2023-10-15
Daily Market Monitor 15-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose on Thursday’s session, up by +14 points (+0.1) to close at the 10,586 level. TASI opened on a negative note of -6 points, but it started to increase throughout the session to close at its intraday high levels. Overall, 13 out of 20 sectors closed in the green, while 149 shares rose and 63 fell. Materials (+0.9%), Insurance (+2.8%), and Energy (+0.4%) sectors contributed the most to the index rise. Stockwise, Aramco (+0.5%), Sabic (+1.3%), and Jabal Omar (+3.2%) were the major contributors. The trading activity witnessed a decline in volume and value of -2% and -2%, respectively, to reach 284mn shares and SAR6.5bn in value traded.
In the U.S. markets, the closing of the S&P 500 and Nasdaq on Friday witnessed a decline by (-0.5%) and (-1.2%) respectively, as investor confidence was affected by worsening consumer sentiment data and the escalation of the Middle East conflict. The upbeat quarterly earnings reported by major U.S. banks were overshadowed by these concerns, prompting investors to be more cautious and avoid riskier investment options. Oil, U.S. Treasuries, and gold prices rose on Friday, with crude soaring nearly 6% on safe-haven buying driven by the outside turmoil.
In Europe, shares faltered on Friday, reflecting global risk aversion and heightened concerns over inflation due to rising energy prices. However, the benchmark index ended the week with gains. The Stoxx Europe 600 was down by -1.0%, with technology, travel, and leisure stocks slumping the most. In the UK, the FTSE-100 index closed on a negative note by -0.6%, and the country-level indices closed negatively in a range of -1.5% to -1.4%.
In Asia, Friday saw a decline in Chinese stocks (Shanghai Composite: -0.6%, Hang Seng: -2.3%) as consumer price data suggested that domestic demand remains under pressure. However, there was a silver lining, as export data performed better than expected. The benchmarks in Japan showed a negative performance (Topix: -1.4%, Nikkei 225: -0.5%), while the other country indices moved negatively in a range of -1.0%|–0.2%.
Daily Market Monitor 15-10-2023
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