Reports

2023-05-16

Daily Market Monitor 16-05-2023

Tadawul Review: 

Tadawul All Share Index (TASI) moved down on Monday’s session by -118 points (-1.0%) to close at 11,230 levels. TASI opened the session negatively, down by 1 points from the previous close. The index initially rose by 7 points in the first trading hour, before it starting its descend over the rest of the session to close at its intraday low. In general, 11 out of ‎‎20 sectors closed in the red zone, while 113 stocks fell and 96 rose. Banks (-1.8%), Energy (-1.7%), and Materials (-0.5%) sectors contributed the most to the index's fall by -93 points. Among stocks , Aramco (-1.8%), Saudi National Bank (-‎‎2.63%), and Al Rajhi Bank (-1.1%) contributed the most to the fall of the index. The trading activity witnessed an increase in volume and value by 43% and 39%, respectively, to reach 221mn shares and SAR6.3bn in value traded. With no major trigger on the horizon and volatility in oil prices, the index is likely to remain directionless in the next few sessions.

 

 

Market Wrap International:

 The global equity markets changed direction on Monday on optimism on smooth resolution of debt ceiling in the U.S, strong earnings and talks of further support measures in China. In the U.S, the benchmarks S&P 500 Index and Nasdaq Composite rose by ‏0.3‏ and ‏0.7‏% on Monday. Materials, financials and tech were the major gainers. The sovereign yields in the U.S ticked up with 2-yr bond settling above 4% mark again.

In Europe, the Stoxx Europe 600 Index ended its three-day losing streak and rose ‏0.3‏% inspired by the earnings announcement. Equity benchmarks in Germany (DAX:+.02%) and France (CAC 40:+.05%) were broadly unchanged while FTSE-100 in the U.K rose by 0.3%.

In Asia, key equity benchmarks were positive for a variety of reasons. Topix in Japan jumped 0.9% on strong earnings from Financials and slowdown in inflaiton. The index is trading close to its high seen in 1990. In China, Hang Seng (+1.8%) and Shanghai Composite (+1.2%) posted strong performance on hopes of new support measures for the financial and economy. Indices in South Korea (KOSPI:+0.2%) and India (SENSEX:+0.‏5‏%) also closed higher.

Daily Market Monitor 16-05-2023