Reports

2023-09-18

Daily Market Monitor 18-09-2023

Tadawul Review:

Tadawul All Share Index (TASI) dropped on Sunday’s session by -50 (-0.5%) to close at the 11,104 level. TASI opened the session on a positive note of 5 points before starting to decline during the session to close at its intraday low. In general, 9 out of 20 sectors closed in the red zone, while 125 of 223 shares fell and 84 rose. Banks (-1.0%), Materials (-‎‎0.4%), and Materials (-1.0%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-1.1%), Alinma Bank ‎‎(-1.7%), and ACWA Power (-1.3%) were the major contributors. The trading activity witnessed a significant decline in volume and value of -37% and -45%, respectively, to reach 148 shares and SAR4.0bn in value traded.

 

 

Market Wrap International:

In the U.S, the expectations suggest that the U.S. central bank will maintain its current interest rates at the conclusion of the upcoming meeting. This is seen as a signal that policymakers are unlikely to pursue any further rate hikes, marking the end of a remarkably aggressive monetary policy tightening cycle. Additionally, forecasting by the U.S. central bank would lift its economic growth projections when policymakers gather next week.

In Europe, on the other hand, the Bank of England is expected to raise interest rates this week, potentially marking the culmination of one of the most notable tightening cycles. However, concerns among policymakers are emerging as the cooling economy raises worries of a possible recession, which has historically accompanied previous significant rate hikes.

In Asia, From the Federal Reserve's meeting on Wednesday to the Bank of Japan's meeting two days later, monetary policy decisions will determine at key meetings across half of the Group of 20. With better-than-expected data from China the equity markets are poised for a rally at the opening.

 

Daily Market Monitor 18-09-2023