Tadawul Review: 

Tadawul All Share Index (TASI) rose for the 11th day on Thursday, up by +46 points (+0.4%) to close at the 12,485 levels. TASI opened the session with gains of 8 points and continued fluctuating throughout the session until the end. In general, 18 out of 20 sectors closed in the green zone, while 168 shares rose and 48 fell.  Materials (+0.7%), Banks (+0.1%), and Consumer Services (+2.7%) sectors contributed the most to the index rise. Stockwise, Americana (+9.8%), Bank AlBilad (+2.0%), and Alinma Bank (+0.8%) were the major contributors. The trading activity witnessed an increase in volume and value of 36% and 1%, respectively, to reach 456mn shares and SAR10.3bn in value traded.

 

 

 

Market Wrap International:

In the U.S., job growth gained momentum in January, accompanied by the most substantial wage increase in nearly two years. These persistent signs of strength in the labor market could potentially complicate the Federal Reserve's plan to initiate interest rate cuts in May. The S&P 500 index fell by -0.5% as losses were seen in 8 out of 11 sectors, with Communication Services leading the way as the top contributor with a -1.56% decline.

In Europe, amidst Britain's recession in the latter half of 2023, with GDP contracted by 0.3%, the FTSE 100 experienced a 1.5% rise, and the Stoxx Europe 600 index recorded a 0.6% gain on Friday. These developments present Prime Minister Rishi Sunak with a challenging environment as he aims to stimulate growth.

In Asia, Japan's recession and loss of its ranking as the world's third-largest economy to Germany raised concerns about the central bank's exit from its long-standing ultra-loose monetary policy. The TOPIX index rose by 1.3% and the Nikkei 225 rose by 0.9%. Chinese shares experienced gains, with the Hang Seng Index surging by +2.5%.