Tadawul Review:

Tadawul All Share Index (TASI) closed positively on Monday, ‎up 161 points (+1.4%), to close at the level of 11,566. The ‎TASI index opened the session positively from the previous ‎close thanks to the rise in oil prices, as TASI maintained its ‎positive momentum throughout the trading session, reaching ‎its highest level of +186 points from the previous close. In ‎general, all sectors of TASI (20) closed in the green zone, ‎while the advance to decline ratio came in at 2.4:1. Banks ‎‎(+1.8%), Materials (+1.4%), and Utilities (+3.9%) sectors ‎contributed the most to the index's rise (+108 points). Stock-‎wise, Al Rajhi Bank (+2.1%), ACWA Power (+5.6%), and Saudi ‎British Bank (+4.4%) contributed most to the rise of the ‎index. Trading activity witnessed a remarkable improvement ‎in the volume and value of trading by 13% and 37%, ‎respectively, to reach 112mn shares and SAR4.3bn. The index ‎is likely to move in a narrow range in the near-term. ‎

 

 

Market Wrap International:

The global equity indices broadly changed course with investors ‎focusing on valuation following a tumultuous last week. ‎Announcement of reversal of tax cuts in U.K and pull-back in ‎treasury yields in the U.S and general optimism on result seasons ‎helped market engineered a comeback. In the U.S, the benchmark ‎indices jumped 2.6-3.4% led by financial and tech. All the sectors ‎were positive on the S&P 500 Index while the rally in tech ‎catapulted tech-heavy Nasdaq Composite Index.‎

In Europe, the new Chancellor of Exchequer announced a reversal ‎of tax cut, ending market concern on unfunded subsidies. The yields ‎in U.K bonds clawed back while Pound gained further ground vs ‎dollar. The Stoxx Euro 600 Index closed positive for the second ‎consecutive session and jumped 1.8%. Utilities, Insurance, & real ‎estate stocks spearheaded the rally. The FTSE-100 Index in the U.K ‎and DAX in Germany also moved higher.‎

In Asia, markets digested the move in the U.S indices on Friday. ‎Latest statement from the ongoing meeting of the China Communist ‎Party also failed to add any excitement as authorities defended ‎commitment to zero Covid policy while stressing the need for self-‎sufficiency of core technologies . Markets in Hong and Kong ‎‎(HangSeng: +0.2%, paring intraday losses) and China (Shanghai ‎Composite:+0.4%), India (Sensex: +0.8%) and Korea (Kospi: +0.3%) ‎delivered positive returns while Japan (Nikkei: -1.2%) and Taiwan ‎‎(TIAEX: -1.0%, comment on island in CCP) recorded daily losses.‎