2023-10-22
22-10-2023 Daily Market Monitor
Tadawul Review:
Tadawul All Share Index (TASI) fell on Thursday’s session, down by -60 points (-0.6%) to close at the 10,655 levels. TASI started the session with a negative note, declining by -5 points, but quickly gained and reached its highest level of the day within the first hour of trading. However, the initial upward momentum was brief, as the index gradually declined throughout the session. Overall, 15 out of 20 sectors closed in the red zone, while 145 shares fell and 71 rose. Banks (-1.1%), Food and beverage (-1.3%), and Materials (-0.3%) sectors contributed the most to the index falling. Stockwise, Al Rajhi Bank (-1.1%), Saudi National Bank (-1.9%), and Alinma Bank (-1.8%) were the major contributors. The trading activity witnessed a decline in volume and value of -27% and -24%, respectively, to reach 145 shares and SAR4.4 bn in value traded.
In the U.S. markets, the S&P 500 closed on a negative note at the end of the week by (-1.3%), with all eleven listed sectors falling, driven by a blend of mixed earnings, apprehensions of potential interest rate hikes by the Federal Reserve, and mounting concerns about the escalating Middle East conflict. The Nasdaq Composite fell by -1.5%, and the yield on 10-year U.S. Treasury notes was briefly bid above the 5% barrier for the first time since July 2007, touching 5.001%.
In Europe, shares were lower on Friday, resulting in their largest weekly loss in seven months. Rising government bond yields raised concerns, which in turn kept higher-risk equities under pressure. The Stoxx Europe 600 was lower by -1.4%, and in the UK, the FTSE-100 index closed down by -1.3%. The country-level indices closed negatively in a range of -1.5% to -1.6%.
In Asia, persistent worries about the property sector's condition led to an unprecedented foreign outflow from the onshore market, resulting in Chinese stocks closing in a negative note of (Shanghai Composite: -0.7%, Hang Seng: -0.7%), and the benchmarks in Japan showed a negative performance (Topix: -0.4%, Nikkei 225: -0.5%), while the other country indices moved in a range of -1.7% to -0.1%.
22-10-2023 Daily Market Monitor
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