Tadawul Review:

Tadawul All Share Index (TASI) ended the first session of the week with an increase of 51 points (+0.4%) despite the near 2% fall in the share price of ARAMCO. The market opened in the red and then dipped by -0.3%. However, it managed to take an upturn increasing for most of the session before closing at 13,000 levels, recording its highest close since 2006. The Materials sector recorded a gain of +1.2% mainly due to most cement companies ending the session in the green. This includes SAUDI KAYAN, NAJRAN CEMENT, CITY CEMENT, AND YSCC obtaining gains ranging from +3% to +7%. TADAWUL GROUP was the top gainer, recording an increase of +7.8% to reach its fresh all-time high, and contributing to the overall addition of +3.8% in the Diversified Financials sector. The Real Estate Mgmt & Dev’t sector jumped +2.8% courtesy of JABAL OMAR and DAR ALARKAN which gained +7.2% and +1.7%, respectively. Trading volumes and values increased by +16% and +4%, respectively. TASI finally hit the 13,000-mark after more than a decade and will likely maintain its current levels. 

Market Wrap International:

After a bumpy few weeks due to the fallout from the Russia-Ukraine conflict and concerns about increased interest rates, investors are hoping March would end on a positive note. Against a bleak macro background, 14- year high crude oil prices, and a warning from the International Energy Agency about the impact of losing Russian oil, OPEC+ will conduct a virtual meeting during which the organization is expected to maintain current production goals in place. The U.S. jobs data for March will be announced this week, with economists predicting a gain of 450K jobs, down from last month's 678K. The unemployment rate is expected to fall to 3.7% this year. The week ahead is quiet on earnings reports, but a flurry of deliveries data from electric vehicle manufacturers listed in the US (Tesla, Nio, Li Auto, and XPeng) might give the electric car industry a boost when the calendar flips to April on Friday.

Russia's assault on Ukraine is still reverberating throughout the global economy, especially in Europe, compounding the price rise. Headline inflation in the Eurozone is expected to hit its highest level (6.9% in March, up from 5.9% in February) since the euro's foundation, owing to a surge in energy prices. This will very certainly result in a double whammy, with rising energy costs reducing spending power and hence stalling the recovery. Nonetheless, certain euro-area countries will be struck more severely than others. French customers will be spared the worst of the energy price shock because of a government-imposed restriction on gas and electricity prices. Additionally, Housing Price Survey data in UK is scheduled to be released on Thursday, where the overall real estate market is expected to cool off owing to tight wages and an increasing interest rates.