Tadawul Review:

Tadawul All Share Index (TASI) closed Tuesday’s session ‎negatively for the fourth consecutive day by -20 (-0.2%) to ‎close at 11,410 levels. TASI opened the session positively by ‎‎11 points, but then the index experienced a significant ‎decline, reaching its intraday low in the middle of the session ‎before recovering its losses at the end. In general, 14 out of ‎‎20 sectors closed in the red zone, while 129 of 223 shares fell ‎and 78 rose. Banks (-0.2%), Energy (-0.6%), and Food and ‎beverages (-1.1%) sectors contributed the most to the index ‎fall. Stockwise, Aramco (-0.6%), Saudi National Bank (-1.0%), ‎and Almarai (-1.9%) were the major contributors. The trading ‎activity witnessed an increase in volume and value by 1% and ‎‎8%, respectively, to reach 191mn shares ‎and SAR5.8bn in ‎value traded.‎

 

 

Market Wrap International:

Global stocks faced a decline on Tuesday amid renewed ‎concerns about the global economy. Disappointing service ‎sector data from both China and Europe weighed on investor ‎sentiment, highlighting worries about economic growth. The ‎S&P 500 declined by -0.4% with 8 out of 11 listed sectors ‎dropped and the ‎Nasdaq Composite losses by -0.1%. The yields ‎on 2-10-year tenures fell by -1.6|-2.7bps.‎

In Europe, the upcoming meeting of their Central Bank ‎presents a dilemma regarding interest rates as they navigate ‎concerns of a potential recession and inflation levels that ‎surpass their target. The Stoxx Europe 600 moved down by -‎‎0.2% and FTSE ‎‎100 was down too (-0.2%) Led by retailers and ‎personal goods shares, a barrage of data prompted worries ‎about the demand prospects. Additionally, both of CAC and ‎DAX indices were down by -0.3‎

In Asia, the stock markets experienced a decline, ending a six-‎day period of consecutive gains, as the major regional index ‎faltered due to a loss of momentum in Chinese stocks driven ‎by the property sector coupled with discouraging economic ‎data. The Chinese indices were down (Hang Seng -2.1%), ‎‎(SHCOMP -0.7%) and (CSI 300 -0.7%). While the Benchmarks ‎in Japan made slight gains (0.2-0.3%). Other major indices in ‎the region were in the range between -0.1|+0.2.‎