Tadawul Review:

Tadawul All-Share Index (TASI) closed higher for the fifth day ‎in a row, with an increase of +35 points (+0.3%), to close at ‎‎10,503 levels, which is the highest closing level since February ‎‎16, 2023 (29 trading sessions). TASI had opened the session ‎positively, up +5 points, but then began to fluctuate between ‎profits and losses, as TASI settled at +11 points at the end of ‎normal trading hours. In the closing auction, TASI was able to ‎add another +24 points to raise its daily gains. In general, 16 ‎out of 20 sectors closed in the green zone, while 148 stocks ‎rose and 59 fell. Health care (+2.2%), Telecom (+0.7%), and ‎Materials (+0.2%) sectors contributed the most to the index's ‎rise of +14 points. Stock-wise, Saudi British Bank (+1.9%), ‎Aramco (+0.3%), and Sulaiman Al Habib (+3.6%) contributed ‎most to the rise of the index. The trading volume activity ‎increased by 8% DoD to reach 251mn shares, while the ‎trading value decreased by -1% DoD to reach SAR5.7bn. ‎‎

 

Market Wrap International:

The global equity indices surged on Wednesday with ‎supportive economic data and positive carry from the ‎announced corporate restructuring of Alibaba Group. The ‎unexpected uptick in consumer confidence data in the U.S has ‎served to partially alleviate investors’ concerns on recession or ‎significant slowdown in economic activity. The treasury yields ‎in the U.S too responded to the data and moved higher for ‎the second straight session. The S&P 500 and Nasdaq ‎Campsite made a sizable move of ‎‏1.4‏‎% and ‎‏1.8‏‎%. All the 11 ‎sectors in S&P 500 closed higher. Alibaba slid down following a ‎strong move in the last session.‎

In Europe, the investors were positively influenced by strong ‎economic data in the U.K (mortgage) and the U.S. Besides, ‎tech names also came in the limelight. The Stoxx Europe 600 ‎Index jumped 1.3% on Wednesday. Country level indices also ‎moved in the same direction and were up +1.1|+1.4%.‎

 

In Asia, the tech names came in for heavy demand following ‎last evening’s announcement from Alibaba. HangSeng (+2.1%, ‎driven by Tech) was a major outperformer in the region along ‎with Topix (+1.5%, easing concerns on financial sector risk). ‎Rest of the major indices surged by -0.2 | +1.3%. ‎