2023-11-12
Daily Market Monitor 12-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the third day, dropping by -88 points (-0.8%) to close at the 10,841 level. TASI started the day with a decline of 16 points and maintained a downward trajectory throughout the session. Overall, 18 out of 20 sectors closed in the red zone, while 155 shares fell and 56 rose. Banks (-1.2%), Health Care Equipment and Services (-2.8%), and Food and Beverages (-1.9%) sectors contributed the most to the index fall. Stockwise, Riyad Bank (-2.8%), Saudi Fransi (-3.4%), and Saudi National Bank (-1.1%) were the major contributors. The trading activity witnessed a decline in volume and value of -20% and -11%, respectively, to reach 174mn shares and SAR4.9bn in value traded.
In the U.S. the stock market soared on Friday, driven by strong performances from tech and growth stocks, as Treasury yields settled. Investors eagerly awaited next week's reports on inflation and other economic data. The S&P 500 ended on a positive note by +1.6%, with all of eleven listed sectors rising, and the Nasdaq Composite also rose by +2.0%. the yields on 2-10-year tenures rose by 5-4.6bps.
In Europe, the Stoxx Europe 600 was down by -1.0% impacted by Jerome Powell's speech on Thursday, cautioning about potential interest rate hikes to address inflation. The FTSE-100 index plunged by -1.3% as official figures revealed a third-quarter economic stagnation, marking its largest fall in three months.
In Asia, stock markets concluded the day with declines as concerns about China resurfaced after Thursday's data indicated a further decline in Chinese consumer prices. China's stocks fell (Shanghai Composite: -0.5%, Hang Seng: -1.8 and the Japanese Nikkei 225 index showed a negative performance of -0.2%, while the Topix index closed up by +0.1% as traders kept a close eye on possible interventions aimed at bolstering the struggling currency. The other major indices were in a range of -0.7%|+0.1%.
Daily Market Monitor 12-11-2023
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