2023-10-04
Daily Market Monitor 4-10-2023
Tadawul Review:
Tadawul AllShare Index (TASI) recorded its fourth consecutive decline, dropping by -54 points (-0.5) to close at 10,952 levels. TASI opened with a negative note of -7 points and continued its downward trend, dipping below the 11,000 levels in the first trading hour and remained below that until the end. Overall, 13 out of 20 sectors closed in the red zone, while 143 of 223 shares fell and 74 rose. Banks (-0.9%), Real Estate (-2.0%), and Energy (-0.7%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-0.9%), Aramco (-0.7%), and Saudi National Bank (-0.9%) were the major contributors. The trading activity witnessed a decline in volume and value of -3% and -8%, respectively, to reach 166 shares and SAR4.9bn in value traded.
In the global markets, shares fell on Tuesday as U.S. bond yields surged, causing the dollar to strengthen. The S&P 500 fell on Tuesday by -1.4% and Nasdaq Composite fell by -1.9%. While the oil prices dipped on Tuesday, the yields on 2-10-year tenures rose by 4.8 | 5.1 bps as two Fed officials recently stated that a prolonged period of restrictive monetary policy would be needed to lower inflation to the central bank's 2% target.
In Europe, Stoxx Europe 600 extended losses, declining by -1.1% following a selloff on Monday that led to the index hitting a six-month low as rising bond yields diminished risk appetite. In the UK, the FTSE-100 index closed down by -0.5% as basic resources shares weakened amid a hawkish Federal Reserve stance and weak global manufacturing data. The country-level indices closed within a range of -1.1% to -1.0%.
In Asia, the Chinese stocks listed on Hang Seng declined by (-2.7%), reflecting a risk-off sentiment in the region and ongoing concerns about the country's economic outlook. The indices in Japan made further losses by (TOPIX:-1.7|NIKKEI 225:-1.6%). The Yen was pinned at multi-month lows on Tuesday. The other major indices were negative within a range of -0.5% to -0.6%.
Daily Market Monitor 4-10-2023
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