Tadawul Review:

Tadawul All Share Index (TASI) ended Wednesday’s session up by +95 points (+0.8%) to close at the 12,166 level. TASI opened the session  with losses of -40 points but started to increase gradually during the session to close at its intraday high. In general, 15 out of 20 sectors closed in the green zone, while 136 shares rose and 77 fell.  Banks (+1.5%), Materials (+1.3%), and Real Estate (+2.0%) sectors contributed the most to the index rise. Stockwise, Saudi National Bank (+2.7%), Al Rajhi Bank (+1.0%), and Maaden (+5.3%) were the major contributors. The trading volume ‎activity declined by -4% DoD to reach 307mn shares, while ‎the trading value increased by +13% DoD to reach SAR10.6bn.

 

 

 

Market Wrap International:

In the global market, shares reached their highest level in over two years, buoyed by solid earnings reports and a decline in the value of the dollar. The S&P 500 experienced a gain of +0.8% for the day, with 9 out of 11 sectors rising, led by the Technology sector. Similarly, the Nasdaq composite posted an increase of 0.9%. Meanwhile, a reassessment of potential interest rate cuts by the Federal Reserve is causing uncertainty in the fixed income market, impacting investor sentiment.

In Europe, The Stoxx Europe 600 index closed negatively on Wednesday by -0.2% pressured by concerns around banks’ exposure to real estate and central bankers’ pushback on the possibility of early interest-rate cuts. At the same time, the FTSE 100 fell by -0.7%.

 

In Asia, Chinese shares continued their upward momentum on Wednesday, building upon their largest single-day gains in two years from the previous session. the Shanghai Composite Index recorded a rise of 1.4% while the Hang Seng Index declined by -0.3%, while In Japan, the TOPIX index experienced a gain of +0.4%, while the Nikkei 225 retreated by -0.1%.