Tadawul Review:

Tadawul All Share Index (TASI) posted a recovery after a disastrous previous session, adding 62 points (+0.6%) to close at 11,362 levels. The investor's search for oversold stocks began from the very beginning taking the index to a high of 155 points before paring partial gains. The majority of the sectors closed up (12 of 20 sectors) and the advance to decline ratio improved significantly to 1.8x. The gains were led by the Banks (+0.5%) and Materials (+1.1%) sectors contributing +23 and +18 points to the index respectively. Al Rajhi Bank (+1.1%) and SNB (+1.0%) pulled up the index the most while Saudi Enaya was the top gainer for the day closing at its upper circuit. The trading activity dropped further with volume and value declining by 13% and 17% to 156mn shares and SAR5.2bn.

 

 

 

Market Wrap International:

Following a tumultuous period last week, the global equity indices broadly started the week on a tentatively positive note, amid intraday volatility and low volumes. The markets in the U.S were closed for a holiday on Monday. The equity futures indices in other regions for the S&P 500 and Nasdaq were little changed.

In Europe, the benchmark Stoxx Euro 600 Index rebounded by +1.0% on Monday led by Banks and Energy names though resource companies remained a drag to index performance. Investors are keeping a close eye on the latest political development in France and the upcoming inflation and consumer confidence data due later this week.

Equity indices in the region posted a mixed performance. Korea (KOSPI:- 2%, due to growing concern on recession) and Japan (TOPIX: -0.9%, growth & currency concern). Indices in China (CSI 300: +0.5%) and Hong Kong (HangSeng: +0.4%) extended the positive momentum into a new week with the latest decision of the central bank of China to maintain the policy rate. Equity indices in India (SENSEX:+0.5) changed course on value buying.