching its peak for the day, but gradually declined throughout the session until market close.  In general, 9 out of 21 sectors closed in ‎the red zone, and 110  shares rose while 116 fell. Banks ‎‎(-0.9%), Materials (-0.3%), and Energy (-0.2%) ‎sectors contributed the most to the index fell. Stockwise, ‎ SNB (-2.5%), Al Rajhi Bank (-0.9%), and ‎ Riyad Bank (-1.3%) were the major contributors. The trading ‎activity witnessed an increase in volume and value of 24% ‎and 40%, respectively, to reach 262mn shares and SA7.4bn in ‎value traded.‎

 

 

 

Market Wrap International:

The U.S. market experienced a rise on Monday,with the S&P 500 increasing by 1.0% and the Nasdaq composite surging by 1.2%. Traders are currently factoring in rate cuts of approximately 48 basis points from the Federal Reserve by the end of 2024. The market anticipates the first rate cut to occur either in September or November.

In Europe, the Euro Stoxx 600 index experienced a increase of 0.5% with the UK and Japan on public holidays, the mainland China and European markets began the week on a positive note. The sentiment was underpinned by Friday's U.S. jobs report, which was softer than anticipated, leading to renewed market expectations of potential rate cuts.

In Asia,. with Japan and Korea markets closed, the SHCOMP index rose by 1.2% and the Hang Seng rose by 0.6%. The yen weakened after last week's surge, possibly due to Tokyo's currency intervention. Monday's data in China showed a slight slowdown in services activity expansion but accelerated growth in new orders and improved business sentiment.