2023-11-09
Daily Market Monitor 9-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the second day on Wednesday, down by -17 points (-0.2%) to close at 10,929 levels. TASI opened on a negative note with -7 points and continued fluctuating during the session until the end. Overall, 12 out of 20 sectors closed in the red zone, while 116 shares fell and 96 rose. Materials (-1.1%), Real Estate (-1.3%), and Utilities (-1.3%) sectors contributed the most to the index fall. Stockwise, Saudi National Bank (-1.4%), ACWA Power (-1.7%), and Sabic (-1.5%) were the major contributors. The trading activity witnessed an increase in volume and value of +17% and +2%, respectively, to reach 218mn shares and SAR5.5bn in value traded.
In the U.S., stocks edged up as investors awaited indications about the future of interest rates from several central bank officials, including Federal Reserve Chair Jerome Powell. The S&P 500 ended on a positive note by +0.1%, with six of eleven listed sectors rising, and the Nasdaq Composite rose by +0.1%. Oil prices continued their downward trend on Wednesday, hitting a more than three-month low as worries about weakening demand in the United States and China weighed on the market.
In Europe, the Stoxx Europe 600 was up by +0.3% after companies reported mixed results at the tail end of the earnings season, while the FTSE-100 index closed on a negative note by -0.1%. Traders are monitoring the response of global central bankers to the decline in government bond yields, as it poses challenges to their inflation management strategies.
In Asia, China's stocks fell (Shanghai Composite: -0.2%, Hang Seng: -0.6%) amidst concerns over the stabilization of growth and downward revisions in earnings estimates, indicating a lack of acceleration in the economy. The benchmarks in Japan also showed a negative performance (Topix: -1.2%, Nikkei 225: -0.3%). The other major indices were in a range of -0.9%|+0.3%.
Daily Market Monitor 9-11-2023
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