Tadawul Review:

Tadawul All-Share Index (TASI) closed Monday's session with ‎an increase for the second day in a row, achieving +100 ‎points (+1%) to close at 10,520 levels. TASI started the ‎session positively, up 7 points from the previous close, and ‎the index continued rising to complete the rest of the session ‎in a positive way, while trading was in a range of 105 points. ‎In general, 17 out of 20 sectors closed in the green zone, ‎while 147 stocks rose and 60 fell. Banks (+1.2%), Energy ‎‎(+1.6%), and Materials (+0.4%) sectors contributed the most ‎to the index's rise of +63 points. Stock-wise, Aramco (+1.7%), ‎Riyad Bank (+6.1%), and Saudi National Bank (+1.5%) ‎contributed most to the rise of the index. The trading activity ‎witnessed a significant improvement in volume and value by ‎‎33% and 69%, respectively, to reach 191mn shares and ‎SAR4.5bn. The index is likely to make an attempt to further ‎recover the lost ground.‎

 

 

 

Market Wrap International:

The global equity markets moved in divergent directions on ‎Monday with investors awaiting the CPI data in the ‎U.S.  Strong growth expectation in Europe and the focus on ‎appointment of new governor at BoJ. Yields on the U.S ‎treasury moved in different directions at short and long end of ‎the yield curve, resulting in further curve steepening. The ‎expectation of rebound in inflation in Jan-23 is broadly ‎expected, however, investors remained on the edge given ‎recent blowout job data and ensuring broadly hawkish ‎comments from Fed officials. The S&P 500 and Nasdaq ‎Composite indices moved higher by 1.1% and 1.5% ‎‏ ‏respectively following one of the worst weekly performances ‎in the past two months.‎

In Europe, investors were upbeat over the upgrade in the ‎GDP forecast for the region by the European Commission. The ‎new forecast put 2023 GDP growth at 0.9%, implying the ‎region may narrowly avoid recession. The latest forecast came ‎in the backdrop of broader negative sentiment over the ‎growth outlook due to weak growth data in the recent ‎months. The Stoxx Europe 600 Index rose 0.9% to recover ‎losses in the recent session.‎

 

In Asia, major markets edged down amid geopolitical tension ‎between the U.S and China and concerns over the ‎appointment of new governor at Bank of Japan who is ‎considered relatively hawkish on interest rates. Topix and ‎Nikkei 225 were down 0.5% and 0.9% respectively while other ‎markets fell by (-0.‎‏7‏‎%|+0.7%).‎