Reports

2023-02-09

Daily Market Monitor 9-02-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended its series of losses that lasted for seven sessions, rising on Wednesday by +38 (+0.4%) and closing at 10,508 levels. TASI began the trading session with a slight increase of +7 points, and the trading session fluctuated throughout the day as it was in the range of 77 points. Despite the fluctuations, TASI remained in green at session close. In general, 13 sectors out of 20 closed in the green zone, while 98 stocks rose and 100 fell. Materials ‎‎(+0.8%), Energy (+1.2%), and Food and Beverages (+1.9%) sectors contributed the most to the index's rise of +29 points. Stock-wise, Aramco (+1.3%), Al Rajhi Bank (+0.6%), and SABIC (+1.9%) contributed most to the rise of the index. The trading activity also witnessed a decline in the volume and value of trading by 4% and 9%, respectively, to reach 157mn shares and SAR3.4bn.

 

 

 

Market Wrap International:

The global equity markets moved in divergent directions with the latest statement from Fed Chair inspiring indices in Asia and Europe. The recovery in indices in the U.S proved to be short-lived with investors re-focusing on earnings season and debt ceiling in the U.S. The benchmark S&P 500 and Nasdaq Composite were down 1.1% and 1.7% at session end. All sectors of the S&P 500 index closed in the red zone.

In Europe, the Stoxx Europe 600 Index extended its gains into a second straight session with the benchmark adding another ‎‎0.3%. Energy and mining companies were the major drivers of the index move following strong results and generous payout guidance. FTSE-100 Index jumped 0.3% to its recent all time high driven partially by BP. Other country level indices too surged.

 

In Asia, key indices moved in both directions with TAIEX ‎‎(+1.4%) leading the region on the back of strong tech performance. Tech names were also in the limelight in other markets in Korea (KOSPI:+1.3%) and Hong Long (HangSeng: broadly unchanged). SENSEX in India rose 0.6% with Adani Group shares gaining for the second straight session. TOPIX in Japan was broadly unchanged. ‎‎

 

Daily Market Monitor 9-02-2023