Tadawul Review:

Tadawul All Share Index (TASI) closed nearly at the same levels, on the last day of the week, adding just 8 points (+0.06%) to close at 12,604 levels. The week ending, the market witnessed extreme volatility managing 3 positive and 2 negative sessions to keep the index flattish WoW. On Thursday, the market opened on a negative note declining to a low of 92 points before reversing course mid-day to pair the losses. The recovery was led by Banks (+0.3), Utilities (+1.8%), and Media (+1.8%) sectors with SNB (+0.7%), BSFR (+2.0%), and Al Rajhi (+0.2%) taking the lead. Petro Rabigh (+10.0%) was the biggest gainer for the day closing at its upper circuit. Trading activity inched up by 4% to 151mn shares while traded value remained at SAR5.6bn. TASI continues to remain choppy, however, elevated brent prices might help the market to consolidate at current levels.

 

 

 Market Wrap International:

US equities ended their worst week since January with a third straight loss on Friday, as inflation unexpectedly jumped to a 40-year high in May, prompting traders to increase their wagers that the Federal Reserve will raise interest rates even more aggressively. The S&P 500 Index lost 2.9%, marking the index's ninth weekly fall in the previous ten. Consumer discretionary, technology, and financials all fell more than 3.6%, bringing the benchmark's 11 major sectors down. Apple Inc. and Microsoft Corp. losses drove down the tech-heavy Nasdaq 100 Index, which fell 3.6%, while the Dow Jones Industrial Average fell 2.7%.

European markets fell the most in a month after US inflation data came in higher than expected, sparking worries of a more aggressive Fed tightening cycle and economic dangers. The Stoxx Europe 600 Index fell 2.7% by the closing in London, reaching its lowest level since May 10. All industries were down, with banks and miners suffering the most. The FTSE MIB in Italy plummeted 5.2%, the biggest since early March, behind other major indices, led by lenders.

Asian markets fell, wiping off the week's gains, as chipmakers fell on increased fears about inflation and Covid lockdowns in Shanghai. The MSCI Asia Pacific Index fell up to 1.2%, with the technology and finance sectors being the largest drags. The majority of the region's key benchmarks fell, with gauges in Japan, South Korea, Australia, India, the Philippines, and Indonesia all down more than 1%. The region's semiconductor titans, TSMC and Samsung Electronics, contributed the most to the Asian stock benchmark's fall.