Tadawul Review:

Tadawul All Share Index (TASI) rose on Sunday’s session by ‎‎122 points (+1.1%) to close at 11,546 levels. TASI opened the ‎session on a positive note by +16 points from the previous ‎close and continued to rise gradually until the end of the ‎session. In general, 18 out of 20 sectors closed in the green ‎zone, while 140 of 223 shares rose and 69 fell. Banks (+1.0%), ‎Energy (+1.6%), and Materials (+0.8%) sectors contributed ‎the most to the index's +63 point rise. Stockwise, Aramco ‎‎(+1.6%), Al Rajhi Bank (+1.0%), and Saudi National Bank ‎‎(+1.1%) were the major contributors. The trading volume ‎activity increased by +7% DoD to reach 232mn shares, while ‎the trading value declined by -26% DoD to reach SAR4.6bn.‎

 

 

Market Wrap International:

The global equity markets will likely go through a relatively muted period in the next few sessions. The economic data in both the U.S and China have only added to investors confusion on key issues, making markets more data dependent. In the U.S, the investors will closely read through the data on retails sales, inventories, and housing starts to find clues about the possible slowing down of economic activity in response to rate hikes campaigns. The minutes of the recent FOMC meeting are due to be released on Wednesday which may also provide some clarity on the overall thought process among Fed members.

In Europe, the CPI/Wage growth in the U.K, industrial production in Germany and CPI data for the region appear to be the most important data points. The wage growth in the U.K in particular may assume more importance than CPI data in the context of the next policy decision by the central bank.

In Asia, the property sector in China will remain in the limelight in the aftermath of the announcement of another property developer facing serious stress. The recent comment from the U.S President on the health of China’s economy and the upcoming high profile visit of Taiwan’s official has already further strained the fragile relationship between the two biggest economies. Key economic data is expected from Japan (CPI), India (CPI), China (Industrial Production).