Tadawul Review:

Tadawul All Share Index (TASI) fell for the second day on Tuesday by ‎‎31 points (-0.3%) to close at 11378 levels. TASI opened the session ‎on a negative note by -14 points from the previous close and then ‎rose, reaching its intraday high in the first trading hour by 36 points. ‎However, after the initial jump, TASI continued with big fluctuations ‎throughout the session until the end. In general, 12 out of 20 sectors ‎‎closed in the red zone, while 127 of 223 shares fell and 86 ‎rose. ‎Banks (-0.4%), Food and beverages (-2.5%), and Materials (-0.5%) ‎sectors contributed the most to ‎the index's 35 point fall. Stockwise, ‎Almarai (-4.2%), Saudi Fransi (-2.7%), and Maaden (-1.9%) ‎were the ‎major contributors. The trading activity witnessed a decline in volume ‎and value by -15% and -7%, respectively, to reach 181 shares and ‎SAR4.7bn in value traded.‎

 

 

 

Market Wrap International:

While Traders are hoping for reassurance from Fed Chair Powell on ‎Friday that the central bank’s rate hikes are close to peaking, after ‎minutes of the last FOMC meeting suggested some policy makers ‎weren’t convinced they’d done enough to defeat inflation. Stocks saw ‎mild gains after a rally driven by optimism over Nvidia Corp.’s results, ‎which are set to test Wall Street’s fervor around the artificial-intelligence ‎hype. In a back-to-back advance, The S&P 500 Index closed the session ‎at -0.3 % with 7 out of eleven listed sectors dropped. while Nasdaq ‎closed at +0.1 % The yields on 2-10-year tenures rose or fell by 4.3-‎‎5bps. ‎

In Europe, Equities gained on Tuesday, following US markets higher ‎after a rally driven by big tech stocks. The Stoxx 600 was up 0.7% ‎andFTSE 100 was up (0.2%). The country-level indices were up in a ‎range between of 0.6%|0.7%. European shares are trading near their ‎cheapest levels ever compared to Wall Street peers.‎

In Asia, While China’s economic woes and surging US Treasury yields ‎are keeping sentiment in check, traders will be keeping an eye on the ‎gathering of central bankers in Jackson Hole, Wyoming, as well as ‎incoming data to gauge US economic strength and the potential ‎trajectory of interest rates. A gauge of Chinese stocks in Hong Kong ‎snapped a two-day losing by (+1.0%) and SHCOMP rose by (0.9%). ‎The mainland’s CSI 300 Index closed 0.8% higher after erasing a loss ‎of as much as 0.7%. ‎