Tadawul Review:

Tadawul All-Share Index (TASI) fell for the third day in a row ‎on Tuesday, down -98 points (-1%), to ‎close at 10,207 levels. ‎TASI had opened the session negatively, down -21 points ‎from the previous close, and sustained its decline throughout ‎the day to close at its low. In general, 16 out of 20 sectors ‎closed in the red zone, while 56 stocks rose and 155 fell. ‎Banks (-1.4%), Materials (-1.1%), and Energy (-1.3%) sectors ‎were the major drags on the index and contributed a total ‎loss of -76 points. Stocks-wise, Aramco (-1.4%), Al Rajhi Bank ‎‎(-1.1%), and Saudi National Bank (-1.5%) pulled the index ‎down the most after it contributed a total loss of 76 points. ‎As for stocks, Aramco (-1.4%), Al-Rajhi Bank (-1.1%) and ‎National National Bank (-1.5%) were the most declining in ‎the index. The trading activity witnessed a decrease in ‎volume and value by -13% and -8%, respectively, to reach ‎‎‎147mn shares and SAR4.4bn. ‎Having decline by -2.4% in three ‎session, TASI may an attempt to recover its losses though the ‎drop in oil prices may limit the recovery.‎

 

 

Market Wrap International:

Following a n eventful last session in the aftermath of the ‎collapse of U.S banks in the preceding session, markets across ‎the spectrum appeared to be steading. Bond yields recovered ‎amid extreme volatility though the session, volatility index ‎dropped and commodity prices moved sideways and more ‎importantly financial stocks made a big rebound. The lack of ‎any negative surprise in the CPI data for Feb-23 in the U.S ‎also added to the market's momentum. In the U.S, the S&P ‎‎500 Index added to overnight recovery and rose 1.7% on the ‎back of strong performance by banks. Prices of many of the ‎troubled banks in the U.S jumped 40-52% in the session. The ‎yield on the 2-yr bond rose to 4.3% while that of 10-yr bond ‎slipped.‎

In Europe, a similar story played out on calming investors' ‎nerves. The Stoxx Europe 600 Index rebounded from a 3-day ‎losing streak to record 1.5% gains. Country level indices also ‎recorded a healthy recovery of 1.2-1.9%. Investors are keeping ‎a close eye on the ECB decision on interest rate due later this ‎week.‎

In Asia, fell across the board reflecting the weak underlying ‎sentiment in financials stocks. Higher interest rate in the U.S ‎also revised concerns on the currency. Monday’s outperformer, ‎HangSeng, turned out to be biggest loser on Tuesday, down ‎‎2.3%. KOSPI and Topix were other major losers with 2.6% and ‎‎2.7% respective drops led by financials and tech. Other indices ‎fell by 0.6-2.2%.‎