Tadawul Review: 

Tadawul All Share Index (TASI) rose on Tuesday, up by +58 points (+0.5%) to close at 12,614 levels. TASI started the session positively, opening with a gain of +16 points and continued to rise gradually until the end of the session. In general, 12 of 21 sectors closed in the green zone, and 125 shares rose while 90 fell. Banks (+0.3%), Materials (+0.7%), and Insurance (+2.8%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+2.6%), Aramco (+0.5%), and Saudi Awwal Bank (+2.2%) were the major contributors to the index’s rise. The trading activity witnessed a decline in volume and value of -15% and -15%, respectively, to reach 356mn shares and SAR8.4bn in value traded.

 

 

 

Market Wrap International:

In the U.S., despite consumer price data failing to dampen investors' hopes for future interest rate cuts, the S&P 500 recorded a 1.1% gain, with 8 out of 11 sectors rising. The information technology sector played a key role in driving this movement. The Nasdaq composite closed up by 1.5%, and the Dow Jones rose by 0.6%.

In Europe, the Stoxx Europe 600 index and the FTSE 100 both rose by 1.0% as unemployment rose and wage growth eased. This suggests a cooling labor market and provides some relief from inflationary pressures for the Bank of England.

In Asia, China's swift efforts to stabilize the troubled real estate sector through increased financing for developers had mixed effects on the stock markets. The Hang Seng rose by 3.1%, while the Shanghai Composite Index experienced losses of -0.4%. In Japan, both the Nikkei 225 and TOPIX index saw declines of -0.1% and -0.4%, respectively.