Tadawul Review:

Tadawul All Share Index (TASI) slightly fell for the third day ‎on Wednesday by 10 points (-0.1%) to close at 11367 levels. ‎TASI opened the session on a positive note, up 5 points from ‎the previous close. However,TASI rose to its intraday peak by ‎‎72 points in the first trading hour before declining again to ‎close at its intraday low. In general, 12 out of 20 sectors ‎‎closed in the red zone, while 96 of 223 shares fell and 107 ‎‎rose. Banks (-0.4%), Materials (-0.4%), and Telecom (-0.6%) ‎sectors contributed the most to ‎the index's 26 point fall. ‎Stockwise, Saudi National Bank (-0.7%), Saudi Telecom (-‎‎1.1%), and Al Rajhi Bank (-0.3%) ‎were the major contributors. ‎The trading activity witnessed an increase in volume and ‎value by 11% and 14%, respectively, to reach 201mn‏ ‏shares ‎and SAR5.3 bn in value traded.‎

 

 

Market Wrap International:

Market buzz around chipmaker Nvidia's earnings due later on ‎Wednesday set equity indices in the U.S on course for a third ‎straight daily gain despite worries over movement in mortgage ‎rates. The S&P 500 Index closed the session at 1.1 % with 10 ‎out of eleven listed sectors rose. The tech-heavy Nasdaq ‎Composite with 1.6 % gains. The US mortgage rates rose to ‎the highest level since late 2000 last week, sending a key ‎measure of demand down to the lowest in nearly three ‎decades. Investors are waiting for the Jackson Hole discussions, ‎which will most likely refer to the growing evidence that the ‎economy appears to be better able to cope with higher ‎interest rates than it has been over the past decade.‎

In Europe, European stocks rose Wednesday, as weak ‎economic data readings across the region fueled bets that the ‎European Central Bank will pause its rate-hiking cycle next ‎month. The Stoxx 600 was up 0.4% and FTSE 100 was up ‎‎(0.7%). The low level of valuation in European stocks has ‎reduced the risk of any major declines as investors fret over ‎high interest rates and China’s faltering recovery.‎

In Asia, Asian equities rallied on Wednesday to head for their ‎biggest two-day gain in nearly a month, boosted by financial ‎and technology shares. Chinese stocks in Hong Kong rose ‎‎(Hang Seng :+0.3%) while SHCOMP was down by 1.3%. All the ‎major indices in the region closed on a ‎positive note (barring ‎KOSPI: -0.4%) in a range of 0.3%0.8%.‎