Tadawul Review:

Tadawul All-Share Index (TASI) took support from its important ‎psychological levels around 11k and jumped 55points amid intraday ‎volatility. The index moved in a range of 122points and briefly ‎breached the 11k mark before building positive momentum to return ‎above 11,000 levels and recouping all losses. In general, 13 out of 20 ‎sectors closed in the green zone, while 123 shares rose and 81 shares ‎declined. Energy (+1.7%), Materials (+0.9%), and Telecom (+1.2%) ‎sectors contributed the most to the rise in the index by +34 points. ‎Stock-wise, Aramco (+1.7%), Maaden (+4.1%), and Saudi British Bank ‎‎(+2.8%) contributed most to the rise of the index. Trading activity also ‎witnessed an increase in the volume and value of trading by +7% and ‎‎+17%, respectively, to reach 130mn shares and SAR5.7bn. The index is ‎likely to consolidate around key levels in near-term before taking a ‎definite direction.‎‎

 

 

 

Market Wrap International:

The global equity indices retreated on Wednesday driven by fresh ‎geopolitical concerns over the Russia-Ukraine war and growing ‎numbers of COVID-19 cases in China. Treasury yields in the U.S ‎moved sideways on Wednesday with the yield curve becoming a ‎little more inverted. In the U.S, the S&P 500 and Nasdaq ‎Composite fell by xx and xx% at session close. Energy and ‎Consumer Discretionary dragged the index while Utilities and ‎Consumer Stable were the major performers. The MoM growth in ‎U.S retail sales of 1.3% came ahead of consensus expectation of ‎‎1% while mortgage applications held up even with a high interest ‎rate environment. The latest economic data bely market ‎expectations of an early pivot by fed towards easing in rates.‎

In Europe, the Stoxx Europe 600 Index snapped a four-day rally to ‎drop by 0.98%. The economic data in the U.K(CPI of 11.1% in Oct ‎at 41-year high) created more concerns on the future path of ‎interest rate in the country. Besides, increased geopolitical risk ‎also added to the drag.‎

In Asia, the recent outperformers, HangSeng (-0.5%) and ‎Shanghai Composite (-0.5%), came under selling pressure on ‎growing number of COVID-19 cases in China which would put to ‎test China’s latest relaxation measures. indices in Japan ‎Nikkei(+0.1%) and India SENSEX (0.2%) closed positive, Other ‎major indices in Korea and Taiwan drop by  -0.1% for both of ‎them.‎