Tadawul Review: 

Tadawul All Share Index (TASI) rose on Monday’s session after a five-day wave of losses, rising by 62 points (+0.5%) to close at the 12,122 level. TASI opened the session positively by +6 points and continued to rise gradually during the session until the end. Overall, 12 out of 20 sectors closed in the green zone, while 121 shares rose and 93 fell. Banks (+2%), Food and beverages (+2%), and Capital goods (+2.9%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+1.9%), Saudi National Bank (+1.8%), and Riyad Bank (+3.1%) were the major contributors. The trading activity witnessed a decline in volume by -7% to reach 312mn shares, while the value increased by +52% to reach SAR8.7bn in value traded.

 

 

Market Wrap International:

In the U.S., equity and bond markets were shut for Martin Luther King Day. Bank earnings and economic data later this week could give clues about the Federal Reserve's next steps. The stock and bond markets will reopen on Tuesday. U.S. stock futures wavered Monday.

In Europe, shares edged lower on Monday as government bond yields rose on warnings of premature rate cuts from the European Central Bank. The Stoxx Europe 600 ended down by -0.5% and the FTSE 100 index was negative by -0.4% as HSBC Holdings Plc contributed the most to the index decline, decreasing 2.7%. Ocado Group Plc had the largest drop, falling 4.9%.

Asian stocks advanced as traders mulled the prospect of interest rate cuts, with Japanese benchmarks reaching fresh highs with the TOPIX closing up by +1.2% and NIKKEI 225 by +0.9%. Meanwhile, Stocks in Hong Kong and the mainland fell after the People’s Bank of China maintained the rate on its one-year policy loans.