Reports

2023-06-21

Daily Market Monitor 21-06-2023

Tadawul Review: 

Tadawul All-Share Index (TASI) closed positively on Tuesday’s session by 10 points (0.1%) to settle at 11,431 levels. TASI started Tuesday’s session on a negative note (-26 points) and dropped to its intraday low of -67 points in the first trading hours. However, TASI then started to rise till the end of the session to close at its intraday high. In general, 14 out of 20 sectors closed in the green zone, while 119 stocks rose and 81 fell. Insurance (+1.3%), Retailing (+1.3%), and Telecom (+0.5%) sectors contributed the most to the index's ‎‎+9 point rise. Stocks-wise, Etihad Etisalat (+1.9%), Jabal Omar (+1.8%), and Aramco (+0.2%) were the major contributors. The trading activity witnessed a decline in volume and value of -23% and -6%, respectively, to reach ‎‎234mn shares and SAR5.7bn in value traded.

 

 

Market Wrap International:

The global equity markets trimmed recent gains with the economic data and disappointment over the progress on rollout of expected stimulus package in China. In the U.S, the housing report (housing start) exceeded expectations by a big margin, fueling concerns the recent pause by Fed may prove to be short-lived. The sovereign yields in the U.S, however, came off from recent highs by 3-4bps. The key equity indices, S&P 500 and Nasdaq Composite lost 0.5-0.2% over new data. Energy, materials and financials were the three biggest drags on the S&P 500 index.

In Europe, the Stoxx Europe 600 Index sustained yet another day of downside volatility and fell by 0.6% The country level indices too were weak and dropped by 0.3-0.6% Besides global macro drivers, the region’s equity benchmarks were also impacted by concerns over inflation and the future interest rate direction.

In Asia, Hang Seng (-1.5%) and Shanghai Composite (-0.5%) dragged the regional benchmarks down with investors exhibiting concern son the recent change in management tin Ali Baba and disappointment over cut in mortgage rates by banks in mainland China , a step seen as crucial to support the real estate market. Other equity benchmarks were down in the range of 0.2-0.5%

Daily Market Monitor 21-06-2023