2023-11-01
Daily Market Monitor 1-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose on Tuesday’s session, up by +154 points (+1.5%) to close at 10,690 levels. TASI closed the month with a 366 points loss (MoM: -3.3%), paring its YTD gains to 2.0%. TASI opened on a positive note with 26 points and continued to increase gradually until the end. Overall, 13 out of 20 sectors closed in the green zone, while 136 shares rose and 77 fell. Banks (+2.9%), Telecom (+3.0%), and Energy (+1.1%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+3.1%), Saudi National Bank (+4.7%), and Aramco (+1.1%) were the major contributors. The trading activity witnessed an increase in volume and value of +25% and +29%, respectively, to reach 215mn shares and SAR6.3bn in value traded.
In the U.S. markets, the market faced a positive tone on Tuesday as investors cautiously awaited a Federal Reserve meeting that would provide valuable insights into the future trajectory of interest rates. The S&P 500 ended on a positive note by +0.6%, with all eleven listed sectors rising, and the Nasdaq Composite rose by +0.5%. Oil prices rose slightly on Tuesday after a 3% drop, but remained below $90 a barrel due to weak Chinese economic data and external conflict concerns.
In Europe, the Stoxx Europe 600 was up by +0.6, as the Eurozone's economic growth in the third quarter was weaker than expected, as indicated by a flash estimate announced on Tuesday. In the UK, the FTSE-100 index closed on a negative note by -0.1%, with the British pound strengthening against a weaker dollar on Tuesday as traders looked ahead to the Bank of England's policy announcement on Thursday. The country-level indices closed within a range of +0.6% to +0.9%.
In Asia, The Chinese indices were negative (Shanghai Composite: -0.1%, Hang Seng: -1.7%), while the benchmarks in Japan showed a positive performance (Topix: +1.0%, Nikkei 225: +0.5%), with the yen weakened further against the euro and continued its decline versus the dollar as the Bank of Japan's actions on bond yields disappointed market expectations. The other major indices were negative within a range of -0.1% to -1.4%.
Daily Market Monitor 1-11-2023
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