Tadawul Review:

The Tadawul All Share Index (TASI) fell on Tuesday’s session, falling by -45 points (-0.4%) to close at the 12,078 level. TASI began the session on a positive note, gaining 4 points initially. However, it experienced fluctuations and followed a downward trajectory throughout the session until the end. Overall, 11 out of 20 sectors closed in the red zone, while 119 shares fell and 99 rose. Banks (-0.8%), Materials (-0.8%), and Energy (-1.3%) sectors contributed the most to the index fall. Stockwise, Aramco (-1.4%), Al Rajhi Bank (-0.9%), and Saudi National Bank (-1.2%) were the major contributors. The trading activity witnessed an increase in volume and value of +17% and +4%, respectively, to reach 365mn shares and SAR9.0 bn in value traded.

 

 

Market Wrap International:

In the U.S., markets opened the shortened week on a negative note, with the S&P 500 down -0.4% with 10 out of 11 sectors falling and the Nasdaq composite down -0.5%. U.S. banking giants resumed the corporate earnings season, while investors were also parsing various political and geopolitical developments, which included Donald Trump's overwhelming victory in the first 2024 U.S.

In Europe, the Stoxx Europe 600 fell by  0.2% on Tuesday as hawkish remarks from central bank policymakers in Europe contributed to markets reducing bets that global interest rate cuts could come as early as March. Meanwhile, the FTSE 100 index closed lower by -0.5%.

In Asia, the Hang Seng index fell by -2.2%, while the Shanghai Composite index saw a rise of 0.3%. Investors were taken by surprise when the central bank decided to keep its medium-term policy rate unchanged, which left them feeling uncertain about the country's post-pandemic recovery. In Japan, both TOPIX and Nikkei 225 recorded losses of -0.8%, leading to mixed feelings among investors who questioned whether the market had become overbought after its recent rally.