Tadawul Review: 

Tadawul All Share Index (TASI) rose on Friday, up by +95 points (+0.8%) to close at 12,198 levels. TASI initially started with +43 point, then displayed fluctuations throughout the session until the market closed. In general, 11 out of 21 sectors closed in the green zone, and 81  shares rose while 144 fell. Banks (+0.7%), Utilities (+4.6%), and Materials (+0.9%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+6.2%), Aramco  (+1.5%), and SNB (+1.7%) were the major contributors. The trading activity witnessed an increase in volume and value of 7% and 13%, respectively, to reach 264mn shares and SA7.2bn in value traded.

 

 

Market Wrap International:

In the U.S. markets, the S&P 500 index saw a 0.1% rise, while the Nasdaq composite experienced a marginal dip of -0.1%. Additionally, Bitcoin is witnessing a remarkable surge. Notably, investors are increasingly abandoning portfolio insurance, indicating growing confidence in an anticipated soft landing of the economy and sentiment has fueled a heightened appetite for risk among market participants.

In Europe, stocks fell on Friday with the Euro Stoxx 600 index down by -0.1% and FTSE 100 fell by -0.2%, as the Central Bank's new interest rates framework may deter money-market lending as banks find it more economical to borrow from the ECB directly.

In Asian markets, the Hang Seng and SHCOMP Index rose by 0.9% and 1.0% respectively, with growing optimism about potential measures to alleviate China's property crisis. Similarly, Japan's TOPIX rose by 0.3% while NIKKEI 225  fell -0.3%.