Tadawul Review:
Tadawul All Share Index (TASI) fell for the third day, dropping by -34 points (-0.3%) to close at 11,006. TASI opened the session on a negative note of -11 points, but then it showed some recovery until the middle of the session before retracing its gains to close at its intraday low. Overall, 14 out of 20 sectors closed in the red zone, while 158 of 223 shares fell and 60 rose. Materials (-0.9%), Energy (-1.1%), and Insurance (-2.5%) sectors contributed the most to the index’s fall. Stockwise, Aramco (-0.9%), Maaden (-2.0%), and Bupa Arabia (-4.1%) were the major contributors. The trading activity witnessed an increase in volume and value of 19% and 30%, respectively, to reach 171 shares and SAR5.3bn in value traded.
In the U.S., following last week's decline, oil prices rebounded on Monday as investor focus has now shifted to upcoming economic indicators, including JOLTS job openings data and ADP employment over the next two days. The S&P 500 ended on a positive note by +0.01% and the Nasdaq Composite by 0.7%. recently reached last-minute agreement to prevent a U.S. government shutdown has helped restore investor confidence and increased risk appetite.
In Europe, the markets faced difficulties moving past a challenging third quarter as they closed on Monday. Stocks and the euro slightly declines, indicating a cautious start to the new quarter. The Stoxx Europe 600 moved down by -1.0%, and FTSE 100 was down too (-1.3%)%. Additionally, the country-level indices closed with a similar downward trend, recording a decline of -0.9%.
In Asia, the markets in China, Hong Kong and India were closed for holidays but the indices in Japan closed down (NIKKEI 225: -0.3%|TOPIX:-0.4%) as the Yen inched closer to the 150-per-dollar level, which is viewed as a weakness, it presents a favorable opportunity for Japan's exporters to thrive.