Tadawul Review: 

Tadawul All Share Index (TASI) ended Wednesday’s session ‎positively, up +119 points (+1.0%) to close at 11,533 levels, ‎which is the highest closing level since November 7, 2022. ‎TASI opened the session positively with a 17 -point gain and ‎continued positively, reaching its intraday high by 128 points ‎from the previous close before slightly dropping at the end of ‎the session. In general, 18 out of 20 sectors closed in the ‎green zone, while 151 of 223 shares rose and 62 fell. Banks ‎‎(+0.9%), Food and beverages (+5.4%), and Energy (+1.3%) ‎sectors contributed the most to the index's rise by 68 points. ‎Stockwise, Aramco (+1.4%), Almarai (+9.4%), and Al Rajhi ‎Bank (+1.1%) were the major contributors to the rise. The ‎trading activity witnessed an increase in volume and value of ‎‎17% and 7.4%, respectively, to reach 283 shares and ‎SAR7.1bn in value traded.‎

 

 

Market Wrap International:

The global equity indices showed intraday volatility however managed to close with minor gains. The much-anticipated Fed’s decision to take a pause on its rate hike campaign and comments of Fed Chair in a post announcement briefing triggered intraday volatility. The Fed’s decision on pause was largely inline with market expectations, however the guidance for the future path for interest rate surprised the market. The S&P 500 Index, treasury yields and dollar index moved in both directions. The tech came for the support of equity indices in the U.S and helped the S&P 500 Index to close with minor gains of 0.1%.

In Europe, the Stoxx Europe 600 Index made a positive closing for a second straight session ahead of a rate decision by the regional central bank due on 15th June. The mining stocks were in the lead on positive sentiments on commodity prices. The country level indices closed higher in the range of 0.1-0.5%.

In Asia, the major indices were mixed on Wednesday. Investors’ expectations of fresh economic measures in China have grown following a surprise cut in short-term policy rate by the central bank on Tuesday. Equity indices in Japan were major gainers for the session with Topix recording 1.3% gains. Indices in Hong Kong (Hang Seng:-0.6%), Korea (KOSPI:-0.7%), China (Shanghai Composite :-0.1%) were down while indices in Taiwan and India managed to close positive.