Tadawul Review:

Tadawul All Share Index (TASI) gained 102 points (+0.8%), closing the last session of the week at 12,756 levels. The market commenced in positive at 12,725 levels, +0.6% higher than yesterday’s close, and then underwent a volatile phase while maintaining above the previous close. The Energy sector followed the soaring oil prices, gaining 2.4%, thanks to ARAMCO shares which recorded a gain of +2.9% closing at a record high price of SAR44.3/sh. The Materials sector gained +2.2% courtesy of SABIC, which posted a new intra-day high of SAR 137.8/share, the highest since 2008, and MAADEN, which rose a whopping +6.6%. Contributions to the index gain were also made by the cement companies all of which closed in green. Trading volumes and values increased by +9.4% and +0.3%, respectively. The market may continue to experience an upward trend in the coming sessions provided oil prices maintain their positive momentum.

 

Market Wrap International:

Global equities were lower, with safe-haven assets in demand, after Russian military captured Europe's largest nuclear power facility in a "reckless" assault, according to Washington. The war in Ukraine overshadowed an acceleration in job growth in the United States last month, which attested to the economy's health, and Wall Street ended the day lower on Friday. The majority of the 11 major S&P sector indexes fell, with financials  leading the way with a 2% decrease as investors worried about the impact of Western sanctions on the worldwide financial system. Overall, the S&P500 declined 0.8%, followed by NASDAQ -1.7% and Dow Jones -0.5%. 

On Friday, European equities fell to near one-year lows, with auto and bank sectors taking a hit on reports of a nuclear power facility catching fire amid violent combat between Ukrainian and Russian troops. The STOXX 600 index  plummeted 3.6 percent across Europe. It fell 7% this week, the worst drop since the pandemic-related selloff in March 2020. Since Russia's invasion of Ukraine last week, it has lost over 6% of its value, with Europe's energy dependence on Russia, as well as its proximity to the crisis, hurting it more than other regions of the world.

Asian markets too were under pressure from military conflict between Russia and Ukraine, and ended in red. In China, SHCOMP managed to lower early session’s losses and closed -1%. Hang Seng closed deeply in red for the third week in a row, falling -2.5% on Friday, led mainly by tech firms. In Japan, Nikkei225 slipped by -2.2%. Kospi and Sensex also dropped on Friday, posting losses of -1.2% and -1.4% respectively.