Tadawul Review: 

Tadawul All Share Index (TASI) rose for the second day on ‎Wednesday’s session by 35 points (+0.3%) to close at 11,466 ‎levels. TASI opened Wednesday’s session on a slight negative ‎note (-3 points) then started to rise, facing some volatility ‎throughout the session and jumping by 22 points in the ‎closing auction to close at its intraday high. In general, 16 out ‎of 20 sectors closed in the green zone, while 121 stocks rose ‎and 88 fell. Banks (+0.3%), Insurance (+1.9%), and Health ‎care equipment and services (+1.4%) sectors contributed the ‎most to the index's +20 point rise. Stockwise, Alinma Bank ‎‎(+2.0%), Saudi Awwal Bank (+1.2%), and Maaden (+1.1%) ‎were the major contributors. The trading activity witnessed a ‎decline in volume and value of -17% and -5%, respectively, to ‎reach 194mn shares and SAR5.4bn in value traded.‎

 

 

Market Wrap International:

The global equity indices underwent further trimming on ‎Wednesday with investors reeling from surprised CPI data in ‎the U.K and lack of stimulus in China. The Fed Chair’ ‎scheduled congressional testimony also added to investors’ ‎confusion. In the U.S, the S&P 500 Index and Nasdaq ‎Composite were down by ‎‏0.5‏‎-‎‏1.2‏‎%, recording a third straight ‎session of losses. Communication, Consumer Discretionary‏ ‏and ‎Information Technology‏ ‏were the three major drags on the ‎index.‎

In Europe, the Stoxx Europe 600 Index fell by 0.‎‏5‏‎% on ‎Wednesday. The country level indices were also moved in the ‎same direction and were down by 0.‎‏1‏‎-0.5%. The dual concerns ‎on declining economic growth and inflation have taken center ‎stage given recent data. In the U.K, the latest CPI print came ‎in ahead of consensus for the fourth straight month. More ‎importantly, the core inflation jumped to 31 year high.  ‎

In Asia, investors continue showing their disappointment over ‎lack of stimulus package. The movement in Chinese currency ‎in the past two sessions also added to investors’ worry. The ‎equity indices in China, (Hang Seng: -2.0%, Shanghai ‎Composite: -1.3%) and Korea (KOSPI: -0.9%) dragged the ‎region down. ‎