Tadawul Review:

Tadawul All Share Index (TASI) rose for the 13th day, climbing by +93 points (+0.7%) to close at the 12,595 level. TASI opened the session on a minor gain of 1 point and steadily climbed throughout the day, reaching its highest level at the close. In general, 16 out of 20 sectors closed in the green zone, while 116 shares rose and 107 fell.  Banks (+0.6%), Materials (+0.7%), and Utilities (+2.2%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+3.5%), Al Rajhi Bank (+0.6%), and Saudi Awwal Bank (+2.6%) were the major contributors. The trading activity witnessed an increase in volume and value of +9% and +27%, respectively, to reach 423mn shares and SAR11.7bn in value traded.

 

 

 

Market Wrap International:

In the global markets, shares faced difficulties in making progress on Monday as diminishing prospects for early interest rate cuts worldwide dampened market sentiment. The U.S. market was closed due to President's Day. However, expectations for the market and economy remained positive, as evidenced by Goldman Sachs raising its year-end target for the S&P 500 to 5,200, which reflects a potential 4% increase from current levels and is driven by an improved earnings outlook for companies within the index.

In Europe, stocks rose on Monday, as the government lowered its annual economic growth projection. The Stoxx Europe 600 index saw gains of 0.2%, and the FTSE 100 experienced gains too, by 0.2%. The recent release of mixed economic data has left us in a transitional phase, eagerly awaiting more comprehensive information to shape a coherent narrative.

In Asia, Chinese markets returned, with Hong Kong declining by -1.1% while the Shanghai Composite Index rose by 1.6%. However, in Japan, the TOPIX index climbed by 0.6% while the Nikkei 225 experienced modest losses of -0.04%. Analysts foresee potential policy stimulus in China due to concerns about deflation.