Tadawul Review:

Tadawul All Share Index (TASI) rose for the sixth day of Wednesday’s session, rising by 6 points (+0.1%) to close at the 11,401 level. TASI opened the session positively by 4 points and continued fluctuating throughout the session until the end. Overall, 11 out of 20 sectors closed in the green zone, while 79 shares rose and 133 fell. Banks (+0.3%), utilities (+0.7%), and Telecom (+0.4%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+1.5%), Alinma Bank (+1.8%), and Al Rajhi Bank (+0.3%) were the major contributors. The trading activity witnessed a decline in volume and value of -21% and -30%, respectively, to reach 203mn shares and SAR5.2bn in value traded.

 

 

Market Wrap International:

In the U.S., the S&P 500 concluded Wednesday’s session with a 1.4% gain, as all of 11 sectors rose. This follows the Federal Reserve's decision to keep interest rates unchanged for the third consecutive time, indicates that any potential shift towards easing monetary policy may not occur or be drastic, considering the uncertain downward trajectory of inflation. The Nasdaq Composite rose by 1.4% as oil prices showed minimal movement after dropping over 3% to six-month lows in the previous session on oversupply and demand concerns.

In Europe, the Stoxx Europe 600 ended down by -0.1% Wednesday on as investors remained cautious and refrained from taking significant risks as they awaited economic data and policy updates. The FTSE 100 index closed positively by +0.1% as the UK's economy contracted in October, raising recession risks and testing the Bank of England's resolve to maintain high interest rates.

 In Asia, the Hang Seng index ended on a negative note by -0.9%, and the Shanghai Composite index saw a decline of -1.2% as China's new bank lending in November fell short of expectations, despite the central bank's efforts to support the fragile economic recovery with accommodative policies. The benchmarks in Japan showed a positive ‎performance with (TOPIX:+0.1% and NIKKEI 225 :+0.3%).