2023-10-09
Daily Market Monitor 9-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the seventh straight session on Sunday, dropping by -169 points (-1.6) to close at 10,596 levels. TASI opened on a negative note of -6 points and continued to decline during the session to close at its intraday low. Overall, 19 out of 20 sectors closed in the red zone, while 215 shares fell and 7 rose. Banks (-1.6%), Materials (-1.2%), and Telecom (-2.7%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-2.1%), Saudi National Bank (-1.8%), and Saudi Telecom (-2.7%) were the major contributors. The trading activity witnessed an increase in volume by 33% to reach 201mn shares, while the value declined by -8% to reach SAR3.8bn in value traded.
In the U.S. markets, while the S&P 500 index posted one of the largest pullbacks of this longer-term uptrend, stocks have come under pressure at the end of Q3 2023 as the Fed made its stance clear on interest rates remaining higher for longer, spurring a Treasury selloff that rippled through world markets. Things happening overseas: a surprise attack on Palestine by the Hamas added a fresh layer of uncertainty.
In Europe, after logging a sharp weekly loss, the British Labour leader Keir Starmer expressed his commitment to driving economic growth if elected, instilling confidence in his ability to swiftly collaborate with businesses. Meanwhile, investors are closely watching events in Palestine as a geopolitical risk to markets, sending stocks sliding and setting the tone for what’s likely to be a volatile week.
In Asia, investors indicate that despite signs of economic improvement, they remain apprehensive about Chinese stocks due to concerns surrounding government policies and the distressed property market. Chinese markets are poised to reopen after the Golden Week holidays, with conflicting signals set the stage for a choppy start for mainland equities on Monday.
Daily Market Monitor 9-10-2023
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