Tadawul All Share Index (TASI) fell on Monday, falling by -250 points (-2.1%) to close at the 11,504 levels. TASI started the session negatively, opening with big losses of -133 points, after that, it displayed fluctuations throughout the session until it closed. Overall, 20 out of 21 sectors closed in the red zone, while 217 shares fell and 18 rose. Banks (-1.4%), Materials (-3.3%), and Utilities (-4.2%) sectors contributed the most to the index fall. Stockwise, ACWA Power (-5.0%), Saudi National Bank (-5.2%), and Aramco (-1.3%) were the major contributors. The trading activity witnessed an increase in volume and value of 36% and 64%, respectively, to reach 454 shares and SAR10.6bn in value traded.
U.S. stock futures fell early Monday after a rough week for Wall Street, with the Nasdaq entering correction territory. Last week, the tech-heavy index fell over 10% from its recent peak, following a disappointing jobs report that fueled worries about a potential recession and doubts about the Federal Reserve’s decision to keep interest rates steady. The S&P 500 fell by -3%, the Nasdaq Composite decreased by -3.4%, and the Dow Jones Industrial Average lost -2.6%.
European stock markets plummeted at the start of trading following significant selloffs in Asia. These declines are driven by concerns about a potential recession in the United States, which has led to a sharp drop in technology stocks. The turmoil has caused European markets to open with notable losses, continuing the trend of severe sell-offs amid growing recession worries. The CAC 40 fell by -1.4%, the DAX declined by -1.8%, and the FTSE 100 dropped by -2%.
Monday saw record declines in Asian markets as the U.S. selloff spread globally. Japan's stock market dropped 12%, its worst fall in 37 years, amid fears of a U.S. recession. The Topix lost all its yearly gains, marking the steepest drop since October 1987's "Black Monday”. The major Asian stock indices KOSPI declined by -8.8%, the Nikkei 225 decreased by -13.5%, and the Hang Seng Index fell by -1.5%.