Tadawul Review:

Tadawul All Share Index (TASI) ended its series of losses that lasted for seven sessions to end the last day of February positively on Tuesday, rising +108 points (+1.1%) to close at 10,103 levels, capping the monthly losses at -690 points (MoM: -6.4%, YTD: -3.6%). TASI started the session negatively, dropping 64 points in the first hour of trading to reach an intraday low. From there, TASI started to build its positive momentum due to the investors' strong buying, lifting to +188 points from its intraday low to its intraday high at the end of the regular trading hours. TASI trimmed some of his gains in the closing auction, dropping by 16 points. The trading activity witnessed a remarkable improvement in volume and value by 47% and 54%, respectively, to reach 237mn shares and SAR6.8bn. TASI may look to extend its recovery amid intraday volatility in the index.

 

 

 

 

 Market Wrap International:

The global equity indices ended the month on a somber note with major indices either further retreating or closing with minor change. Cautiousness among investors was evident as the markets headed for a monthly close. Treasury yields in the U.S bounced back, recovering to grounds conceded in the previous session. Revisions in consensus expectations of the peak Fed rate following back-to-back surprises in economic data have continued. Some analysts now expect the Fed to raise rates to as high as 6% in 2023. The benchmark S&P 500 and Nasdaq Composite Indices closed with -0.3% and -0.1% losses, marking monthly drop of -2.6% and -1.1% for Feb.

In Europe, the Stoxx Europe 600 Index was little changed at the close (-0.3%). Financial sectors helped the index in neutralizing the drag from healthcare and tech. The rise in the treasury yields for the region remains a major concern for investors. The regional benchmark has closed the month with a gain of +1.7%, recording second consecutive positive monthly closing.

In Asia, indices moved in divergent directions amid investors' focus on likely new economic stimulus measures in China and ultra-loose monetary policy in Japan. Indices in Korea (KOSPI: +0.4%) China (Shanghai Composite: 0.7%) and Japan (Nikkei 225:+0.1%) closed higher while those of in Hong Kong (Hang Seng:-0.8%), and India (SENSEX:-0.6%) recorded negative closings.