2023-09-21
Daily Market Monitor 21-09-2022
Tadawul Review:
Tadawul All Share Index (TASI) closed Wednesday's session at 11,062 levels, down 9 points from the previous day's close. Although TASI started the session with a slight gain of 11 points, the index fluctuated throughout the session before ending on a negative note. In general, 13 out of 20 sectors closed in the red zone, while 106 of 223 shares fell and 95 rose. Insurance (-1.4%), Real Estate (-0.6%), and Materials (-0.1%) sectors contributed the most to the index fall. Stockwise, Riyad Bank (-1.9%), Dar Al Arkan (-4.0%), and Bupa Arabia (-3.6%) were the major contributors. The trading activity witnessed a decrease in volume and value by -2% and -11%, respectively, to reach 183mn shares and SAR5.2bn in value traded.
in the U.S. The S&P 500 edged down by -0.9%, with 7 out of eleven listed sectors falling after the U.S. Federal Reserve held interest rates steady on Wednesday but stiffened a hawkish monetary policy stance that its officials increasingly believe can succeed in lowering inflation without wrecking the economy or leading to large job losses. The Nasdaq Composite was down by -1.5%, with the dollar edged lower on Wednesday. And Brent crude slipped below $94. US Treasury yields pulled back after rates on both the 2 and 10-year by (2.2|0.4) bp.
In Europe, following an unexpected slowdown in British inflation, stock prices rose while the pound weakened. The British currency declined by up to 0.4% against the US dollar, reaching its lowest level since May, as traders speculated that the Bank of England is approaching the conclusion of its interest rate hike cycle. The Stoxx Europe 600 closed on a positive note by +0.9%, and FTSE 100 index closed up by +0.9%. Both the CAC and DAX indices closed positively by +0.7%.
In Asia, the stock markets rose indications of economic stabilization in China, combined with a weakening yuan, mitigated the necessity for immediate monetary easing measures. In Chinese indices, Hang Seng and Shanghai Composite closed negatively by -0.6% and -0.5% while companies are poised to pay out record dividends this year as they step up efforts to boost investor confidence amid an outflow of foreign funds. The Japanese benchmark TOPIX and NIKKEI 225 were also down by +1.0 % and -0.7%.The other major indices were negative within a range of -0.6 to -0.4.
Daily Market Monitor 21-09-2022
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