2023-05-23
Daily Market Monitor 23-05-2023
Tadawul Review:
Tadawul All Share Index (TASI) marginally eroded recent gains on Monday. The index trimmed 13 points to settle at 11,329 levels. TASI opened the session negatively, by -8 points, and continued declining to its intraday low of -45 points. The index managed to recover from its low during the rest of the session In general, 7 out of 20 sectors closed in the red zone, while 94 stocks fell and 122 rose. Materials (-0.7%), Energy (-0.5%), and Insurance (-1.2%) sectors contributed the most to the index's fall by 9 points. Stockwise, Aramco (-0.5%), Maaden (-2.6%), and Saudi British Bank (-1.7%) were the major contributors. The trading activity witnessed an increase in volume and value by 27% and 43%, respectively, to reach 212mn shares and SAR6.8bn in value traded. The index is unlikely to change its current pattern of sideway movement in the coming few sessions.
The global equity markets moved in edged higher amid prevailing concerns on the U.S debt ceiling, Fed Speak and hopes of possible thaw in the U.S-China relationship. In the U.S, the equity markets fluctuated around the previous close and managed to close with minor gains. The S&P 500 and Nasdaq Composite Index crawled up by 0.02% and 0.5%. Communication and Real estate were the two major gainers on the S&P 500. The investors were keenly tracking the meeting between the U.S President and the House Speaker for any clue to possible solutions to avert the debt crisis. Meanwhile, in the latest statement, two Fed officials favored increasing the rate further in the upcoming FOMC meeting. The yields on the U.S treasuries moved higher again and closed with 7-5bps gains across 2-10 year tenures.
In Europe, the Stoxx Europe 600 Index managed to close with little changed (+0.01%) on Monday. Energy, and miners were the two major laggards. The country level indices too trimmed recent gains by 0.2-0.3% barring FTSE-100 which inched up by 0.2%.
In Asia, all major indices, barring TAIEX (little changed), jumped higher by 0.4-1.2%. Hang Seng in Hong Kong was a major outlier with 1.2% gains due to strong gains in tech names. Tech names and foreign buying remained consistent themes in the region.
Daily Market Monitor 23-05-2023
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