Tadawul Review:

Tadawul All Share Index (TASI) rose for the seventh day on Friday’s session, rising by 141 points (+1.2%) to close at the 11,543 level. TASI opened the session positively by 38 points and continued rising gradually throughout the session until the end. Overall, 11 out of 20 sectors closed in the green zone, while 115 shares rose and 91 fell. Banks (+3.1%), Real Estate (+0.9%), and Energy (+0.3%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+3.6%), Bank AlBilad (+10%), and Saudi National Bank (+2.2%) were the major contributors. The trading activity witnessed an increase in volume and value of +52% and +58%, respectively, to reach 309mn shares and SAR8.2bn in value traded.

 

 

 

Market Wrap International:

Market Wrap International: In the U.S., following the near-record highs for U.S. stocks on Thursday, the S&P 500 closed Friday's session with a marginal decline of -0.01%, with 8 out of 11 sectors falling, as Fed officials anticipate cutting interest rates at least three times in 2024, by a quarter point each, compared to market expectations of four cuts. The Nasdaq Composite rose by +0.4%.

In Europe, after Russia's Q3 GDP growth was confirmed at 5.5% YoY, rebounding from a 3.5% contraction in the same period last year, the Stoxx Europe 600 ended slightly up by +0.01% while the FTSE 100 index was negative by -0.9%, as investors are closely watching whether policymakers will resist the market's growing expectations of multiple rate cuts in the coming year.

In Asia, Chinese stocks ended the day on a positive note, driven by the anticipation of increased liquidity injections into the economy while leaving the key interest rate unchanged. The Hang Seng index ended positively at +2.4%, while the Shanghai Composite index saw a decline of -0.6%. The TOPIX and NIKKEI 225 indices rose by +0.5% and 0.9%, respectively, as the Japanese yen continued to gain strength, reaching its highest level since July 3rd.