Reports

2022-12-04

Daily Market Monitor 4-12-2022

Tadawul Review:

Tadawul All-Share Index (TASI) started the new month on a muted note with a loss of -74 points (-0.7%) to close at ‎‎10,823 levels. TASI opened the session positively, up +32 points from the previous close, and reached its intraday high of +61 points in early hours of trading. However, investors opted to stay cautious ahead of the weekend and the index gradually declined till the before the closing auction to -31 points from the previous close. TASI lost another 43 points in the final auction. In general, 10 out of 20 sectors closed in the red, while 73 stocks rose and 124 stocks declined. Banks (-‎‎1.5%), Energy (-1.1%), and Telecom (-1.4%) sectors were the major drags on the index and contributed a total of -76 points, while the Real Estates (+1.1%) sector gave some support to the index. Stocks-wise, Aramco (-1.2%), Saudi British Bank (-5%), and STC (-2.5%) pulled the index down the most. The trading activity witnessed a decline in volume and value by 27% and 39%, respectively, to reach 123mn shares and SAR4.9bn‏. ‏TASI is consolidating at its support area below the 11k mark. Market is trading in an oversold region on many technical indicators. The possibility of index retesting a key psychological level of 11k is high.

 

 

Market Wrap International:

The global equity markets edged lower on Friday as latest economic data in the U.S partially dented optimism around moderation of rate hike in the upcoming FOMC meeting. Furthermore, investors were also looking for further tangible hints on the economic reopening story in China. In the U.S, the benchmark indices turned lower by 0.12% (S&P 500) % and 0.18% (Nasdaq Composite) on Friday post the release of labor market data which showed job addition beating consensus estimates by a big margin. Energy, utilities and IT were the three worst performing sectors for the session.

In Europe, the Stoxx Euro 600 Index underwent intraday volatility post the data release in the U.S and traded as low as 1% before erasing its losses to close with little change. Major country-level indices in the region also moved sideways before closing with minor changes.

 

In Asia, investors were more cautious and looked for further clarity around a major theme in the region on economic re-opening in China. All major indices in the region closed with KOSPI (-1.8%), TOPIX (-1.6%) and SENSEX (-0.7%) being the major losers. ‎‎

 

 

 

Daily Market Monitor 4-12-2022