Reports

2022-12-27

Daily Market Monitor 27-12-2022

Tadawul Review:

Tadawul All-Share Index (TASI) remained unchanged on Monday, falling -6 points (-0.1%) to close at 10,229 levels. TASI started the session at the same level as the previous close, with a slight increase of 5 points. TASI fluctuated between profits and losses in a very narrow range of 49points during the session. Overall, 15 out of 20 sectors closed in the red zone, while 49 stocks advanced and 149 fell. Utilities ‎‎(+0.6%), Food and Beverages (+0.3%), and Media (+0.7%) sectors contributed to the stability of the index, while Real Estate (-1.5%), Insurance (-1%), and Materials (-0.1%) were a drag on the index. Among stocks, Maaden (-2.1%), Saudi British Bank (-1.2%), and Dar Al Arkan (-4.6%) pulled the index down the most. The trading volume activity increased by 7% DoD to reach 86mn shares, while the trading value declined by 2% DoD to reach SAR1.9bn. TASI is likely to show more or less similar trading pattern of rangebound movement in the next few sessions. Dec-end results are likely to gain traction and can be a source of stock-specific excitement as the year draws to a close.

 

 

 

Market Wrap International:

Cash equity markets in the U.S and Europe were closed for trading on Monday. The futures on S&P 500 and Nasdaq Composite made modest gains of 0.2-0.5% on Monday. Besides economic data, the economic losses inflicted by the ongoing blizzards in North America and the duration of the snowstorms may have negative implications for the markets when trading normalizes.

Asia witnessed normal trading in most major markets on Monday though volumes remained low. Overall, indices changed course on Monday with markets in Japan (Nikkei: ‎‎+0.7%), China (Shanghai Composite: +0.6%) and India ‎‎(SENSEX: +1.2%) recording gains while indices in Korea ‎‎(KOSPI: +0.1%) and Taiwan (+0.1%) were largely unchanged. The updates on China reopening were largely positive with the authorities announcing withdrawing conditions of quarantine for inbound travelers effective 8th Jan. In another update, the health authorities have predicted the COVID-19 infections in the country are likely to peak by January based on latest provincial data on new infection cases following announcement of easing measures both in Nov and Dec. 

 

Daily Market Monitor 27-12-2022