Tadawul Review: 

The Tadawul All Share Index (TASI) fell on Thursday's session, falling by -104 points (-0.9%) to close at the 11,959 level. TASI exhibited fluctuations and maintained a downward trend throughout the session, concluding on a negative note. Overall, 16 out of 20 sectors closed in the red zone, while 167 shares fell and 56 rose. Banks (-1.9%), Materials (-0.7%), and Health care equipment and services (-2.1%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-1.9%), Riyad Bank (-3.9%), and Saudi National Bank (-1.3%) were the major contributors. The trading activity witnessed an increase in volume by +9% to reach 399 million shares while declining by -9% in value to reach SAR9.7 billion in value traded.

 

 

 

Market Wrap International:

In the U.S., the S&P 500 ended the week positively up by 1.2%, reaching a record high close for the first time in two years, with 9 out of 11 sectors rising, as investors are questioning whether the expected rate cuts will be delivered by the Federal Reserve as economic indicators in retail, manufacturing, and housing have surpassed forecasts. The Nasdaq composite also rose by 1.7% following the IEC's revised oil demand growth forecast for 2024, which remains significantly lower than OPEC's expectations.

In Europe, investors closely analyzed the developments on the market, as the Stoxx Europe 600 fell by -0.3% on Friday as part of the European Central Bank's projection of 4.6% salary growth across the euro zone. The FTSE 100 closed slightly up by +0.04%, with hopes for Federal Reserve interest rate cuts early this year continuing to recede.

In Asia, both the Hang Seng index and the Shanghai Composite index closed negatively by -0.5% as traders focused on corporate news and the likelihood of delayed rate cuts beyond the first quarter. In Japan, the TOPIX ended on a positive note at 0.7%, and the Nikkei 225 rose by 1.4%. Geopolitical concerns persisted, with ongoing attacks on Red Sea shipping and retaliatory strikes by Pakistan on Iran, while crude oil prices remained firm.